Hutt Valley Chamber of Commerce Quarterly Business Confidence Survey
The latest Business Confidence Survey, sponsored by Red Hot Business Coaching, took a snapshot 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 provide the results of the latest Business Confidence Survey.
This is a very informative webinar which provides a good snapshot prior to Covid-19 and also what is happening around the Hutt Valley in the current Covid-19 lockdown environment. This livestream took place on 16 April.
Top Takeouts 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.