Channel Pro has their 2021 State of the Channel data now published.
Close to a third of (30%) say their revenue was either unaffected by COVID-19 or actually grew, and 36% say sales are either back to pre-pandemic levels or higher. What’s more, profits held steady for 38% of poll respondents last year and increased for 37%.
48% of this year’s poll respondents canceled or delayed plans to hire new employees, and 19% made the painful but necessary decision to lay off staff. Meanwhile, just 28% of them surrendered to temptation by lowering rates or extending payment terms for their customers, and 15% actually fired unprofitable clients in the middle of a recession.
Why do we care?
I feel obligated to point out that if you went out of business, you likely didn’t report to this data set. Just let that sink in too.
In the next story I have some market data for a broader perspective. Here, let’s observe that good management helped a lot of providers navigate the down time. I’ll stand by my warnings from the timeframe – because the more who adjusted, the better they navigated.
This is strong business acumen that navigated through the down time. That is a level of maturity we likely would not have seen a decade ago.
Source: Channel Pro Network