COCHRANE— Unpacking the effects of COVID-19 on the local economy, Cochrane’s Economic Recovery Task Force released the results of their survey shared with local businesses.
Town of Cochrane Business Development Manager Mike Korman said overwhelmingly the survey appeared to be positive.
The Economic Development team reached out to about 500 businesses to understand the full impact of COVID-19 restrictions at the local level. The survey had 147 responses from May 25 to July 16.
“I was really amazed at the optimism of the businesses— They’re concerned, there’s a lot of unknowns. But, they were optimistic that they were going to get through,” Korman said. “It really shows how strong this community is and how resilient we are and how entrepreneurial we are.”
Korman said the number one take away from the survey is the majority of businesses in the community were able to pivot their services to adapt to the COVID-19 pandemic. Based on survey results 80 per cent changed their operational model and 56 per cent reduced staffing levels or hours worked. The survey also showed 50 per cent of businesses plan to introduce or increase online, digital or e-commerce operations over the next two months.
A total of 20 per cent of businesses stopped operations completely due to COVID-19 restrictions.
He noted another important take away was many participants requested the “Town step-in” and market local businesses to Cochranites, while showcasing the area as a regional tourist destination.
Korman added the Economic Recovery Task Force will be working to share information with businesses through the Cochrane & District Chamber of Commerce and Cochrane Tourism to ensure they follow and understand the public health guidelines in place.
“We’re really trying to provide options for people to get that personal protective equipment, sanitizing materials. We’ve provided a whole bunch of links and information to business,” Korman said. “We really tried to be available and provide information to them.”
The Task Force will continue to collect data and if changes are seen will release number to ensure the public is aware of what is happening in Town.
The next twelve months will be critical and the Task Force is hoping to foster an environment where local Cochrane businesses can come out revitalized.
“Your local businesses, they live in your neighbourhood, they’re part of your community and they make us what Cochrane is which is a great place to live,” Korman said. “It’s a small town with big-city services and we need to ensure we all survive.”
The Economic Recovery survey will serve as a tool to help the Task Force understand what actions can be taken to aid in the revival of the local economy, said Cochrane Chamber president and Task Force member Kelly Sinclair.
It has been inspiring to see how quickly businesses have shifted and adapted their operations to survive the COVID-pandemic, Sinclair said.
“I think it was required— They had to, they had no choice. It goes to show the innovative and entrepreneurial mindset that a lot of our businesses have,” Sinclair said.
She noted 60 per cent of local businesses accessed federal and provincial funding support during the pandemic. However., Sinclair added the ability to access the funds may also be a factor because not all businesses were eligible for subsidies,
“We’ve still maintained a lot of the business in Cochrane at this point, we’re still seeing new business starting,” Sinclair said. “There’s lots of positive things in the landscape.”
She added that the Task Force is optimistic about the Town’s economic future because it has been able to provide the supports needed for businesses while engaging in conversations to find out where gaps may exist.
As part of the recovery, Sinclair said, it became clear locals need to be aware of what is available in Town so they can share unique spaces to visit with families and friends.
“Our local businesses are run by mostly local people— These are your neighbours. These are your kids' friends' parents. These are people who care about their community and they care about what’s doing what right as well,” Sinclair said. “It’s so important that locals understand the impact of shopping in a local business.”
