CLEVELAND, Ohio — Nearly seven in 10 businesses have seen their revenue decline since the start of the Covid-19 pandemic, and many companies say their cash reserves are likely to run dry by the spring, according to an exclusive survey conducted by The Business Journals.
Of those experiencing a drop in revenue, close to half said revenue fell at least 50% year-over-year. American City Business Journals conducted the survey between Sept. 17 and Sept. 21 and fielded 2,460 responses from across the country. Participants had to be at least partly responsible for making financial decisions or business travel decisions for their company.
The respondents indicated a roughly even split as to whether their business has been profitable over the past six months. Only about two-thirds said their business has been cash-flow positive. Among those who have not been cash-flow positive, about two thirds said reserves will be exhausted within five months.
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