The Upcoming Business Impact in Q2 2020
Upcoming Business Impact
BC MindMapper surveyed closed to 8000 business owners, members in chamber of commerce in early March 2020 (before the province declared emergency).
What we found is that:
- 90% of businesses are “currently being impacted by COVID19”
- 83% seeing drop in revenue, business, or deal flow.
- 91% anticipate a further “decrease in revenue in the near-term”
- 73% of businesses expect their revenues will drop by 50% or more
- 25% say revenues will drop by 100%
- 64% of the respondents expect to reduce their staff by over half, with 25% say that they will reduce their staff by 100%.
Complete survey result:
https://na2.visioncritical.com/i/stories/shared?id=40a90cac-30f6-4d14-8229-ab830000e348
We are living in a state of pandemic
In the short term, this will be hugely damaging to businesses that rely on people coming together in large numbers:
- Restaurants
- Cafes
- Bars
- Nightclubs
- Gyms
- Hotels
- Theaters
- Cinemas
- Art galleries
- Shopping malls
- Craft fairs / events
- Museums
- Musicians and other performers
- Sporting venues (and sports teams)
- Conference venues (and conference producers)
- Cruise lines
- Airlines
- Public transportation
- Private schools
- Day-care centers
What can you do if you are one of these businesses?
We have seen some adaptions already.
- Gyms start selling home equipment and online training sessions
- Museums offering virtual tours
- Musicians offering online concerts
- Running virtual meetings, webinars instead of in-person events
If you are running a business, ask yourself:
- Is there anything you can teach?
- How to engage better with your existing customers after the craziness has settled?
- How to service and onboard new clients?
- Do you have a marketing infrastructure that can get your leads?
Want to see how can we help? Set up a chat with us now!
