DCA Live Business Confidence Survey Points to Increased Optimism in DC Economy

June 8, 2020

It’s a beautiful Monday in the nation’s capital and DCA Live has a busy week ahead.  Today, we are pleased to release the results of our June Business Confidence survey done in partnership with Bob London and Chief Listening Officers.  See a special offer from Bob below!

We last conducted this survey at the height of the lockdown in mid-April and opened it again last week.  So about 6 weeks has passed, and many cities and states had begun the process of re-opening and restarting local economies.   

Thanks to all who participated, and here are the 4 big takeaways!

1. The big news: Most companies are hiring again!

29% of respondents reported a hiring freeze, down from more than 50% in April.  And almost 34% are staffing to pre-Covid levels, up from  20% in April.  

2. Confidence levels creeping up.

75% reported having either the same or higher confidence level in the overall economy compared to how they felt a month ago. This is significantly up from 60% who said in April that their confidence was the same or higher than it had been.

3. Most DC area companies did not lay off, furlough or cut pay

The percent of companies reporting a hiring freeze plummeted to 29% in June from 52% in April. More than 3 out of 4 respondents reported no layoff, furloughs or pay cuts, compared to 70% in our April survey. No doubt the PPP helped here, but good news for sure.

4. We’re about a year away from a complete recovery.

About 85% of respondents predicted an economic recovery between Q1 and Q3 of 2021.  Only 12% thought the downtown would go beyond 18 months.

Generating new business and collecting cash remain the biggest challenges for business

"More difficult to generate new opportunities"

"Some delay in contract awards"

"Cancelations of buys, and delays in accounts receivable / collections"

"New business has slowed as new customers are delaying purchasing decisions"

"Slow payments from customers"

"Pipeline shrinking, lack of quality BD opportunities"

"Not being able to meet customers and prospects in person"

"Delayed customer sales/longer sales cycles'

Increased productivity and refocus on core business propositions are the most frequent silver linings

"The virtual space has allowed us to engage more people beyond our geographic region. People have time and now the platforms to connect from anywhere."   

"Forcing companies to rethink HOW they work - being more productive working remotely"

"We've been able to work effectively from home without much business disruption. It could change how we look at remote working and office space in the future."

"New energy and a requirement to do a really deep dive in what the business should look like"

"Proves the working remotely model does work. May lower occupancy costs."

"Customers (business owners) have more time to engage with us since they are not commuting and traveling to events"

"Accelerated shift to digital transformation'

"Businesses are beginning to understand the importance of digital tools to aid in work and creating customer experiences. 

The Black Lives Matter protests across the region and the country have given companies an opportunity to reaffirm their values to employees and customers.

"It may sounds strange to say this but in a way we are fortunate to experience the Pandemic and the civil unrest as result of George Floyd's death. These experiences will make us better. They push us to reflect and take a look at ourselves and how we live our lives and the values we foster in our businesses. We have a chance now to be part of the solution and in the process improve ourselves. That start by having the tough conversations. Difficult times unleash our creativity and our power to enact positive change. We will be better people because of all of this."

"Diversity is a core part of our values, and that caring for each other as team members is as well."

"We focus on supporting one another through the highs and lows and this should trickle down to our "customers". Also, we want to focus on thriving in a new reality not just surviving."

"Black Lives Matter and No Immigrants are Illegal. Kindness and compassion are needed from everyone, but it starts at the top."

"How important the ties are that bind us, and how grateful we are to be united in our mission; this can help us navigate the uncertainties ahead and we can come out stronger as a result.”

Thank you Chief Listening Officers

This survey is once again brought to you in partnership with DCA Live friend Bob London and Chief Listening Officers.

Here's a timely and important message for founders and CEOs about going back on offense.

Amidst the uncertainty and chaos, your company has to go forward at some point. You have to sell and grow. So, when do you make the shift to offense? And what does that look like? That's what many CEOs and founders are asking today. To provide answers, Bob is offering private office hours for the next several weeks, at no charge. He'll help you develop tangible, actionable priorities for your top marketing, sales or customer communications challenge. Curious CEOs, founders and others can learn more here: https://www.goingbackonoffense.com

Thanks again, Bob, for your partnership and support of DCA Live!