Ongoing concerns over the COVID-19 pandemic has led to 62 per cent of Metro Vancouver businesses still experiencing decreased sales volumes, according to a new survey from the Greater Vancouver Board of Trade.
The survey looking into the business impacts of the pandemic also found seven in 10 businesses impacted by holiday spending reported lower revenues compared to previous holiday seasons — depriving the businesses of the nest egg typically used to navigate the tougher winter months.
The information was gathered in a survey of the Board of Trade’s members, done in partnership with the Mustel Group.
“While many hoped that the new year would offer some light at the end of the COVID-19 tunnel, these results show that many businesses are barely treading water as they enter 2021,” Board of Trade CEO Bridgitte Anderson said in a statement.
“The near-term outlook is uncertain, with many leaders anxious about what the future holds for their businesses.”
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With extensive restrictions in place until at least February, almost half of the respondents predict lower revenues in the next three to six months. Even the anticipation of a vaccine has not led to a boost in confidence, with only 31 per cent of respondents optimistic about the B.C. economy.
The pandemic has led to an increase in operating costs for 36 per cent of businesses, the survey suggests, while four in 10 businesses have introduced or increased their online or digital presence.
More than a third of businesses have deferred or cancelled capital projects while 28 per cent have had to postpone contracts or tenders.
The survey also found layoffs continue to plague businesses, with 32 per cent saying they have cut staff while 31 per cent have reduced hours to cope with lost revenues.
Seven in 10 businesses operating in offices do not anticipate the majority of their employees being back in the workplace until the summer of 2021 or later. Ten per cent do not
expect the majority to ever return.
A quarter of businesses will request or incentivize employees to receive a vaccine before returning, according to the survey.
“Businesses revealed they believe COVID-19 will have a lasting impact on the workplace with increased reliance on digital means for communication, expansion of work from home policies and a reduction in office space requirements (34%) among the most common responses,” a release from the Board of Trade reads.
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