A survey of Entrepreneurs’ Organization of Nashville members show 65% of respondents reported a negative effect on revenue during March and April, with more than 30% seeing revenue decline by at least half compared to the same time period in 2019. However, only 12% expect worse revenues in May and June than the previous two months.

Participants included members of EO Nashville, the largest EO chapter in the United States and third largest in the world, and Catalyst, an EO program designed to help boost business revenues more than the $1 million annual revenue threshold required to join EO.

The survey analyzed the coronavirus’ effect on companies’ revenue, staffing, sheltering in place and survivability. Respondents’ companies range from $250,000 to more than $10 million in revenue and represent 29 different industries.

Nearly 60% of respondents furloughed or laid off staff during March and April. However, 21% furloughed or laid off more than 75% of their employees, and 19% anticipate more staff reductions once government funding expires.

Additionally, 68% expect to increase their remote working staff post-COVID and 31% expect their full staff to return to the worksite in the same capacity as before the virus struck.

Sheltering-in-place has had a moderate effect on local entrepreneurs, with 53% of EO members surveyed saying they could survive 2020 with prolonged sheltering in place, whereas only 25% felt they could endure the summer in this manner.

Nineteen percent said they would be unable to survive if shelter in place orders extend beyond May.

“Every business – no matter how large or small – will be affected by the coronavirus in some capacity,” said Michael Burcham, executive partner at Shore Capital Partners and conductor of the survey. “We wanted to see exactly how business owners are handling the situation and quantify its effect on their companies. Only then can we understand how to help them through this challenging time.”

The survey identifies the business owners’ top five areas in which they desire support, which varies by company size and industry. The top results include training for leading in times of crisis, post-COVID market trends by industry, developing a new business model for the “low touch” era and financial modeling for new pricing and distribution.

“One of the greatest benefits of being an EO member is being able to learn from other business owners who have experienced – or are experiencing – the same challenges as you,” said Marty Reed, EO Nashville president and CEO of Randa Solutions, Inc. “We’re currently gathering resources to address the top concerns our members are facing, as noted in the survey. Our goal is to provide the tools they need to weather this storm and end 2020 ahead of where they were in 2019.”