By Kate Bouey/Pete McIntyre

Local businesses feeling anxious over Covid-19; some closing temporarily or indefinitely

Mar 22, 2020 | 12:05 PM

The Covid-19 crisis has many local businesses feeling the jitters.

A Downtown Vernon Association survey that’s underway is already showing worries about the bottom line and the chance of catching the virus if the business stays open.

“As the situation rapidly changes, so does a bit of the feedback, however consistent concerns are access to financial support and relief for both the businesses and employees and the sudden drop in revenue,” said DVA executive director Susan Lehman.

“There is also an understandable level of anxiety around the decision to remain open to the public from sectors that have not been mandated to close.

The DVA’s survey began this week.

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Fourteen businesses have responded so far with 42 per cent saying they have shut down temporarily or indefinitely .

Sixty-four per cent expect a risk of being out of businesses, and financial losses to date range from zero to $150,000.

Other early survey results:

35 per cent of businesses have seen a drop in revenues, business & deal-flow
64 per cent anticipate a risk of being out-of-business
71 per cent anticipate a continued decrease in revenues
71 per cent have improved sanitization practices in their workplaces

The Greater Vernon Chamber of Commerce has been reaching out to its members, who have been expressing concern, mostly about the wellbeing of their staff and customers.

Some businesses have chosen to close temporarily while others remain open, some with delivery service only.

“Social distancing is important, but we encourage residents to support local business owners, who are our neighbours, friends and family,”‘ said the chamber in a statement to Vernon Matters. “Call them and see if they are open, and if they are, inquire about home delivery for food, groceries or other essential supplies. The other option is to buy gift certificates as you can save them for later while helping businesses financially now.”

On Friday, provincial health officer Dr. Bonnie Henry said it has become apparent that dining in restaurants is not working as far as keeping social distance, so she is ordering all restaurants in BC to switch to take out or delivery only.

The local concerns echo those around the province.

The B.C. Economic Development Association, representing over 300 local, Indigenous, and regional governments in B.C., released the results of a survey this week showing the colossal impact on business.

The association received 7,982 responses that showed:

90 per cent of businesses are currently being impacted by COVID-19
Of those impacted, 83 per cent are seeing a “drop in revenue, business, or deal flow
91 per cent anticipate a further decrease in revenue in the near term
73 per cent of businesses expect their revenues will drop by 50 per cent or more (with nearly a quarter saying revenues will drop by 100 per cent)
Half of the respondents say they will be temporarily shutting down” their offices.

64 per cent of respondents expect to reduce their staff by over half (with a quarter saying they will be reducing their staff by 100 per cent)

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The following are resources and information provided by the Greater Vernon Chamber of Commerce.

NORTH OKANAGAN BUSINESS ROUNDTABLE

Starting March 24, Community Futures North Okanagan will be holding roundtable discussions every Tuesday via Zoom. This is an effort to support local small business owners by providing current information and assistance. Meetings will run from 8 to 9 a.m. The link to attend is https://zoom.us/j/502474720?pwd=T09RdlA1alpRaWl0MGhxN0M3V2RqZz09

WEBINAR: HOW TO COPE WITH THE IMPACT OF COVID-19

On March 25, join this free webinar to hear from Business Development Bank of Canada experts as they share short-term economic perspectives and to get advice on how to manage through the crisis. It begins at 9 a.m. Okanagan time. To register for the call, click here.

CANADIAN CHAMBER

Rapid Policy Update

Economic Measures for SMEs

BUSINESS IMPACT SURVEY RESULTS

The BC Economic Development Association and BC Chamber have released the findings of a survey into the impact of Covid-19 on business. The information will be used to influence government policy. The survey results can be found here.

BUSINESS RESOURCES

The BC Economic Development Association continues to update resources available to businesses. Review the information by clicking here.

by Kate Bouey/Pete McIntyre

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