Business leaders around Greater Washington are making a lot of tough choices as the Covid-19 pandemic continues to wreak havoc on the economy, everything from layoffs to giving back office space to the hardest choice of all: shutting down.
Those executives, and their employees, are also showing a tremendous amount of resilience — just look at the amount of times the word “pivot” is included in the responses below. While they wait for things to return to form, they’re coming up with new products, piecing together new pro-formas and figuring out how to make it work.
Many of them are preparing for some long-term pain. In a recent Washington Business Journal survey, about 15% of 46 executives who responded said they expect their budgets to return to prepandemic levels in 2020. That’s compared to 43.5% who expect a bounceback in 2021, and 32.6% who are predicting a return to 2019 revenues in 2022. For the rest, some of whom are in hard-hit industries such as hospitality, it’s…Read the full story from the Washington Business Journal.