For a second week, FOR Cardiff has conducted a survey to assess the economic impact of COVID-19 on Cardiff businesses. The results highlight some significant changes following announcements by UK and Welsh governments on financial support but reinforces need for clarity. Key findings include:
- The number of businesses worried about permanent closure due to COVID-19 has reduced from 52% to 41%
- 12% increase in the number of business owners concerned about cash flow and loss of income
- 15% of businesses unsure if public had been told to stay away from their business.
The number of businesses in Cardiff worried about permanent closure due to COVID-19 has dropped by 11%. This could be as a result of proactive UK and Welsh Government financial support, according to the latest survey.
However, there is a 12% increase in the number of business owners concerned about cash flow and loss of income, demonstrating that businesses are a long way from breathing a sigh of relief following recent announcements of financial support.
Many are also expressing growing frustrations on the lack of clarity on accessing financial support and the guidance given to the public on restrictions. 15% of those surveyed said they were unsure if the public had been told to stay away from their business. This means many are continuing to trade despite being worried about the impact of keeping their business open on the welfare of their staff and customers.
Others cited insufficient infrastructure in place to deal with an increase in enquiries for support as they reported websites crashing and telephone calls diverting to automated messages, leaving business owners feeling unsupported and unable to reassure their staff.
The organisation, which is the city’s business improvement district, is running a weekly city-wide impact survey to gauge the scale of the economic impact of the global health emergency on Cardiff’s businesses.
The survey will help FOR Cardiff pool resources to best help mitigate the impact of COVID-19 on behalf of their members. The second round of the survey received 437 responses and included businesses within Cardiff city centre and the Cardiff Capital Region.
Adrian Field, Executive Director of FOR Cardiff said: “Our first edition of the survey produced very worrying results, however as the landscape is shifting quickly, it seems that fewer businesses are worrying about the prospect of closing their doors completely, which is positive news.
“However, the results from the latest survey reinforce the need for greater clarity on financial support and how to access it on a local and national level. Business owners want to help their staff as much as they can, and despite a 11% reduction in the number of owners worried about staff and personal welfare this week, they would like to take more steps if funds would allow.”
These steps include providing full pay for staff, quicker access to financial support or information from the government and the ability to provide more or better personal protection equipment.
Field added: “We have been and will continue to support businesses any way we can during these challenging times. We are lobbying the appropriate agencies to ensure any support given can meet our businesses’ needs. The survey will be adapted weekly to reflect the ever-changing situation.
“We urge any of our members to contact us for advice and we will do everything in our powers to support them. We will be working tirelessly to ensure Cardiff is a vibrant and welcoming city when the time is right for businesses to reopen in the centre.”