The BC Economic Development Association (representing over 300 local, Indigenous, and regional governments in BC), the BC Chamber of Commerce in partnership with SmallBusiness BC, and Community Futures BC, launched a survey on March 13 to understand specific impacts BC businesses are experiencing due to the COVID-19 pandemic – and hear their proposed solutions.As of March 18, almost 8,000 businesses had responded to the survey. Final results can be found here.
The data paints a dire picture of what businesses are experiencing now and what they expect to be facing in the near future:
•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 quartersayingrevenues 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 theywill bereducing their staff by 100%)