COVID-19 survey indicates KC businesses are confident in their recovery
Of a total of 236 businesses and nonprofits in Kansas City, a recent survey reports 64% of them are “very confident” in a full recovery from economic decline caused by the COVID-19 pandemic.
The survey was conducted in December by the Greater Kansas City Area Chamber of Commerce, Kansas City Area Development Council, KCSourceLink, the Black Chamber of Commerce of Greater Kansas City, the Mid-America LGBT Chamber, and Visit KC. This was the third regional survey to be administered to Kansas City businesses.
In terms of lost revenue, 20% of respondents report a revenue decrease of more than 50%. 37.83% report a revenue decrease of 50% or less, and 33.48% report no change or an increase in revenue. A total of 31.74% respondents have laid off employees and 29.13% respondents say losing sales is a top concern.
When a vaccine is readily available, 26% of respondents plan to require employees to get it before returning to the workplace. After vaccine availability, survey results indicate 20.47% of respondents think their role might no longer require or allow them to travel as much as they did before. 27.49% of respondents predict travel will not be affected at all and 47.3% say travel might be slightly reduced.
Since March 16, 2020, 46.96% of respondents have adjusted their business model or adapted a new one. Maria Meyers, Executive Director of the UMKC Innovation Center and Founder of SourceLink, says entrepreneurs and small business owners are naturals at solving problems and quickly did so when faced with all the challenges 2020 had to offer.
“We see that passion, perseverance and tenacity in these survey results as well as in the number of people who are looking to start businesses during this pandemic,” Meyers says. “These business owners need our support now and in the future so they can continue to solve problems, bridge the wealth gap, fuel our local economy and build their own resiliency.”