ENTERPRISE READER POLL- You’re not cutting staff — but you’re also not investing, and you definitely want more freedom to WFH in better times. A lot has changed since we last asked readers for their thoughts on the Egyptian economy and the outlook for business: At the start of the year, you told us of your optimism about 2020, predicting improved business conditions, a spate of new hiring and fresh foreign investment.

Fast-forward to June and the outlook for the Egyptian economy has radically changed: The unprecedented scale of the covid-19 pandemic has brought entire industries to a standstill, frozen supply chains at home and abroad, shaken capital markets, and forced hundreds of thousands (maybe mns?) of us to work from the confines of our own homes. We asked you in the days before the Eid El-Fitr holiday how you were coping. Here’s what you had to say:

HOW IS COVID-19 AFFECTING OUR COMMUNITY?

The halcyon days of the first quarter seem like a long time ago: Almost half of respondents said business conditions in the first quarter were good — while only 24% disagreed.

Sales have been hit hard: More than three-quarters (77%) of respondents reported a slowdown in sales as a result of the disruption, with 37% of them telling us that they had significantly decreased.

But critically, cashflows are still strong, with 70% of you saying that you have been able to keep up payments to vendors.

The vast majority of businesses are feeling the pain of the measures imposed to prevent the spread of covid-19. 83% of you told us that your industry had been negatively affected by the pandemic, with almost half of all respondents (49%) strongly agreeing with the statement.

Unsurprisingly, the main issues faced by businesses have radically changed over the past three months: Almost a third of respondents (31%) said that low consumer demand is now the key challenge facing their business, while 11% cited protecting staff health and safety and difficulties associated with the curfew as the biggest issues. Only 7% cited finding talent (26% last time around) or bureaucracy (23% in our January poll).

HOW HAVE BUSINESSES RESPONDED?

Overwhelmingly, you think your businesses have responded properly to adverse conditions: The vast majority (83%) have been happy with health and safety precautions put in place to protect employees, while 71% are satisfied with how they’ve responded in terms of business continuity.

Only a third of you are still planning to hire new staff this year — down from 66% in our previous survey. Most of you (58%) have put in place a hiring freeze.

Less than a fifth (19%) of respondents have laid-off staff in response to the crisis, and 74% have no plans to do so in the future. Of the businesses that have cut back on staff, the majority (67%) have cut 1-10% of their workforce and 14% have cut 11-20%. A small minority have resorted to large-scale layoffs, with 5% shrinking their workforce by 50% or more.

23% of you have made cuts to staff salaries and 67% have no plans to do so in the future.

Only a quarter of respondents plan to ramp up investment in the coming six months, down significantly from 58% from our last survey earlier this year. A bit more than one-third (35%) told us that they won’t be making new investments this year while a quarter remain undecided about their investment plans.

Most of you have rethought your budgets in response to the crisis with 56% of respondents saying they’ve had to re-calibrate revenue expectations and spending priorities.

Tap/click here for the full survey results.