Butler Street Research launched an Impact & Outlook survey to CEO’s, business owners and senior-level executives to understand the current and future impact of the COVID-19 crisis. In keeping with our commitment to help companies and their people grow, we have compiled the results to help guide you to Build Back Better.
The full report has just been published and is now available for download.
Key Findings:
Impact to monthly revenue and adjusted forecasts for 2020
Top current business challenges and team ratings
Strategic initiatives in progress or planned
State of brand positioning/client messaging
Highest-return investments in personal development by senior leadership
Eighty survey responses representing 75 distinct organizations were gathered from companies primarily in the staffing and print industries. Thank you if you received and responded to the survey! We deeply appreciate you sharing your insights.
What do you think was the #1 challenge faced?
How long will it take to build back revenue?
What were the two skills where senior leaders rated their teams the lowest?
5 Key Findings:
1. Monthly Revenue
As of the end of April to mid-May 2020, monthly revenue declined by 20-50% for nearly half of the companies represented and 80% resulted with a decline of 10% or more. Only 6.5% experienced either no change or a slight increase as a result of the crisis.
2. Revenue to Build Back Over Time The average revenue build back for the first 30 days was 26%, however most respondents believe only 10% of their monthly revenue will return in the first month. At 90 days, the Average and Median fall with 2% variance, at 52% and 50% respectively, with continued but slower growth for the remaining months.
3. 2020 Forecast
48% of companies estimated to only achieve 60-80% of their original 2020 budget.
4. Business Challenges
Revenue retention and New client acquisition were ranked #1 and #2 most frequently as the biggest present challenge for the organizations surveyed.
5. Team Ratings Respondents were asked to rate their teams on a scale of 1-5 (with 5 being the highest) on the following: Collaborating virtually, Securing new meetings, Selling virtually, Hiring and onboarding remotely, Managing virtually, Leading through crisis, and Training virtually. Of those, leaders consistently rated these 2 key selling skills areas with the lowest ratings: Securing new meetings and Selling virtually.
How would you rate yourself or your team’s ability to Secure new meetings and Sell virtually? If you couldn’t say 5 out of 5 stars, there are opportunities to improve these skills in an upcoming Butler Street Prospecting & Social Selling Virtual Workshop. Contact us for group workshops of 8 or more or to learn about our eLearning and vILT training options.
Download the full report to review details on each of the five findings as well as further insights on top strategic initiatives, state of brand positioning/client messaging and the most impactful personal development investments made during this time from other senior executives!