Q3 CFO Survey: Outlook Among Michiana Finance Leaders Rebounds

Quarterly survey finds Michiana CFOs’ outlook improving after tough first two quarters of 2020. While encouraging, COVID19 continues to foster uncertainty in the local economy.

Michiana Benchmark Business Index (BBI), is produced by the certified public accounting and consulting firm of Kruggel Lawton CPAs using data independently collected from CFOs and senior-level financial officers of major businesses and corporations in Indiana and Michigan.


The third quarter 2020 Michiana Benchmark Business Index (BBI) improved after dropping to historically low levels in the first and second quarters of this year. The overall third-quarter BBI was 58.99 out of a maximum possible score of 100, an increase of just over 42% from the prior quarter results. This level more closely matches pre-COVID19 averages across the last ten years.


Terry Bush, Director of HR Services:

“The third quarter survey results are a pleasant surprise and a sign of resilience among businesses in the South Bend/Elkhart and southwest Michigan region. While a rebound and hopefully sustained improvement in our regional economy is an encouraging sign, the COVID-19 pandemic is still drastically affecting people and families and causing uncertainty.”


2020 Q2 Michiana Benchmark Business Index findings:





Michiana Benchmark Business Index Survey

Overall Results through 3rd Quarter 2020


Michiana Benchmark Business Index Survey

Detailed Results since Inception of the Survey


Kruggel Lawton conducts this confidential survey of CFOs in for-profit companies in the South Bend/Elkhart region on a quarterly basis. The survey tracks changes in companies’ revenue, profitability, and employment levels compared to the same quarter of the prior year, along with CFOs’ perception of the business outlook for their companies. Participating CFOs’ input on these four metrics is combined into the overall Benchmark Business Index to provide a barometer of the regional business climate.

If you are a CFO in a Michiana area for-profit organization and would like to participate in this survey, please contact Terry Bush at or call 574-289-4011, ext. 205.

With office locations in South Bend, Elkhart, and Goshen Ind., St. Joseph, Mich., and Knoxville, Tenn., Kruggel Lawton CPAs is a full-service accounting and business consulting firm offering assurance services, tax consulting, estate planning, business valuation, and business accounting services. Kruggel Lawton also has national and international capabilities as an independent member of the BDO Alliance USA.

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