HOW IS YOUR BUSINESS COPING THROUGH THIS PANDEMIC? SURVEY RESULTS
CFO Strategic Partners recently conducted a brief survey to gather feedback about how CEOs are coping with some of the varying and dynamic operating challenges of this current pandemic. The questions asked were derived from the topics that respondents of previous surveys told us they wanted to hear more about how others are handling. Thank you to all who participated, allowing us to provide a comprehensive vantage point of how business leaders are handling some of the same challenges you may be facing. Here are how the responses shaped up:
We asked about the level of concern that the PPP loan may not be forgiven. The majority of respondents, almost 60%, indicated they are not concerned, as they expect 100% of the loan to be forgiven, or they are grateful for the conversion of any unforgiven amount to a low interest loan. The results for each category are as follows:
EMPLOYEES RETURN TO WORK:
The way employees are working, and how they are able to return to work, has varied greatly among different types of businesses. At 51%, more than half of respondents replied they have not experienced significant issues with their employees’ ability to return to work, as well as no issues with how efficiently they have been able to perform their work during this pandemic. The results for each category are as follows:
We asked how the pandemic has impacted the way your organization operates today. Respondents were split fairly evenly on both ends of the spectrum. 41% reported they have experienced significant changes for both their staffs and their customers/clients, while 44% have experienced no significant changes in their operations. The results for each category are as follows:
SUPPLY CHAIN ISSUES:
There was an almost even split amongst respondents to the question of whether or not they are experiencing supply chain issues. The results for each category are as follows:
PRE-PANDEMIC VOLUME RESTORATION:
With some positive news, 63% of respondents reported their business volume is already restored to what they had prior to the onset of Covid-19, or will be by the end of 2020. The results for each category are as follows:
We asked how the events of the pandemic, and it’s disruption of the physical work environment and employees’ interaction, has changed the way you intend to conduct business in the future. Respondents were split evenly between those who are anticipating changing their business to be less reliant on physical locations/interactions and those who felt their culture/business model would not support a significant change. The results for each category are as follows:
Thank you to all who participated in this important survey, and we hope the shared knowledge of how business leaders are handling similar issues affords some beneficial insight to all.
CFO Strategic Partners can provide valuable expertise and guidance to small and mid-sized companies facing the many challenges of these uncertain times. If you are interested in learning more about the benefits of an experienced CFO on an outsourced, on-demand basis, visit us at cfosp.com, email us at firstname.lastname@example.org or call us at (407)426-8288.
NOTE: Given the current evolving economic climate, CFOSP is publishing more frequent communications on this topic based on what our clients are experiencing and our firm’s expertise. Stay tuned for updates or click here for more content on this topic.