Survey: ASA members react to COVID-19 crisis
A survey conducted earlier this week by the American Supply Association and business intelligence partner Industry Insights shows the current COVID-19 (coronavirus) crisis is having negative financial implications for ASA member businesses.
The survey not only includes ASA member companies, but companies from 25 different trade associations that span manufacturing, distribution, retail and professional services organizations — representing a diverse set of industries, Industry Insights notes.
A total of 2,762 surveys were received regarding company COVID-19 impact and implementation strategies.
Only 1.4% of ASA member respondents has an employee with a confirmed case of the coronavirus, while 9.6% of respondents have employees that have had known contact with a confirmed case of the virus. Those figures trend slightly higher than the 1% (employee with virus) and 7% (contact with confirmed case) numbers from the overall 25-association survey.
When asked if their company already has experienced a direct financial impact from the crisis, 45.3% of ASA member respondents say they have endured a negative financial impact (51.7% in the overall survey) with 66.7% of ASA member manufacturer survey respondents and 44.9% of ASA distributor member respondents noting they seen a negative financial impact.
In terms of forward-thinking, ASA members were asked what level of impact they expect the virus will ultimately have on their company this year. In terms of revenue, 70.7% of ASA respondents say it will have a somewhat negative impact, while 24% say it will have a very negative impact. Within that 24% data point, it spikes to 41.7% for manufacturers that responded and lowers to 20.4% for ASA member distributor respondents in terms of revenue impact.
On the subject of workforce, 44% of ASA member survey respondents say they expect moderate staff reductions due to the crisis.
ASA members were asked how long do they anticipate the COVID-19 crisis will impact day-to-day operations. Along those lines, 34.7% say one to two months, while 30.7% say two to three months, and 20% responded in the three- to six-month range.
At the same time, 47.3% of ASA member respondents say they have mild concerns about the long-term viability of their companies due to the coronavirus, while 44.6% have no concerns.
Twenty percent of ASA member respondents say they have experienced delays in getting materials/products from suppliers due to the crisis. That number spikes to 33.3% on the member manufacturer front and lowers to 16.3% with ASA member distributors that responded to the survey.