Hutt Valley Chamber of Commerce Quarterly Business Confidence Survey, Sponsored by Bronze Partners, Red Hot Business Coaching & Consulting
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Hear the Results of the June 2020 Business Confidence Survey
Helen Down, CEO of Hutt Valley Chamber of Commerce and Mark Skelly, President of the Hutt Valley Chamber of Commerce, and owner of Red Hot Business Coaching discuss results of the latest post-covid Business Confidence Survey.
Key Findings from the June Business Confidence Survey
- 39% of businesses are struggling to pay themselves and their staff
- 41% have issues with their cashflow
- 38% are struggling to find new business
Revenue compared with the same time a year ago
- 41% moderately worse
- 24% substantially worse
- 30% have had to re-negotiate commercial rent terms due to Covid-19
- 38% of staff are now working from home
- 33% are working flexi working hours
- 49% of businesses don’t think the Government has a coordinated plan of action focused on covid 19 economic recovery
March 2020 Business Confidence Survey
The March Business Confidence Survey, sponsored by Red Hot Business Coaching & Consulting, took a snapshot of business confidence just prior to the Covid-19 lockdown in New Zealand
Join Helen Down, CEO of Hutt Valley Chamber of Commerce and Mark Skelly of Red Hot Business Coaching as they discuss the results.
This survey provided a local business snapshot as the country went into Covid-19 lockdown. This livestream discussion took place on 16 April.
Key Findings from the Hutt Valley Chamber Quarterly Business Confidence Survey
- The latest survey was issued in mid-March to a community of approximately 7,000 business contacts immediately following the Government’s announcement of the Business Support Package relating to Covid-19
- The survey was sent out 10 days before the country went into level 4 and covers the period leading up to lockdown
- These results are from a mix of employers and employees. Most recipients are very senior people within the organisation and include sole traders through to those with 20 staff. 72% have been in business for more than 10 years. Respondents are from across the whole Wellington region
- 75% of businesses were already adjusting to the situation
- Steps they were taking included: preparing to work from home, increased use of online technology, adjusting staffing and applying for the wages subsidy, cleaning/hygiene improvements, cutting costs, physical distancing measures
- Businesses wanted more information and advice on government packages, strategy, reducing business costs, impact of government policy changes on their business
- Across a range of confidence questions, confidence was through the floor, especially overall for the Country and the region. However as is normal, many were more positive about their own business’s performance
- 90% responded they expected the general business situation in NZ to worsen
- 81% responded they expected it to be worse for the Wellington region
- 60% expected it to be worse for their own business earnings; 16% expected it to be the same and 22% expected it to be better
- Over 85% saw the Covid threat to the economy as the biggest threat
- 61% saw the Covid threat to health to be the second biggest threat
- 64% had no intentions to hire in the next 12 months; 28% intended to hire
- 40% of respondents say their intention to hire has changed due to Covid
- Significant change from previous surveys
Covid was completely unexpected and probably not even considered in any disaster recovery or risk management plan for local business.