Survey

How Business Leaders are Approaching Decision-Making Amid the Economic Downturn

The Invisible Team

Abstract: Invisible conducted this survey of 401 randomly sampled American business leaders on August 18, 2022. Respondents’ organizational roles included C-Suite executives, senior management, and middle management. Read the accompanying report here.

Q1. In your opinion, how likely is it that the economy will enter a recession in the next 12 months?

  • Very likely - 47.38%
  • Somewhat likely - 35.91%
  • Somewhat unlikely - 8.98%
  • Very unlikely - 3.24%
  • I don't know - 4.49%

Q2. Is your company preparing for a recession? If so, how?

*Percent (Respondents) is calculated by dividing each answer count by the total unique respondents.

  • Downsizing - 20.95% (*14.24%)
  • Cutting projects - 24.69% (*16.78%)
  • Freezing hiring - 29.68% (*20.17%)
  • Cutting administrative costs - 30.67% (*20.85%)
  • None, my company is not preparing for a recession - 37.91% (*25.76%)
  • Other - 3.24% (*2.20%)

Q3. Is your company cutting projects that you were motivated to work on?

  • Yes - 40.65%
  • No - 59.35%

Q4. In your opinion, is your company well-equipped to withstand a recession?

  • Yes - 76.06%
  • No - 23.94%

Q5. About how much of your business is automated?

  • Not at all automated - 28.93%
  • 10% - 10.72%
  • 20% - 20.20%
  • 30% - 15.21%
  • 40% - 9.98%
  • More than 40% - 14.96%

Q6. Do you plan on automating more of your business in the future?

  • Yes - automating more in 1 month - 8.73%
  • Yes - automating more in 2 months - 12.47%
  • Yes - automating more in 3 months - 13.22%
  • Yes - automating more before end of year - 12.97%
  • Yes - no specific timeline - 19.70%
  • No - not planning on more automation - 32.92%

Q7. Would automating some of your team’s work change your concern of a looming recession?

  • Yes - it would ease my concern somewhat - 33.17%
  • Yes - it would ease my concern significantly - 19.20%
  • No - it would not ease my concern - 47.63%

Q8. Did the last recession (2007-2009) affect you and/or your business?

  • Yes - it impacted my business somewhat - 39.40%
  • Yes - it impacted my business significantly - 21.70%
  • No - not at all - 38.90%

Q9. What are the business variables that have changed from this recession compared to the last?

*Percent (Answers) is calculated by dividing each answer count by the total counts collected.

  • More machines - 23.19% (*16.34%)
  • More labor - 22.44% (*15.82%)
  • More market volatitlity - 37.41% (*26.36%)
  • More market opportunities - 34.91% *(24.60%)
  • My market didn't exist during the last recession - 19.20% (*13.53%)
  • Other - 4.74% (*3.34%)

Q10. What were some areas of resourcefulness that helped you get through a past recession?

  • Working to support an industry that is recession-proof and needs our services.
  • Great product and ideas for cash
  • Communication

Q11. If you had to choose, is a recession a time to invest in your business more or less?

  • Yes - invest more! - 47.38%
  • No - cut costs and weather the storm. - 52.62%

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