Employee Reduction, Cash Flow Top of Mind for Gaston Businesses
Cash flow and employee reduction concerns are top of mind for Gaston County businesses in the first few weeks of the COVID-19 crisis. That's according to a survey of more than 300 businesses conducted by Gaston County chambers and business groups. Nearly 40% of companies also noted concerns with supply chain issues.
Overall, responding companies rated their concern with COVID-19 at 4.2 on a scale of five.
To cope with the spread of the coronavirus, the majority of companies, 84.3%, have expanded sanitation measures and nearly 65% have canceled or postponed events. A majority of companies also say they are expanding employee communications on COVID-19 prevention.
In terms of outside help, a majority of companies (63%) were looking for resources regarding recovery funding and regular updates concerning COVID-19.
Survey respondents were largely small businesses, with 67% employing fewer than 25 people. Retailers accounted for 11% of respondents, while manufacturers accounted for 9% and restaurants for 8%.
Posted by: Chuck McShane, Senior Vice President, Economic Research @ 12:00:00 am