Due to extreme mixed signals from the markets, some companies reporting record sales whilst others are fighting for survival, we conducted a survey of business leaders to get a better insight. Here’s the results…
Due to extreme mixed signals from the markets, some companies reporting record sales whilst others are fighting for survival, we conducted a survey of business leaders to get a better insight. Here’s the results…
Intro.
As I’ve previously written, we’ve seen extreme reactions from business leaders since March, this year. Witnessing contradictions on the effects that Covid-19 has had on different companies. Some businesses are reporting record sales. Some are making redundancies. Either downsizing because they’re struggling, or they fear the worst.
Our take on the markets is driven from those within it, that we’ve engaged with. On the one hand, companies that have remained positive, got on the front foot, and recruited for their immediate business needs, and future development strategies. On the other hand, industry professionals that have been made redundant, or fear they will be in the future. And those who disagree with their company’s strategy for, or handling of, the pandemic.
So, to try and get a broader insight into the market, we conducted our own Covid-19 Business market research.
Covid-19 Business research
Our Covid-19 business research asked business leaders if they knew 12 months ago, what they know now, what would they do differently in their business? They had four choices to choose from.
In an attempt to gain insight, we deliberately didn’t push for information that could cause participants to not want to complete the survey. As a result, the possible answers were fairly open. However, we hoped that by not being overtly intrusive, we would achieve a clearer insight into the thoughts of different business leaders, across our network and markets.
So, in answer to our question:
If you knew 12 months ago, what you know now, what would you do differently in your business?”
Business leaders could choose from the following four answers:
- Nothing
- Battened down the hatches
- Increased sales activity
- Reviewed your business model
So now for the results from our Covid-19 business research.
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Covid-19 Business Leader market research results
“I would have done 3 of those, certainly I would have not allowed the business to channel more efforts into one area and would have diversified the client base more.
So increase in sales activity, is the most obvious answer…
But that sales activity would have covered more areas of my business and covered companies that appear recession proof. e.g. food, housing, essential services and public sectors.”
Covid-19 business survey analysis
I plan to expand on our Covid-19 survey analysis in a separate post (coming shortly). However, for now the take away points are, with hindsight the vast majority of leaders, that responded, would have done things differently. Only 8% said they would have done nothing differently.
29% would have increased sales activity. This response mirrors what we’ve also seen in terms of our client engagements, with a surge in demand for recruiting sales talent.
However, the majority of business leaders, 47%, would have reviewed their business model.
Conclusion
Apart from the fortunate or perhaps the naïve 8%, most business leaders (92%) would have done things differently. Covid-19 impacted us all quickly, and the woolly messaging throughout hasn’t helped.
Inevitable mistakes were made, such as the misunderstanding caused by the vague guidelines, around the terms “essential” & “necessary”. Leaving many business leaders asking themselves, is my business essential? Should I have stopped trading?
I think its fair to say early on the vast majority of leaders were, and some still are, wondering will my business survive coronavirus?
We’re now seeing a rise in Covid-19 cases, and as of last night new restrictive measurements being introduced. It’s clear we are all still going to be effected by Covid-19.
The definition of madness is doing the same thing over and over again, but expecting a different result…
Hindsight’s a wonderful thing. If you knew 12 months ago, what you know now, what would you have done differently in your business? If you haven’t addressed those changes yet, now is the time to do so.
Whether you’re looking to recruit new talent, or want strategic leadership support to review your business model, talk to us. Our network of interim managers, business consultants and recruitment services deliver positive results, improve organisational capabilities, performance and help you achieve your business goals.
We’re here to support you, your business, and help you survive and thrive in the current climate and beyond. Message us to arrange a confidential discussion, video meeting or socially distanced, safe face to face.
