BigTime Software Finds Service Economy Far More Optimistic and Prepared for Impact of COVID-19 Than Broader Economy

BigTime Software, a leading provider of cloud-based software for professional services firms, released a new report surveying more than 100 professional services firms across end markets and regions in the US on the impact of COVID-19 on their business.

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• 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.”

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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

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