Exclusive PBP Business Survey Shows Depth of Current Recession
PRESS RELEASE - For Immediate Release
Contact
Rich Henson
Group Publisher
Progressive Business Publications (PBP)
376 Technology Drive
Malvern, PA 19355
610-865-6282
Date - March 26, 2009
Exclusive PBP Business Survey Shows Depth of Current Recession
MALVERN, PA – An exclusive survey of leading business professionals conducted by Progressive Business Publications (www.pbp.com) reveals the depth of the current economic recession among a broad range of companies in all industries and sizes.
PBP, a diversified business information provider, regularly surveys thousands of executives across the U.S. to take the pulse of how the economy is affecting the various professionals served by its paper and electronic newsletters, audio conferences, daily updated Web sites, Executive Reports, Compliance needs, Case Law Books and other business products.
The surveys are based on responses from 675 professionals and were compiled this week. Significant findings among the ranks of Sales Managers include:
- 65% or nearly two-thirds of Sales Managers report sales are down in the first two months of the year. Almost one-fifth (19.1%) of Sales Managers reported their sales down between 10% and 20%, and one-third (33.3%) reported sales were down 20% or more.
- The recession has created a dramatically increased focus on price with most buyers trying to extract every possible price concession; 48% of Sales Managers report that what they need most at this time is training to keep salespeople focused on value, not price.
- The recession has also made Sales Managers more pessimistic about the possibility of obtaining new customers in the present economic climate. The largest segment (42%) said they will focus most efforts to shore up revenues by trying to sell more to existing customers.
A second survey of Financial Executives indicates strong dissatisfaction with the cooperation they are getting from other departments within their own companies to identify and implement cost-saving measures. Many are also feeling a cash squeeze because their customers appear to be in trouble and have slowed down payments as a protective measure.
According to recent surveys among CFOs, Controllers and Credit and Collection Managers:
- More than half (57%) of top Finance Execs believe their companies still have a way to go before all employees become responsible spenders and treat the company’s money as their own.
- 48.4% felt what their companies needed most, apart from more responsible spending habits internally, was guidelines for what to do when good customers have problems.
- Next on the list of needed tools to combat cash flow problems (37%) was a list of effective comebacks for debtors’ excuses.
Office Managers and Administrative Professionals, who are most often at the hub of company spending, report seeing significant belt-tightening around them.
In a separate survey:
- More than half (53.1%) said they had seen layoffs in their organizations
- Almost 95% said the downturn had affected or will soon affect their organizations
- An overwhelming majority (81%) said they felt pressure to save money an all purchases, no matter how small.
- Solid majorities (between 53% and 69%) saw budgets tightened for such things as travel, continuing education, and meetings and events).
Perhaps more significantly, a solid majority (58%) of administrative professionals said they had seen more job-related stress among the remaining employees that was affecting personal and company performance.
Progressive Business Publications is a leading diversified information and executive education company that serves hundreds of thousands of companies, including virtually all the Fortune 1000, with its product offerings.
