The devastating effect of Covid-19 on the Island’s business community has been highlighted by a major survey undertaken by the Isle of Wight Federation of Small Businesses (FSB).
Major hurdles
According to the data, ninety percent of Island businesses are less confident about trading in the coming three months because of ongoing concerns over the pandemic.
Cashflow, lockdowns and social distancing were all highlighted as major hurdles while a lack of information on some key support and assistance was also a key issue identified.
200 responded
All Island businesses, whether FSB members or not, were invited to participate in the survey between 12th October and 13th November. Nearly 200 small businesses responded to the survey, conducted as a result of a series of meetings between the FSB and Bob Seely MP.
As well as being presented to Mr Seely who will use the data as part of his work to lobby Government on behalf of the local business community, the findings have also been given to the Isle of Wight Council and Solent LEP.
Arnold: Gives us an understanding of the scale of problem
Norman Arnold, of the Isle of Wight FSB said:
“Frankly, the results are not surprising as the effects of the pandemic – and steps to mitigate its effects – are clearly going to affect great swathes of the Island’s economy.
“What the survey does however is to give us an understanding of the scale of the problem. It also identifies certain specific areas – locally, regionally and nationally – where support or assistance is needed.
“During this pandemic we have heard it said that sound decision-making should be based on robust evidence and transparency. Well now we have detailed information from almost 200 local businesses which we are happy to share with anyone who has a role to play in protecting the Island’s economy.
“Clearly, the biggest challenge for small businesses on the Island is financial survival. Many need more financial assistance along with advice to help them in finding a way forward.
“I would like to thank all those businesses who have found the time during a very challenging period to contribute to this survey.”
Adapting to the situation
As well as asking businesses how they viewed the future, the survey also asked what steps businesses had taken to adapt – revealing that more than three-quarters had introduced new working practices as a result of the pandemic.
For example, almost 13 percent had introduced home deliveries while 14 percent had brought in online sales.
Assistance schemes
There was also a great disparity in the awareness of assistance schemes run by Government and other agencies. While 82 percent of respondents were aware of the Business Bounce Back Loan, just 15 percent knew about the Solent LEP peer to peer networking programme.
Nearly two-thirds of business had heard of the Buy Local scheme.
Seely: I will be taking up the issues they have raised
Isle of Wight Conservative MP, Bob Seely, said:
“The findings bring into stark reality the effects of Covid and the steps taken by Government to restrict the spread of the virus. While the Government has acted in numerous ways to assist businesses, it remains clear that a significant amount of local companies are worried about the future.
“The feedback from local business is bleak and we have to bear in mind that some of the survey was undertaken prior to the current restrictions. All the more reason for Islanders to back local businesses as a priority especially in the run up to Christmas.
“I opposed the second lockdown precisely because of the damage it would do to our economy – as evidenced by the survey.
“We are now returning to a regional tiered system. That is in part due to persuasive voices like the FSB’s, but also due to MPs who have made it clear that shutting small shops and the retail sector is not scientifically evidence-based and comes at a high price in terms of jobs and livelihoods. We know that poverty is a driver of ill-health and we need to be mindful of that.
“I would like to assure businesses that I will be taking up the issues they have raised with the government at every opportunity.”
News shared by Nicola on behalf of the FSB. Ed
Image: Andrik Langfield under CC BY 2.0
