Thoughts on the PwC COVID-19 Survey from 3/9/20
PwC has begun surveying CFOs from around the country to develop a better understanding of what financial decision makers are thinking about COVID-19, how they are responding, and what the potential impact could be.
Key highlights include:
54% of CFOs surveyed are concerned COVID-19 has the potential for significant negative impact
Global recession, decrease in consumer confidence and consumption, and productivity are some of the top concerns CFOs have
More than half of CFOs surveyed believe there will be a decrease in revenue and/or profits with many expecting to implement cost containment strategies
Interestingly, most CFOs are not anticipating a shift or expansion of vendors for products and services; with many CFOs believing that it would take less than a fiscal quarter to get back to business as usual
CFOs are closely monitoring the actions of the White House and Fed. If the Federal and State Government can bring this pandemic and the uncertainty it brings with it under control, there is a huge opportunity in recovery for organizations that are prepared.
However, if elected officials and the Fed can't get aligned or there are unnecessary delays, CFOs may shift their expectations.
As we move forward, organizations that stay focused, support clients, and plan to react quickly once COVID-19 is under control will be the biggest winners.
For more information,the survey can be found in full here:
In times of uncertainty and crisis, Arcas Risk Management is here to support and guide clients. If you would like to discuss how we can help you find a clear path forward, please contact us at firstname.lastname@example.org