The first quarter 2020 Michiana Benchmark Business Index (BBI), compiled by the certified public accounting and consulting firm of Kruggel Lawton CPAs, declined sharply, falling to its lowest level since the survey began ten years ago. The overall first quarter BBI was 40.94 out of a maximum possible score of 100.
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.
Noteworthy first quarter survey results include:
“Like most of the U.S., businesses in the South Bend/Elkhart region appeared to be thriving at the start of 2020,” said Terry Bush, a director at Kruggel Lawton CPAs. “The results of our survey for the entire first quarter of the year reveal how suddenly and sharply business conditions deteriorated in March. As federal, state, and local relief for individuals and businesses becomes available, we hope to see some semblance of a rebound in the second quarter of this year.”
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.