INDIANAPOLIS – A new survey shows that while there have been a few incremental improvements, the economic and operational impacts of the coronavirus remain severe.
The survey is a follow-up to an April survey of Hoosier business leaders. The Indiana Chamber of Commerce surveyed 634 company executives. Those surveyed ranged from fewer than 50 employees, to between 100 and 500 employees.
Those surveyed showed impacts to revenue loss, cash flow concerns, suspended operations and employee layoffs.
Cash flow concerns showed the greatest reduction in business impact since the initial survey . The chamber said this is partly attributable to more companies getting federal assistance. Of those surveyed, 68% shared that they got a Paycheck Protection Program loan.
“A positive spin is we are starting to trend in the right direction during this reopening period. The survey shows that, and we are hearing that directly when we speak to our member businesses,” says Kevin Brinegar, Indiana Chamber president and CEO. “But the results also reinforce that this recovery is going to be a long haul – not months, but likely a year or longer before things resemble ’normal’ levels of activity.”
Many businesses are adapting to the current situation. Of those surveyed, more than 62% reported changing their business model. About a third of respondents said remote work would continue for some or all employees.
“Employers have adapted and understand there is a new normal until we have a proven COVID-19 vaccine. That fundamentally changes how businesses operate on a daily basis. For many, that means being more nimble and innovative than they’ve ever been,” Brinegar states.
The chamber reports that the business leaders surveyed reported two top current challenges. The respondents reported concerns about customer retention and personnel.
For more information about how businesses are adapting to the coronavirus, visit the Indiana Chamber website.