Majority of high-ranking business managers confirm that corporate revenues have already declined by over 25 per cent during the lockdown and businesses will take more than a year to return to normalcy, according to a survey.
The survey titled ‘Covid-19 and Your Wealth’, conducted by online investment provider Scripbox, reveals the impact of the lockdown on company revenues and job losses. Nearly 67 per cent of top bosses, business owners and founders surveyed said that company revenues have already declined by more than 25 per cent during the lockdown. Further, all respondents believe that business will return to normal only by 2021, while 22 per cent business leaders expect it to take more than a year, from when the lockdown ends.
The online survey was conducted with Scripbox customers during May 1-15, 2020. Nearly 1,200 respondents consisting of business leaders took part in the survey. Of these, 54 per cent work in large corporates, 32 per cent in small and medium-sized enterprises (SMEs) and 14 per cent in startups.
The survey noted that downward spiral in business revenues was accompanied by job losses. 90 per cent respondents have witnessed less than 25 per cent job reductions, while the remaining 10 percent have seen more than a 25 per cent job cuts at their company. “The negative impact on jobs is the highest among employees of small and medium businesses,” the survey noted.