6 key takeaways from the Initiative's Trading Through Coronavirus meeting

As I participated in the second virtual meeting run by the Bristol West of England Initiative at Business West, focusing on the Trading Through Coronavirus programme, I was able to listen to inspiring stories of collaboration between organisations across our private, public and third sectors in the West of England;  I felt immensely proud of our region, where as a business we have been based for 35 years. It is clear that it has demonstrated an unbelievable team effort in getting through what will most likely be the most turbulent times that we will ever experience in our lifetimes.

We heard about the mammoth effort to create the Nightingale Hospital at UWE Bristol which will provide over 300 beds from the end of April. This has involved local contractors and Kier Group transforming the University’s on-site conference facilities into a temporary hospital in the matter of weeks. The university is also providing 1,000 beds for the nurses and doctors as well as those requiring step down care.

And then there is the group of chefs that have come together, led by Michelin star local chef Josh Eggleton, who have produced 3 meals a day for the homeless in Bristol as well as for NHS frontline staff.

Alongside these stories of amazing partnerships, there were six key themes that emerged from the session: 

1. The efforts to support businesses and key workers are gaining significant momentum Sally Hogg, Consultant in Public Health People Directorate at Bristol City Council, reported that coronavirus testing centres for key workers would be launched the weekend of 18-19 April and eventually cover the whole of the West of England. Government schemes have been well received and set in motion regionally. Matt Griffith reported that 58% businesses planned to use the furlough scheme with some 1 in 10 looking to furlough all of their staff. Councillor Toby Savage, Leader of South Gloucestershire Council, highlighted that the Council had received over 2,000 applications for the small business grants scheme and that 65% had been cleared for payment totalling some £16m. 
2. There is a critical need to signpost businesses to the support that exists for them, including a range of financial assistance schemes. Despite the fact that many businesses are accessing support schemes, many still have not taken action. Toby Savage urged more companies to apply given that there were 4,000 eligible SMEs in South Gloucestershire and to date applications were just over the 2,000 mark. Matt Griffith highlighted a similar picture for Bristol City Council where 30% of businesses in Bristol had still not applied for the business support schemes. Matt pointed to resources such as the Trading Through Coronavirus platform established by Business West some 4 weeks ago which has attracted some 68,000 visitors to date and where businesses are sourcing invaluable advice on employment law, financial management, insolvency and company communications. Professor Steve West, Vice-Chancellor at UWE & Chair of the West of England LEP, also highlighted the West of England Growth Hub as a key source of information on the full range of government schemes.
3. The impact of coronavirus has been significant on regional businesses with many reporting that it will be very difficult to cope if events continue for over three months. Matt Griffith, Policy Director at Business West, highlighted some initial findings from a Business West business impact survey just moving to closure but completed some 1,100 regional employers, which revealed that: 71% had experienced decreased sales and orders; more than half had experienced cash flow issues; 56% had lost business due to cancelled contracts or work; 60% currently had concerns with their financial position and this rose to 88% in the future.
4. Business West Chambers & Initiative with a number of its partners are continuing to lobby on behalf of the business & employer community as events unfold. Matt Griffith updated attendees that Business West is working with 350 regional businesses who use workspaces together with the region’s leading innovation and enterprise hubs, including Tech Spark, Future Space and Engine Shed, to put the case to small firms minister, Paul Scully MP, that they should be eligible for small business grants. Currently businesses that use workspaces are not eligible. Matt also informed the audience that Business West is having discussions with Government about its furlough financial support scheme continuing beyond its initial three-month commitment to the end of May.
5. Significant concerns exist as to how long the Coronavirus impact will continue and at what the future will look like.  Views were expressed that recovery would not be quick and that it could take some 12-18 months with the threat of more waves down the road. New research by Business West Chambers and Initiative showed that less and less companies would be able to cope if the impact of coronavirus continued beyond three months. Just over 16% said they would be able to cope after six months, and less than one in ten said they would be able to cope if the coronavirus went on for a year. This compares to some 92% saying they could cope up to the first month. There was agreement that one of the biggest issues will be getting people back into work when the furlough scheme comes to an end and on the back of other measures that 37% of regional companies were planning to introduce, including part time work, unpaid or voluntary work, and redundancies.
6. Attention is now being paid to recovery following the initial survival stage. Whilst companies are still looking to stabilise, talks have started to focus on the recovery phase. James Durie highlighted that the Initiative at Business West will be working with key regional stakeholders and hosting some online events for members to shape a plan and framework designed to stimulate a regional economy which will be under enormous strain and operating in a very new environment post COVID-19. Professor Steve West said that the LEP Board was about to meet to discuss a recovery plan which will take in the full range of industries and across private, public and third sectors. Both Matt Griffith and Toby Savage pointed to the need to provide guidance to regional businesses on social distancing in the workplace when there is a relaxation in the lockdown and employees can start returning to the workplace.

Chris Lawrance is Managing Director of national strategic communications consultancy, JBP, which has offices in Bristol, Westminster, Warwick, Cardiff and Manchester.