The BC Economic Development Association (representing over 300 local, Indigenous, and regional governments in BC), the BC Chamber of Commerce in partnership with Small Business 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.
The data paints a dire picture of what businesses are experiencing now and what they expect to be facing in the near future
Here’s the quick analysis:
- 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” [sic]
- 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%)
The insights gathered here have been sent to both the federal and provincial government – and the intelligence you shared with us is helping shape how government reacts to this pandemic crisis in real time.