As the country continues to try and roll forward, many small businesses, and especially CEOs, see the economy getting nothing but stronger over the coming months. Job numbers, as well as consumer confidence numbers, have been more than encouraging over the last two months. Chief Outsiders, a national marketing firm that regularly checks the pulse of CEOs and CMOs, has released new research that supports a positive outlook for the future. The following stats are taken directly from their recently published research:
- 172 CEOs of mid and lower mid-market businesses were surveyed and the study fielded June 22 – 28, 2020. Almost no one sees their businesses “significantly weakened” by the COVID-19 crisis looking out 6- months, and most CEOs expect to be “normal” or “stronger than before” in this timeframe. With modest to high-growth goals coming into 2020 pre-pandemic, 2/3 of CEOs don’t expect to meet their growth targets for the year. But that means another 1/3 expect to hit their targets or exceed them.
- Economic conditions are not expected to begin to improve for 6 months or more (57%) while a good number of CEOs expect things to improve in 5 months or less (43%). In slight contrast to prior chart, most businesses expect to be back to normal or strong than before by year end (53%). Largest grouping of CEOs see they are moderately weakened, but gaining momentum by December 2020 (44%)
- Even though many economists had forecasted a slowing economy for 2020, 66% of CEOs had modest to high growth forecasts as they came into the year. 67% of CEOs see at least some chance of making original 2020 growth targets. CEOs recognize their success is subsequently a function of their organizations’ ability to execute their plans with precision.
- CEOs are seeking multiple avenues in their recovery strategies. Updated value propositions, digital marketing capabilities, new offerings,closely follow targeting new customers and markets as lead strategies. CEOs are seeking multiple avenues in their recovery strategies. Updated value propositions, digital marketing capabilities, new offerings, closely follow targeting new customers and markets as lead strategies.
-Written by Kevin Sawyer