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  • NORTH DAKOTA BUSINESS CONFIDENCE ADAPTING TO CHANGE

    Laventure surveyed business owners across North Dakota to gauge business confidence for the remainder of 2020.

     WHAT YOU NEED TO KNOW

    VERY LOW CONFIDENCE

    44%

    39%

    ADAPT

    Less than 23% have confidence in the business climate for remainder of 2020 Expect revenues to shrink 20% or more in 2020 Feel it will take more than one year to return to normal business activity Small businesses are adapting their business models to COVID conditions

    LAVENTURE’S ANALYSIS

    The COVID-19 pandemic has caused many small businesses to modify their business model to meet the decreased demand while remaining safe for employees and customers. While many businesses were not subject to North Dakota executive orders, the dramatic drop of basic economic activity has many reevaluating products and services and investment projections for the remainder of 2020.

    Recently, Laventure collected data through an online survey from May 4-7 of business owners in North Dakota. The respondents were a cross section of industry leaders from agriculture and energy, healthcare, retail or hospitality, construction and manufacturing, and professional services. Some key findings:

    These results underscore an understandable hesitance in the business community for the remainder of 2020. The majority of respondents gave a “fair” rating to their current business confidence, and regaining customer demand and confidence will be a longer process, likely taking up to 12 months.

    Willingness and ability to be adaptable will be key going forward. Realigning target customers and services demonstrates a keen awareness of a changing economy, while effectively communicating this to your customers and your employees.

    Regaining the trust of your employees and customers will not happen overnight. It’s time to set a course for recovery and communicate your vision to meet their expectations and shore up your business’ bottom line for 2020, and into 2021.

    THE NEXT STEPS

    Businesses can take tangible actions to set a course for recovery. In addition to staying informed of government actions impacting the economy, customers and employees need to hear how businesses plan to emerge from the downturn.

    Read the Full Report