News Flash

News

Posted on: July 23, 2020

ECONOMIC RECOVERY TASK FORCE SURVEY RESULTS HELPING TOWN RESPOND

OpenSafe-sticker

Cochrane’s Economic Recovery Task Force has released the results of a survey focused on local businesses and the impacts of the COVID-19 pandemic.

The results are helping the task force understand the impacts of COVID-19 and make plans for local economic recovery going forward.

“The task force used the results of the survey to develop Cochrane’s new Open & Safe local shopping campaign,” explains Business Development Manager Mike Korman. “Work is also underway on with partners on more marketing and support efforts.”

Some of the key findings of the survey are:

  • to respond to COVID-19 restrictions, 80% changed their operational model and 55% reduced staffing levels or hours worked, while only 20% had to stop operations completely. 
  • 55% saw profitability drop by at least 50%
  • 60% of business owners utilized provincial or federal funding programs
  • 41% wanted the top priority for the Task Force to be a shop local campaign or larger external campaign to attract tourism and residents 
  • 50% plan to introduce or increase online, digital or e-commerce operations over the next two months.

Many businesses cited both the upfront cost and ability to obtain PPE and sanitation materials as barriers to reopen or operate. Others stated concerns with understanding provincial guidelines for safely reopening. 

The survey showed reasons to be positive about the future of business in Cochrane. Over 40% of business owners are very or somewhat positive about the long-term future of the local economy. This is better than the 17% in Alberta who think the economic and job situation in six months will be better than today (21% nationally) according to a July 20 Leger Canada survey.

Cochrane has seen 29 new business licence applications in the last three months, which also indicates continuing economic confidence here. 

“The businesses environment is complex, and the pandemic has made it even more difficult for some,” Korman says. “We recognize some small businesses won’t be able to rebound. But with new businesses coming to Cochrane, we have a positive sign of economic recovery.”

“The Town and the task force is committed to doing everything we can help,” he added. “We know the community cares about having a strong and vibrant economy and wants to support local businesses. We can get through this together.”

Cochrane Town Council approved the formation of an Economic Recovery Task Force in May. The Task Force collaborates with local business, community organizations and provincial and federal governments to create opportunities to support the Cochrane economy. In addition to the current Open & Safe campaign, the task force continues to look at ways to collaborate and support local businesses. 

The survey ran from May 25 and July 16, 2020 and had 147 responses.

View survey highlights.
Facebook Twitter Email

Other News in News

Hermes Creative Awards logo

COLT WINS INTERNATIONAL DESIGN AWARD

Posted on: April 3, 2020
Logo web newsfeed.jpg

TOWN COUNCIL APPOINTS INTERIM CAO

Posted on: March 2, 2020
Logo web newsfeed.jpg

TOWN OF COCHRANE CAO RESIGNS

Posted on: February 26, 2020
Centre Ave Phase 1

CENTRE AVENUE WORK MOVING AHEAD IN PHASES

Posted on: November 14, 2019
Waste Reduction Week

LEARN TO BE A ZERO-WASTE HERO

Posted on: October 18, 2019
FutureChampion bronze

SCULPTURE DONATION ENRICHES TOWN OFFICE

Posted on: October 10, 2019
COLT-logo

TRANSIT BYLAW APPROVED BY COUNCIL

Posted on: September 10, 2019