A message from Small Business BC
More than ever – we are here to help you
We believe this is a time for the small business community to come together to help each other overcome challenges and find solutions.
At Small Business BC we’ve been working hard to provide you relevant resources to help you navigate the current business landscape. We recommend following our Twitter account for the latest updates.
- Stay updated with our COVID-19 resources page – access the latest practical resources for small businesses – including summaries of any relevant federal and provincial announcements for small businesses.
- Download our business continuity checklist – help minimize the impacts of COVID-19 to your employees and operations with this checklist.
- Join our Digital Meetups for community support – a webinar for the small business community during COVID-19 – an opportunity for businesses to help share their challenges and solutions.
- Read our article about pivoting during a time of crisis – practical ideas to help you manage your business in this uniquely challenging time.
- Need advice? Although our office is closed, our team is working from home and available to help – while we don’t have all the answers, we are staying up-to-date and will provide you the best answers we can
Results of our survey – how business has been impacted by COVID-19
As some of you may have seen, we shared a survey – asking businesses the impact of COVID-19 so far – with our partners BC Chamber, Community Futures and BCEDA.
Here is a summary of the results:
- 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%)
Thank you to everyone who participated in the survey, although the situation is constantly changing, it enables us to share these insights with both the federal and provincial government – and the intelligence you shared with us is helping shape how the government reacts to this pandemic crisis in real-time.
We encourage you to continue to take part in these surveys, and to share your updates with us, so we relay your messages as best we can.