The LinkedIn polls I conducted during April reveal the following:
LinkedIn Polls on the Defense Industry
Did COVID Impact Sales and Profit?
Sales and profit were not impacted by COVID for 40% of the respondents; 60% identify that they “adapted and overcame.” None reported changing their business model.
I believe many poll respondents are in the defense industry, and benefited from protective measures instituted early in the pandemic. Designating defense a critical industry allowed most companies to continue operating.
Do They Plan to Bid on More or Less Defense Contracts in FY23?
When asked if they plan to bid on more or less defense contracts in FY23, the split was exactly 50/50.
With the defense budget relatively flat, opportunities should remain constant. I previously predicted a 10% decline in defense spending by 2024. With inflation, we are experiencing the equivalent of an 8% decrease in the topline, according to early industry assessments.Say what you will about the accuracy of LinkedIn polling, but it does reflect a snapshot in time of the people who see your feed. Do you interact with the same sort of people who appear in your LinkedIn feed? Click To Tweet
Does Access to Strategic Materials Such as Rare Earth Minerals Affect Their Business?
Responding to whether access to strategic materials such as rare earth minerals affect their business, 1/3 say yes, 1/3 say somewhat, and 1/3 say no.
Unfortunately, the US remains completely reliant on foreign sources for many rare earth materials. Phones and batteries for electric vehicles are the very tip of this iceberg. This is a national challenge. Relations with China are essential to maintaining or even transitioning these supply chains.
Has Contract Competition Increased in the Defense Industry?
When asked if contract competition has increased in the defense industry, 89% say yes while 11% say it remains the same.
The defense industrial base continues to contract. There are over one million companies participating in the defense industrial base across all segments. New participants enter every year, but enter as very small businesses. We don’t know for sure how many leave each year.
LinkedIn Polling Accuracy
Say what you will about the accuracy of LinkedIn polling, but it does reflect a snapshot in time of the people who see your feed. Do you interact with the same sort of people who appear in your LinkedIn feed? Did you respond to my polls?
The Make Your Move podcast is a multi-season series devoted to the lessons learned of military members in their post-active duty lives. I hope you enjoy the stories of the men and women brave enough to share their transition stories so publicly. Listen to the latest episode here.