The COVID-19 Business Impact Report found that although professional services firms are accelerating work from home policies and suspending travel, the majority don’t expect the virus to impact 2020 revenues
March 24, 2020 – BigTime Software, a leading provider of cloud-based software for professional services firms, released a new report today surveying more than 100 professional services firms across end markets and regions in the US on the impact of COVID-19 on their business.
Professional Services firms quickly mobilized to protect employees: 81% of those surveyed added new work from home policies, some mandatory, while 85% suspended all travel
And aren’t expecting significant financial impacts: Only 38% expect COVID-19 to impact this quarter’s revenues; only 45% expect a change to annual revenues
“While the business news is focused primarily on industries extremely impacted by the spread of the COVID-19 virus, BigTime took the pulse of how small professional services firms are viewing the pandemic,” said Brian Saunders, founder, and CEO of BigTime Software. “In our survey, we found small businesses to be far more resilient and optimistic than the current news cycles would suggest. The reality is that small services companies have had to be nimble to survive and grow even in a booming economy, and had already optimized productivity while working virtually. They just aren’t as disrupted by no travel and mandatory work from home policies as their larger counterparts.”
The COVID-19 Business Impact Report surveyed the viruses’ impact on small-to-mid sized professional service firms, including accounting, consulting, law, architecture, advertising, IT services and engineering firms.
Other key findings from this survey of more than 100 firms include:
Firms with less than 20 users:
- Only 40% anticipate this will impact revenue for the quarter, and only 42% anticipate it will impact revenue for the full year
- 51% project a 2-month period for special policies like work from home to be in place
Firms with more than 20 users:
- Only 9% anticipate this will impact revenue for the quarter, and only 17% anticipate it will impact revenue for the full year
- 70% project a 1-month period for special policies like work from home to be in place
The results of the report are based off a survey of over 100 BigTime Software clients within professional services collected on March 16, 2020. To view the full report, click here.
ABOUT BIGTIME SOFTWARE, INC.
BigTime Software, Inc. is dedicated to developing practice management tools that help growing professional services firms track, manage and invoice their time. Its award-winning industry-specific solutions are designed to speak the language of consultants of all stripes, from accounting, engineering, and architecture to IT services. To see why thousands of customers rely on BigTime’s cloud-based tools to more easily manage their businesses and effectively plan for tomorrow, visit bigtime.net.