The Economic Development team at Dacorum Borough Council are still developing their plans for shaping the service going forward as we come out of lock-down , so if you haven’t yet completed the short 5 minute survey please see here.
Information on your current situation and any ways that you feel we can help is really important at this time as it will be a huge help in informing what businesses will need to help them to recover and succeed. Whether this is online training, cashflow management, business planning, social media or marketing yourselves for example, let us know and we will see what support we can bring in to help.
We are all striving for the area to have a successful and thriving local economy.
The situation so far…
About 60% of businesses are reporting that they are able to tick over however around 20% are stating that their business is in crisis. These are the businesses that we need to get support to where and when we can.
7% are hanging in there but cannot go indefinitely so we hope that the situation changes quickly for them as we come out of lock-down.
The survey covered about 10 thousand employees and of those 3,500 have been furloughed so we very much hope that these people will be able to return to work as we move forward.
Around 80% of business are experiencing a loss of turnover with 70% reporting cash flow difficulties.
Job losses have fortunately been less than feared with businesses reporting 15% chance of possible redundancies, with only 8% see themselves not returning to full staff numbers. This will need to be monitored going forward as this could still mean a significant number of people who may need to seek alternative employment.
On a more positive note, business have developed a more flexible approach to the challenges they face, with around 40% able to adapt their business model to meet the demands of the situation, of those, many of these businesses expect to incorporate these changes permanently to some degree going forward to respond to the ‘new normal’ way of working. This will include more home working and doing far more business on line.
Examples of this resilience and entrepreneurial spirit include focusing on online sales either directly or through companies like Amazon, or providing services such as fitness classes or children’s learning online. Food & drink & hospitality businesses have been offering take-away, delivery or click and collect options and some have extended this service to include providing grocery boxes, utilising their supplier relationships. Other businesses are using their skills differently to tap into new markets and services, such as a taxi firm now delivering parcels.