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Business Development - News

Posted on: June 21, 2021

Ogden Business Recovery Survey Results – City on the rise!

Survey Art

During March and April 2021, Ogden City Business Development surveyed Ogden businesses and organizations to determine pandemic recovery status – and to respond to identified needs. Overall, while many businesses struggled last year (particularly in the restaurant and retail segments), most are starting to recover now, and surveys received during April were more positive than March – indicating positive momentum in our resilient business community. 

When businesses were asked about what they needed to fully recover from the pandemic, two key themes emerged. Businesses are facing challenges to hire and retain employees, and some businesses need additional financial assistance to mitigate the pandemic’s impacts. Additionally, many businesses have plans in place to change their business model to be more resilient going forward. 

Ogden is certainly a city on the rise, as businesses and organizations have weathered the pandemic better than in many parts of the state and country, and most are optimistic about fully recovering and thriving. The Ogden City Business Development team appreciates all that participated in the Business Recovery Survey and encourages Ogden businesses and non-profits to contact us with additional feedback or support needs via email or phone 801-629-8910.

Below is a high-level summary of the Business Recovery Survey results:
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Question: 

  • What approximate percentage of normal/pre-pandemic revenue is your business currently generating?

Response: 

  • 70% average
    (While some business reported business was back to normal or even up, the overall average of survey respondents indicated that their business was currently operating at about 70% of normal/pre-pandemic revenue. It is expected that the percentage has further improved since the survey was implemented.)

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Question: 

  • Do you have a plan in place to restore business to previous levels or increase business to higher levels?

Response:

  • Yes: 44% 
  • Working on it: 46%
  • No: 7%
  • May need help with plan: 5%

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Question: 

  • Do you anticipate changes or modifications to your current business model because of the pandemic?

Response:

  • Yes: 56%
  • Not sure: 16%
  • No: 24%
  • May need help: 3% 

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Question: 

  • What approximate percentage of normal/pre-pandemic employees does your business currently have working?

Response:

  • 74% average
    (While some businesses reported that they were able to maintain all of their staff, or even increase staff numbers, the overall average of survey respondents indicated an average of 74% of pre-pandemic levels of staffing.) 

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Question: 

  • What are your biggest business concerns currently?

 Top Responses:

  1. Need to invest in business changes to meet new challenges/take advantage of opportunities
  2. Keeping/finding employees
  3. General economy
  4. Recovering from previous revenue losses
  5. Cash flow
  6. Supply chain disruptions
  7. Other
  8. No concerns

_____________________________________________________________________________________ 

Question: 

  • Regarding plans to address concerns/opportunities, what type of help might be most beneficial for your business?

 Top Responses:

  1. Finding additional funding/financing resources
  2. No help needed at this time
  3. Recruiting/finding new employees
  4. Business consultation/planning assistance
  5. Identifying new supply chain options
  6. Other

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Question: 

  • During 2020, was your business able to receive funding assistance from any of the following sources?

 Top Responses:

  1. SBA Paycheck Protection Program Loan (PPP)
  2. Ogden Cares Grant Program
  3. Other federal, state, or local assistance
  4. Commercial Loans

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 Question: 

  • If previous funding assistance was received, how has it impacted your business’ current financial condition?

 Response:

  • It helped us get through a tough period, but more help is needed now if business doesn’t improve soon: 39%
  • It helped us get through a tough period and now we are OK – if situation gets better soon: 30%
  • Other: 17%
  • It helped us get through a tough period and now we are OK: 15%

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 Question: 

  • Does your business intend to pursue funding assistance in 2021, and if so, from what external sources?

 Top Responses:

  1. SBA Paycheck Protection Program Loan (PPP)
  2. Other Federal, State, or Local Assistance
  3. Commercial Loans
  4. Investor Contributions
  5. Ogden City Business Loan
  6. Employee Retention Tax Credit
  7. MoFi Business Financing and Consulting
  8. SBA Restaurant Revitalization Fund
  9. SBA Shuttered Venues Grant

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 Question: 

  • Do you have funding needs [MS1] that cannot be met via normal external sources?

 Response:

  • Yes: 20%
  • No: 80%

_____________________________________________________________________________________

 Question: 

  • Do you need help identifying other potential funding sources?

 Response:

  • Yes: 16%
  • No: 84%

_____________________________________________________________________________________  

Question: 

  • Are there additional support needs for your business at this time?

 Response:

  • Yes: 18%
  • No: 82%

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Question: 

  • If yes (previous question), please describe what is needed.

Common Responses:

  • Another round of Cares Grants
  • Grants for non-profits
  • Business grants
  • New location selection

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