Today (24 April 2020) Cork Chamber & Chambers Ireland launch the latest Covid-19 Business Community Survey. The third in a series, the survey seeks quantify the economic impact COVID-19 is having on businesses around the country and better understand what supports will be needed to reboot the economy.
Through this survey the effects of the Covid-19 restrictions on the Irish Business community will be tracked and by creating an evidence base. The feedback will assist policy makers and business owners guide our economy through the Covid-19 challenges.
The last survey, which was published on the 9 April, with over 1110 responses, found 84% of businesses expect revenue to decline by in excess of 25% in the next three months, up from 73% two weeks earlier. 25% of those who responded expect revenue to collapse by more than 90%, with one in five businesses laying off all staff. For those who have closed their operations entirely, most expect to remain closed for at least 12 weeks. Fears about cashflow and liquidity were the greatest concerns of micro-enterprises (<10 employees) with closures and staffing being a concern for larger businesses across many sectors.
With public health measures due to reviewed on the 5 May, Chambers Ireland seeks to start a conversation with businesses on how local economies can be supported to re-open. If your business has been affected by Covid-19 please let us know your experiences here: Chambers Ireland Covid-19 Business Community Survey.
Conor Healy, Cork Chamber CEO called on the Cork business community to play an active role in shaping the agenda of the chamber network,
“We are consulting with Government and national representatives on a weekly basis advocating for the best supports and structures for business. As we move through this crisis, we are preparing for the medium to longer term and are seeking the views of those in business to help shape our agenda. We urge the business community, whether members or not of the Chamber to take part in the survey we have circulated online.”
Speaking today Chambers Ireland’s Chief Executive, Ian Talbot, said,
“We have made clear in our communications with Government that deciding the date of relaxing the public health measures are only the first step. It is very possible that we will go through a series of cycles, where measures are relaxed and restricted, in response to the virus. Each time this happens, there are likely to be costs.
What we hope to achieve from this latest Business Community Survey is a deeper understanding of the economic impact businesses are experiencing, the supports they will need to survive the crisis, and the supports they will need to re-open once we reach a point where at least some of the restrictions can be relaxed.
If we do not understand the scale and the nature of the economic impact on local economies, then we risk focusing the recovery efforts on the wrong areas. An accurate picture of how this crisis is affecting the business community and what supports they will need from Government is essential if we are to successfully reboot the economy.
So, to businesses right around the country, please make sure you share your experience with us and make your voice heard.”