clients has place a healthy challenge at our feet - to innovate and raise our ability to work
remotely and deliver better impact. Our team and risen to that challenge on all fronts. We are
extremely grateful to be in this position, and all credit at the end of the day rests with our
Heavenly Father for his guidance and blessing. Blessings on you all!”
• “We are consultants and a large percentage of our clients have placed engagements on hold to
preserve cash.”
• “We have had to move to more virtual solutions.”
• “Delivery of our services has moved to virtual due to CDC guidelines.”
• “We now offer home delivery.”
• “Our business was based on in-person interpretations provided in a variety of settings from
medical facilities to schools to courtrooms. We have pivoted and now provide access to a video
remote and over-the-phone platform.”
• “Greater than 50% decline in revenue - new and existing clients alike. Found that
entrepreneurs/startups are unusually active now and shifting our marketing to appeal to them.”
Technology
Technology respondents virtually all say their business has been affected, and it’s a feast-or-famine
change. 40% say their business has increased, and half of those respondents say the increase has been
major. The other 60% are seeing declines, and for 20%, that decline has been steep.
80% have identified a new market need or changed the focus of their business, focusing on specific
product and service lines in suddenly higher demand. As in other industries, a large percentage of
communications are now conducted through digital platforms. 80% also report securing a PPP loan, and
while forgiveness concerns are slightly higher than in most other industries (52 on a scale of 1 to 100),
only 25% report loan forgiveness being a top concern.
Changes in morale are evenly split, with 25% reporting higher morale and 25% seeing a drop. For the
rest, morale levels haven’t changed.
Revenue forecasts for the second quarter of 2020 compared to the same period in 2019 are relatively
stable as well, with 75% saying they anticipate revenue to be about the same. For those who don’t
expect growth, the decline is expected to be a dramatic one, however.
For the third quarter, the percentage of respondents expecting a sharp decline jumps to 50%, with the
remaining 50% not expecting much change. In the fourth quarter, revenue projections brighten
somewhat, with half saying they expect some decline. The remaining 50% still expect revenues to be
stable and on-par with 2019 levels.