What KC Small Businesses Like Yours Told Us about Current Challenges, Future OutlookDavid Cawthon
As things seem to change daily, we and a few of our Resource Partners wanted to check in and see how Kansas City businesses are doing. Over the past week, we surveyed 565 of you about how the coronavirus and shut-down orders have affected businesses across the metro, including minority-owned and women-owned operations, microenterprises (like solopreneurs), startups and Main Street brick-and-mortar shops and services.
Our broader goal here is to inform key federal, state and local policy efforts, business partnerships and trade measures that will help Kansas City’s regional business community recover after the pandemic.
A HUGE takeaway from what you told us: Despite the circumstances and the challenges your businesses are facing, many of you are maintaining an optimistic outlook.
That’s amazing. You continue to inspire us.
So know that if you need help, like always, you can reach out to us: Know that we are always available to help you over the phone (816-235-6500) and that we are frequently updating resources for your business during COVID-19 at this page with funding opportunities, legal insights, tax prep and more.
So here are some of the biggest top-down findings from the survey:
What businesses told us
A majority of business owners have positive expectations about the future regarding:
- demand for their products and services
the size of their workforce
retaining and rehiring employees
But you also noted challenges, like:
It took longer than five business days to be approved for a government loan and longer than that to receive funding
Minority-owned and women-owned businesses believe their businesses should be offered dedicated financial assistance
Nearly half of you with five or fewer employees said you saw revenues decrease more than 50%
What many of you said you’ve experienced since March:
Adjusted business model or pivoted to a new business model
Seen revenues decrease
Laid off employees
When you reopen, you said that your top priorities are:
maintaining a healthy workforce
And businesses with fewer than five employees said when they reopen, they’ll be concerned with:
And to end on more of those positives you told us about, a majority of you said if businesses reopen by mid-May, you think you’ll be able to get your businesses on track, and more than 2 in 3 of you said you plan to restaff your business.
Want to really dig into the survey? > > > Explore the findings in detail in here.
And know that no matter what’s on the horizon for your business, know that we here at KCSourceLink can help you create a path forward. We’re always ready to chat with you (816-235-6500). Just sign up for a time here.
A big thanks to our partners in developing this survey: Greater Kansas City Chamber of Commerce, KC Area Development Council, The Black Chambers of Commerce of Greater Kansas City, the Hispanic Chamber of Commerce of Greater Kansas City and the Mid-American LGBT Chamber of Commerce.