COVID-19 is hitting businesses fast and hard. That’s the common takeaway of business survey results published by EDOs and other business groups.
In the results of a survey conducted by the Beaverton (Ore.) Chamber of Commerce, approximately 75 percent of responding businesses reported experiencing revenue impacts, with nearly a third expecting revenue to decrease by more than 50 percent. The top five concerns reported were revenue impacts; overall business continuity; lease payments; payroll, and event cancellations.
The British Columbia Economic Development Association reports on the results of a survey that was open March 13-18 and aimed at understanding the specific impacts business were experiencing due to the pandemic. Nearly 8,000 businesses responded, painting a grim piecture:
• 90% of businesses are “currently being impacted by COVID-19”
• Of those impacted, 83% are seeing a “drop in revenue, business, or deal flow”
• 91% anticipate a further “decrease in revenue in the near-term”
• 73% of businesses expect their revenues will drop by 50% or more (with nearly a quarter saying revenues will drop by 100%)
• Half of the respondents say they will be “temporarily shutting down” their offices
• 64% of respondents expect to reduce their staff by over half (with a quarter saying they will be reducing their staff by 100%)
Nearly a quarter of respondents expect revenues to drop, and staff to reduce, by 100 percent – which sounds an awful lot like a quarter of businesses closing up shop altogether.
The National Small Business Association polled 950 small business owners on how the virus was impacting their business. It found that:
• Three-quarters of small business owners are very concerned about the economic impact of COVID-19
• Nearly half of small businesses have already experienced reduced customer demand for their products and services
• More than half of small-business owners are now anticipating a recession in the coming 12 months, compared with just 14 percent in January
We’ll continue to report on the results of other surveys as they become available.