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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%