MADISON, Wis. — Two-thirds of local businesses said consumer and employee confidence is their most pressing need amid the ongoing pandemic, according to a recent survey of more than 500 Madison-area businesses.
Conducted by multiple community organizations including the Greater Madison Chamber of Commerce, Destination Madison, Downtown Madison Inc., the Madison Black Chamber of Commerce and the Latino Chamber of Commerce, the Fall 2020 Business Survey surveyed a total of 503 area businesses representing a cross-section of industries.
The survey also showed that 78% of businesses have experienced a decrease in revenue, with 30% of businesses reporting a revenue drop of more than 50%.
“The results of this survey – featuring strong, cohesive data collected from local, highly impacted and diverse businesses – confirm the urgency of the situation for the many businesses that make up the fabric of Greater Madison,” said Greater Madison Chamber of Commerce President Zach Brandon. “We have said all along that we must find an equilibrium among economic needs, health concerns and instilling public confidence. Doing so will require a true partnership between the public and private sectors to reverse these troubling trends and put us on a path to an accelerated economic recovery.”
As businesses continue to struggle due in part to restrictions put in place to stop the spread of the coronavirus, a vast majority, 91%, of business owners surveyed said they’ve reduced the amount of money they’re spending locally.
The pandemic has also caused uncertainty among business owners regarding the state of Dane County’s business climate, according to the survey. Prior to the pandemic, 81% of businesses rated the county’s business climate as above average or excellent. Only 13% of businesses surveyed now give Dane County an above average or excellent rating.
“The survey clearly shows the existential issues many local businesses are struggling with right now. Without innovative solutions to ensure our communities health and economic well-being, many businesses and their employees will not be able to survive the winter,” said Jason Ilstrup, President of Downtown Madison, Inc. “Now is the time for our whole community to work together and think creatively to keep everyone safe and every business open.”
Of the 503 businesses surveyed, 79% have 50 or fewer employees. Eighty-six percent are headquartered in Dane County and 68% have locations only in Dane County. Forty percent of businesses are women-owned or led and 20% are owned or led by someone who is non-white.
The survey was conducted in partnership with the DeForest Windsor Area Chamber of Commerce, Fitchburg Chamber Visitor + Business Bureau and the Middleton Chamber of Commerce.
COPYRIGHT 2020 BY CHANNEL 3000. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.
