First Pulse Check Survey provides new COVID-19 business impact data

The results are in!

The Whistler Chamber and the BC Chamber of Commerce have collaborated to collect and provide information to government, from businesses of all sizes within our community. Information gathered will inform a holistic approach between government and society in acting on the COVID-19 pandemic.

Thank you for those who have completed the first MindReader Pulse check survey.  We have only just received the results and already we can see areas where the government has stepped up.

 The top 3 issues your chamber is focused on:

1. Financial support for commercial lease holders
2. Request that the federal government boost the Canadian Emergency Business Account (CEBA)
3. Quicker access to credit (Canada Emergency Business Account interest free loans)

As we continue to navigate these times, it is imperative that you continue to tell us what’s on your mind.

Click here to complete the current Pulse Check, open until Friday April 17, 2020.

The results below reflect data collected between March 26 to April 1, 2020, specific to Whistler:

• 81% of businesses report a decrease in sales volume
• 62% report laying off staff
• 60% have temporarily closed – the longer this lasts, the less likely it is that many of the smaller businesses will be able to re-open
• 55% cancelled contracts or tenders

Impact on Revenue

• 45% reported revenue having fallen by 100%
• 23% say revenue has decreased by 75% to 99%

Impact on Sales Volume

• 77% say volume has significantly fallen
• 68% report a decreased sales volume
• 47% said they have reduced staff

Top 3 measures within the federal government’s jurisdiction that would be most helpful to businesses are:

1. 53% immediately reduce rates for EI, company tax, personal tax, GST other governments imposed levies and charges
2. 57% provide direct payments to affected businesses
3. 38% Provide further enhances wage subsidies to employees with reduced hours

Top three measures within the provincial government’s jurisdiction that would be most helpful to businesses are:

1. Provide direct support to BC industry sectors that are being particularly affected by the pandemic
2. Further reduce tax rates facing BC Businesses and households
3. In collaboration with property owners and tenants, consider remedies for businesses not being able to pay rent

After COVID 19 crisis is over, 70% believe it will be a slow rebound in our market, for the following reasons:

• Insufficient global economic activity
• Permanent damage to customers ability to pay
• Permanent damage from workforce hiatus

Provincial Overview

The BC Chamber of Commerce, Greater Vancouver Board of Trade and the Business Council of British Columbia (with assistance by Mustel Group) have collaborated with business associations across the province to collect and provide information to government, from businesses of all sizes, sectors and regions across British Columbia. Information gathered will inform a holistic approach between government and society in acting on the COVID-19 pandemic.

This report provides the key findings from the first survey taken by 1,938 business leaders between March 26th and April 1st, 2020.

Key Findings

• 74% of businesses report a decrease in sales volume.
• 42% of businesses report laying off staff (on average businesses have laid off 43 employees).
• In the past two weeks approximately half of all business (48%) have experienced revenue decreases of 75% or more; two-thirds (63%) have had revenues drop by 50% or more.
• Over the next two weeks, 75% of businesses expect decreased sales volumes with the majority, 56%, expecting revenues to fall ‘significantly’.
• Close to half (46%) expect to still be closed in two weeks, and considerable proportions are expecting reduced staff hours (38%), further lay offs (29%), and cancelled/deferred contracts or tenders (33%), capital projects (26%) and/or marketing projects (27%).
• Top two measures within the federal government’s jurisdiction that would be most helpful to businesses are:
  1. Provide direct payments to affected businesses (56%);
  2. Immediately reduce rates for EI, company tax, personal tax, GST, other government-imposed levies and charges (42%).
• Top three measures within the provincial government’s jurisdiction that would be most helpful to businesses are:
  1. further reduce tax rates facing B.C. businesses and households (57%);
  2. provide direct support to B.C. industry sectors that are being particularly affected by the pandemic crisis (46%);
  3. consider remedies for businesses not able to pay rent in collaboration with property owners and tenants (42%).

Join BCMindReader.com to continue sharing your feedback on the impacts of COVID-19 as the situation evolves.