Photo: Contributed
A comprehensive survey of B.C.’s small business owners found more than 30% of them aren’t sure their business will survive the pandemic.
Insights West conducted a poll of 580 small business owners across B.C., asking them a variety of questions in regards to the COVID-19 crisis. Most of them believe it will be a three- or four-month event, but 31% aren’t sure they will still be operating once it subsides. More specifically, 9% said it will “definitely” or “probably” force them to close for good.
On the other side of the coin, only 7% of respondents said they are not worried about a negative financial impact on their business.
“As the implications for the COVID-19 pandemic continue to unfold, small business owners have been thrust into the spotlight at a provincial and federal level because of the serious negative financial impact that this is having on this particular segment of society,” Insights West president Steve Mossop said in a press release. “Our poll measured the extent of the negative impact, and it appears to be as bad or worse than what we’d anticipated.
“The disastrous financial effect is being felt deeply at a personal as well as a business level among small business owners, and it’s likely to result in an unprecedented level of possible permanent closures unfortunately.”
Of the 93% of business owners who are worried about a negative financial impact, 65% are “very worried” and another 28% are “somewhat worried.” The survey also found 43% of small businesses had already shut down.
The poll found 41% of small business owners are concerned about financing, 43% are worried about the ability to pay salaries, and 38% believe they will have difficulty paying their rent or lease. Only 55% think the emergency federal aid will be effective.
Image: Contributed
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