A big thank you to the people who participated in the recent LinkedIn poll looking at the state of mind of business.
Going into lockdown caused a massive shock. After 6 weeks and various conversations about businesses firefighting, but also the introduction of government support, I ran a poll on Twitter to try and gauge the mindset of business. The latest poll, which took place from 27/5/20 to 30/5/20) pleasingly points to fewer businesses in crisis mode.
Where do you think most businesses are at this point in time?
Using the results to produce an overall score (where firefighting is zero and moving to the new normal is 10) the current poll scores 6.2, compared with 4.3 in the previous one:
Moving to the new normal
While the poll points to more businesses working towards the future, it also suggests a large minority are still in crisis mode despite government support packages.
How this plays out remains to be seen as there are a lot of variables in the mix. These include:
- the extent to which consumer demand improves while lockdown is eased
- future changes is the R rate (and any government response)
- tapering off and eventual cessation of furloughing
- the risk of businesses running out of cash as the economy ramps back up
- the potential for collateral damage if businesses do fall over
While the level of business activity should ramp up, the path back to normality could be wobbly. With so much in play, insightful management information, including forecasts will be more important than ever.
I hope you found this interesting, please feel free to feedback your thoughts to me. You can email me at firstname.lastname@example.org or call me on 07836 331677.
I hope to run another poll in due course to see how things change.
David Lewis, 2 June 2020
Health warning and disclaimer
I am the first to admit that social media polls with fairly small numbers (the latest had 59 respondents and the previous one 85) are not the most scientific. The latest poll was switched to LinkedIn as it is a business orientated platform (at the time of the first poll LinkedIn didn’t have poll functionality) – however different platforms may have different echo chambers.
This article is for general information and interest. Specific circumstances will vary. We therefore do not accept responsibility for any loss arising from any person or organisation acting or refraining from acting based on information or opinions contained herein.