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CHICAGO--(BUSINESS WIRE)--Middle market companies took advantage of newfound clarity in crisis and are poised not just for a return but a renaissance. According to the 2021 BDO Middle Market CFO Outlook Survey, CFOs anticipate the new year will bring recovery and new opportunities. A majority forecast economic recovery (60%) and revenue increases (56%) in 2021. While financial forecasts vary, industries like technology, life sciences and healthcare that helped to power business continuity and advance COVID-19 care are particularly optimistic for growth in 2021. Unprecedented was the buzzword in 2020 for good reason. Many middle market companies persevered through levels of transformation and disruption in one year akin to what some companies experience in a full lifecycle, said Wayne Berson, CEO of BDO. But rather than hunker down and endure, middle market leaders endeavor to move forward to refresh strategy and enhance agility. While were not out of the woods, the middle market is poised to pivot to new levels of potential. Whats Next for Growth A new reality brought increased demand and opportunity for innovation across every industry. CFOs report that the pandemic accelerated digital transformation (39%) and opened new expansion opportunities for products or services (36%) and geographies (31%). Deal flow was unsteady in 2020 as CFOs assessed and reassessed possible outcomes and the pandemics impact on them throughout the year. However, things are looking up as optimistic CFOs chart plans to seek PE investment (29%), undergo a merger or acquisition (24%) and pursue an IPO (20%). The pandemic also put operations into perspective, and many middle market CFOs are keeping an eye on essentialism as they consider reorganization and cost cutting in 2021. Whats Next for Work Employee safety and diversity of perspective will remain top priorities in 2021 as the middle market reimagines both the future of work and the workplace, reconsidering what a traditional office looks like. While returning to the office or floor is critical for many, 43% of CFOs will increase or establish permanent remote work options, changing the needs for a traditional office setting. Optimization will also be critical, with 28% planning to eliminate or consolidate their current real estate footprint. Additionally, CFOs will look to build a nimbler workforce through automation (38%) and outsourcing (32%). Whats Next for Risk The realities of 2020 put risk in context and exposed new vulnerabilities. Middle market CFOs top cited threats include a prolonged economic downturn, competitive pressure, supply chain disruption and falling behind on technology or innovation. Coming out of an election year, tax challenges are also top of mind, with understanding total tax liability (19%) and navigating shifting trade and tariff policies (17%) among the top cited challenges. Managing disclosures and risk factors is a top financial reporting challenge as CFOs work out how best to communicate pandemic-related impact on matters that may be material to stakeholders. View the 2021 BDO Middle Market CFO Outlook Survey. Explore individual sector expectations in BDOs six industry CFO reports: The 2021 BDO Middle Market CFO Outlook Survey is a survey of 600 middle market CFOs in the U.S. The survey was conducted by Rabin Research Company, an independent marketing research firm, in September 2020. View the key findings and industry reports here. About BDO USA BDO is the brand name for BDO USA, LLP, a U.S. professional services firm providing assurance, tax, and advisory services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of skilled and committed professionals. The firm serves clients through more than 65 offices and over 740 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multi-national clients through a global network of more than 91,000 people working out of over 1,600 offices across 167 countries. BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. For more information please visit: www.bdo.com. Material discussed is meant to provide general information and should not be acted on without professional advice tailored to your needs.

Answer: Middle Market Companies Will Pivot to New Potential in 2021 BDO Survey