After over 250 responses from the reopening survey open we conducted with our area business community May 11-18th – we have compiled the results. There was a high demand for resources to support you as you reopen – and we answered by creating a custom Back-to-Business Tool Kit for reopening (included below or for quick download here) that provides posters for use in your businesses, links to State and Federal guidelines, financial aid initiatives, as well as general COVID related information, and resources for cleaning tools and measures to undertake as you open.
- Overwhelming concern from businesses is the uncertainty regarding consumer behaviors (their confidence and optimism level to spend money and re-enter establishments)
- 26% of businesses will not be able to operate beyond 12-months with anticipated revenue losses due to new safety guidelines
Who will reopen?
- 60% of respondents are essential businesses who are currently open – although many report working remotely, reduced hours, not open to the public, etc.
- For those businesses that are not deemed essential and not currently open, 10 % report they would not be able to re-open immediately. Some notable comments include, “they will need to rebuild client base” and “they need more time to get more inventory”
What is the financial impact of current social distancing standards and PPE cost?
- Over 16% of respondents say their revenues will be reduced by more than 50% when re-opening with public health standards
- 24% report they anticipate no impact
Other breakdown of anticipated reduction in revenues:
- 23% responded they anticipate a 10-20% reduction in revenue
- 14% responded they anticipate a 21-30% reduction in revenue
- 15% responded they anticipate a 31-49% reduction in revenue
When asked if these revenue losses did occur would they be able to absorb these costs and continue to operate at least 12-months:
- YES – 70%
- NO – 26%
What barriers do you anticipate reopening your business?
- 72 % identified customer based reduced by public health concerns/spending behaviors
Breakdown of other barriers:
- 42% – Business liability (from both employees and customers)
- 23% – Lack of reliable supply chain of PPE
- 19% – Cost of training for health screening
- 13% – Lack of adequate/ reliable workforce
- 17% – Other
Who needs PPE?
- 50% – Yes
- 46% – No
Significant Write-In Survey Responses
“We discovered other sources of revenue while we had to shut our doors to the public. We came up with new products that we could sell on-line and I foresee this will continue even after we reopen with a limited amount of guests being able to be in our space.”
“We can remain open [under new health guidelines] but, not without significant changes to staffing – will need to let people go”
“We have built reserves over the past two decades so can absorb some of these costs. However, it takes years to build reserves…and months to spend them. So, while we can take some loss of revenue in short-term, it will impact how we staff and program for the future.”
“If people aren’t comfortable and don’t come out to frequent businesses that have pulled their employees off unemployment this could be a bigger disaster still”
Back-to-Business Tool Kit
We wanted to bring REOPENING RESOURCES to your fingertips. Communication templates, posters, guidelines, State and Federal links, resources for cleaning measures for all business, and much more…
Download full printable pdf of the Back-to-Business Tool Kit