Our pulse survey of C-suite executives reveals the understandable worry organizations are feeling, and the shifts they’re making to survive and thrive.
In this three-part report on the Crowe Business Challenges Survey, you’ll see how businesses across sectors are reacting to setbacks, including their top concerns and how they’re paving the way for their organizations to move forward.
We asked over 400 executives how they’re dealing with this year’s business challenges. Discover what executives are saying about the election, COVID-19, economic uncertainty, and more in the special, preelection report from the Crowe Business Challenges Survey.
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Nearly three out of four companies expect at least a moderate revenue decrease in 2020, and have little certainty on when COVID-19’s impact will lessen, according to survey results from late April to June 2020.
Download Part I report
In Part II of our report, 68% of executives in the last weeks of July 2020 noted high concern about the pandemic, up from 51% from the previous period – a staggering 17-point jump.
Download Part II report
Over the course of the spring and summer, employee health and safety scored as the highest concern across all industries. With cases continuing to spike across the U.S., we expect this trend to continue into Q4 of 2020.
Due to multiple economic factors, loan loss provisioning was also a major concern in the banking industry.
About 55% of businesses also were apprehensive about decreased top line revenue, though that number spiked to 66% in the healthcare industry. In our first survey, taken from late April to early June 2020, 26% of businesses expected a severe decrease in profit, compared with 22% in our second, taken from mid-July to early August.
For more information, download:
Survey Part I
Survey Part II
Inside Public Accounting
CPA Practice Advisor
ABA Risk and Compliance
Survey finds 72% of executives expect a decrease in revenue due to COVID-19
Data shows summer COVID-19 spike exacerbates executives’ concerns
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Our survey reflects the concerns of businesses in a variety of industries, such as financial services, manufacturing and distribution, construction, healthcare, and the public sector. The results help us tailor our services and create new solutions for our clients. If you are looking for ways to help your business manage current challenges, from economic pressures to risks and regulations, our professionals can help you from every angle.