Perspectives on a Recession: Economic Climate Survey Results
There is a lot to be learned about our current economic climate through an inside look at the perspectives of regional business owners. To provide you with this valuable insight, ADAMS and The Board Forum conducted a survey of New England and New York businesses – ranging from private banking to advertising; architecture to technology, and more – to reveal how they are coping with this recession as well as their plans for forging ahead towards doing business in a revitalized economy. Trends that emerged include:
- Wide-scale change
- A focus on strengthening the fundamental brand
- A priority shift toward improving the core business
Change is nearly universal. Almost all businesses have had to make adjustments since January 1st, and 65% plan to make even further changes this year. Only 7% of business owners reported that business is doing very well, and only 3% say they have had improved cash flow. The vast majority of businesses say that their business is off as a result of the current economic climate. Clients are fewer, and the demand for products and services has declined.
Top-of-mind. The most important business initiatives planned for 2009 include strengthening brands, improving existing products and services, and improving internal efficiencies. As the need to stand out from the pack becomes even greater, businesses are focusing on what sets them apart from their competition.
An improvement of core business. Many businesses have been able to stabilize or even grow by focusing their efforts on improving the core business. Although there has been an overall decline in demand, the majority of business owners feel they are making the necessary adjustments, and anticipate that they will come out of this recession even stronger than before.
In spite of the trend toward tighter budgets and fewer customers, business owners feel the general outlook has improved since the beginning of the year. A significant percentage have changed their economic perspective from pessimistic to neutral. In fact, over half the business owners surveyed view this economic climate as an opportunity to gain market share, grow, and emerge as a leader.
Click here to review the detailed survey results. Learn how businesses are managing to stay afloat or even thrive in this difficult economy.
Perspectives on Recession
Economic climate survey results