Press Release

Study: CEOs Optimistic Amid Uncertainty

Despite economic uncertainty, 97 percent of mid-market CEOs and business owners are confident in their ability to navigate inflation and a possible recession
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SEATTLE, Nov. 18, 2024—Middle market companies are confident in their ability to navigate inflation and a potential recession, according to a survey by Moss Adams, one of the largest accounting, consulting and wealth management firms in the nation. The survey shows that while most US CEOs and owners of mid-market companies are preparing for a potential economic decline—64 percent believe a recession is imminent and 88 percent are concerned with inflation—97 percent are confident in their ability to navigate inflation and a recession.

“Often when facing economic uncertainty, we see businesses go into contraction and protection mode,” Rebecca Pomering, chief practice officer and partner at Moss Adams, said. “What we’re seeing, which the results of the study affirm, are businesses striving to be proactive, looking to invest in opportunities, talent and efficiency gains while also evaluating operations.”

According to the survey, conducted by Talker Research, of the companies preparing for a recession:

  • 53% are investing in technology
  • 51% are working to improve customer relationships and customer experiences
  • 46% are investing in creating new revenue streams

Of those concerned with inflation:

  • 53% plan to increase the price of their products
  • 51% look to cut down on operational costs
  • 47% are searching for cheaper alternatives throughout their supply chain
  • 21% are considering layoffs

To address economic uncertainty, respondents appear to be taking a multifaceted approach, indicating they plan on implementing the following:

  • 57% plan to invest and adopt technology solutions
  • 46% anticipate investing in employee training and retention
  • 45% intend to increase investment in sales and marketing
  • 40% plan to further product development
  • 34% are engaging in scenario planning
  • 30% are giving teams more latitude to move quickly or without roadblocks

“It’s not just about cutting costs,” Pomering said. “Businesses are assessing all options from tax incentives to technology investments to employee training. Advisors, like those at Moss Adams, are well positioned to aid not just in navigating a complicated tax environment but also in identifying efficiency gains and business opportunities.”

Read the full report for a more detailed breakdown of the results.

About the Survey

This random double-opt-in survey of 200 American business owners and CEOs of businesses that have $50 million to $500 million in yearly revenue was commissioned by Moss Adams between Oct. 1 and Oct. 9, 2024. It was conducted by market research company Talker Research, whose team members are members of the Market Research Society (MRS) and the European Society for Opinion and Marketing Research (ESOMAR).

About Moss Adams
At Moss Adams, we believe in the power of possible. A business and personal advisory firm with more than 110 years of experience and 4,800 professionals across 30+ markets, we work with clients to meet the rising challenges and opportunities of tomorrow. Discover how we can help you go where you want to be next. Upward.

Baker Tilly US, LLP, Baker Tilly Advisory Group, LP and Moss Adams LLP and their affiliated entities operate under an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable laws, regulations and professional standards. Baker Tilly Advisory Group, LP and its subsidiaries, and Baker Tilly US, LLP and its affiliated entities, trading as Baker Tilly, are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP and Moss Adams LLP are licensed CPA firms that provide assurance services to their clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. ISO certification services offered through Moss Adams Certifications LLC. Investment advisory offered through either Moss Adams Wealth Advisors LLC or Baker Tilly Wealth Management, LLC.