The coronavirus pandemic has continued to create unparalleled levels of uncertainty across the U.S. economy and business community. In response, we conducted a follow-up survey of some of the top private companies in the Greater Boston area to determine how the impact of COVID-19 has shifted since June, and gauge how local financial leaders across various industries are currently responding to the pandemic.
Demographics of Respondents
In general, our survey respondents are CFOs, Controllers, Partners and other senior financial leaders in the Greater Boston area. We had a good sampling across industries, but saw the most responses from the VC/PE and investment management (29%), professional services (28%), and real estate (14%) industries. These respondents generally work at mid-sized companies, with 45% reporting they have between $5-50 million in revenue.
While the December responses confirmed that we are still in a state of flux, we found the results encouraging. 80% of respondents have a cautiously optimistic economic outlook for 2021, with only 20% responding that they have a negative overall feeling about the business economic outlook. In addition, 1 out of every 3 respondents indicated their organizations are in the “Aligning and transforming” stage of recovery, meaning they are positioned for transformative growth. 39% responded that their business has remained the same. This tells us that 72% of respondents are either on the path to growth, or are minimally affected by the pandemic going into 2021.
A big change from our June survey is the number of companies that improved liquidity through loans (34%), a decline of 21% from the June responses. This is likely due to the fact that PPP2 was finalized after our December survey. While many are hesitant to start making plans for post-pandemic business strategies, one thing is clear: remote work is here to stay. 83% of respondents plan to allow more staff to continue to work remotely as things return closer to normal.
Full Survey Results
Click here for the full results of our follow-up survey, including comparisons to our June results when applicable.
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