No Confidence

The latest pulse check survey – conducted by the BC Chamber of Commerce, the Greater Vancouver Board of Trade, and the Business Council of British Columbia – revealed the depth of concern that businesses have over the prospect of re-opening should the COVID-19 pandemic continue for the foreseeable future.

Key findings of the survey include:

• 43% of those surveyed stating they can only continue to operate for up to three months under current restrictions
• For businesses temporarily closed, only half (53%) expect to re-open once the restrictions are eased on workplace operations, while 38% are unsure, and 8% will not re-open
• The top operating cost or expenses were wages (64%), followed by rent (54%), taxes (34%), and goods and supplies (32%)
• Just over half of businesses believe the federal government programs announced to date will be helpful once implemented, but they are not helpful for 33% of businesses, primarily because they do not qualify for any programs or provide enough timely cash flow relief
• The majority of businesses (58%) are spending 10% or more of operating expenses on rent, with 42% spending 20% or more
• Businesses with under five employees are least likely (49%) to find federal programs helpful, primarily because they do not qualify
• Many businesses are not confident in their ability to restart or whether consumers will return. Key challenges to recovery identified are attracting customers/revenue (79%), having enough operating cash (55%), and rehiring staff (28%).

For more, go to: na2.visioncritical.com/i/stories/shared?id=78c4c7c5-131b-40ea-9cbe-aba3011a1433&mc_cid=1b6a612a26&mc_eid=78c73d065e