The Greater Vancouver Board of Trade, Business Council of British Columbia, and the BC Chamber of Commerce have partnered with the Mustel Group to collect and provide information to government, from businesses of all sizes, sectors and regions across British Columbia.
Information gathered will inform a holistic approach between government and society in acting on the COVID-19 pandemic. This report provides the key findings from the second survey taken by 1,284 business leaders between April 9 and April 17, 2020.
Some key findings of the survey include:
- Approximately half of all businesses (54% up from 48% in the first survey) state they have experienced revenue decreases of 75% or more while two-thirds (66%) have had revenues drop by 50% or more.
- The top operating cost or expenses were wages (64%) followed by rent (54%), taxes (34%), and goods and supplies (32%).
- The majority of businesses (58%) are spending 10% or more of operating expenses on rent, with 42% spending 20% or more. The proportion of wages or rent as a function of overall costs vary depending on firm size, sector, geography, and other factors.