Survey launched to gauge COVID-19 impact on business owners in Bahrain

A new survey that asks key questions to business owners regarding the economic impact of Covid-19 has been launched by Bahrain’s premier business association.

The study, initiated by the Bahrain Chamber of Commerce and Industry (BCCI), seeks to collect feedback from the business community on how long they see themselves sustaining operations and the challenges they face, such as non-payment of wages or lay-offs in the coming period.

Urging all members to take part in the survey, the business body said this would provide it with information that reflects the current economic situation and enable its efforts to propose appropriate solutions to mitigate the impact and expedite the recovery of the national economy.

“The BCCI has launched a survey directed at its members in light of the altering challenges facing the business community at various stages of combating the pandemic,” the business association said yesterday.

“This survey aims at measuring the pandemic’s impact on the private sector and identifying the strides taken by business owners to adapt to the new normal and ensure the sustainability of their businesses.”

Businessowners have to answer 28 questions listed in English and Arabic as part of the survey, entitled ‘Private Sector Business Performance and Future Expectations’.

Respondents, including expatriate businessmen, need to fill their personal details alongside the nature of their business such as health, real estate, finance, tourism, training institutes, among others.

In addition, they need to state whether they employ up to five or more than 100 employees in their firms, select the annual revenue range mentioned in the options and whether they are optimistic, neutral or pessimistic about their companies growth this year.

The survey questions respondents if they plan to further invest in business this year and mentions the potential issues they face – payment of salaries or rent, reduction in business volume, inventory shortage, supply chain challenges, delay in cash flow, difficulty in financing to even defaults on debts.

Furthermore, business owners reeling from the Covid-19 impact are asked about how they adapted to video conferencing, automation of tasks, remote working, reassigning workers to other departments as well as restructuring operations.

Specifically, the survey lists options such as blockchain, artificial intelligence, e-commerce, robots and other technologies used by businesses in Bahrain since last year.

The challenges such as an increase in cybercrimes due to e-commerce and a decrease in sales have also been listed as options in the survey.

One of the key questions in the study questions respondents how they managed cash flow to maintain their operations by loans, reduction of expenses, delaying or cancelling planned investments, loans rescheduling to negotiating payments with suppliers.

A follow-up question is how long they can survive with their current financial position – up to one month, six months, more than six months or whether they have run out of cash.

The BCCI aims to gauge opinions from the business community on whether they are among the “high risk” who expect to shut down within one to three months, “moderate risk” expected to be out of business within six to 12 months or “risk” closure next year.

Respondents will also have to declare the percentage of employees they have let go from their companies and whether they expect the business recovery in six months, a year, two years or “never”.

“The chamber urges all its members to take part in the survey, which will provide it with information that reflects the current economic situation and aids its endeavour to mull solutions to counter the impact of the pandemic and expedite the recovery of the vigour of the national economy.” added the BCCI.

The survey is available on bahrainchamber.bh and also on the chamber’s mobile application, and social media channels.

The BCCI survey covering the first quarter of 2021 revealed that the economy is expected to recover this year, as the real GDP (gross domestic product) growth is expected to reach approximately 3.3 per cent.

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