COVID-19 has caused the Westchester business community to suffer lower revenues and profitability while causing major changes in the way they operate their businesses, according to a recent survey of Westchester CEOs by the Siena College Research Institute (SCRI) released by the Business Council of Westchester.
Seventy-four percent of the surveyed CEOs said the pandemic led to decreasing revenues; 66% of the CEOS reported decreasing profitability, and more than half (53%) said there was a decrease in demand for their product or services. Sixty-one percent say that COVID-19 increased the cost of doing business.
One third say they expect to survive the pandemic and be in a position similar to where they were before the virus hit; 10% say they “may or may not survive.”
The pandemic has also forced CEOs to evaluate their business operations. Eighty-two percent have increased the ability for their employees to work from home, and 63% of those surveyed plan to continue this indefinitely. Meanwhile, 28% reduced their office space, 16% plan to make this change within the next six months, and 55% do not plan to make this change.
Looking ahead, 43% of the CEOs surveyed anticipate growing revenues; 27% say revenues will stay the same; 29% expect their revenue to decline.
SCRI conducted online interviews with 91 CEOs of Westchester companies from January 29 – February 16. CEOs were from the following industry sectors service, financial, engineering and construction, food and beverage, retail, and manufacturing.