The IoD in Guernsey is launching a new bi-annual survey to help identify trends in economic and business confidence in the Bailiwick, as well as the top challenges affecting local businesses.
Over time, the IoD hopes that the results will show the impact of local and international factors on businesses in the Bailiwick.
The information will also provide meaningful feedback for Deputies and civil servants and will help to influence States of Guernsey policy by providing them with some important economic data that is currently missing.
The survey will be Guernsey-centric and will take place every year in May and November, remaining open for two weeks. The first survey is planned to open on 13th May and will close at midnight on 28th May, and the IoD hopes to receive at least 70 responses from a variety of industries and business sizes.
Members will be asked to state the industry they work in and the size of their organisation, followed by questions on their confidence in the Guernsey economy and their business over the next 12 months. They will be asked to share their expectations for revenue, costs, profits, headcount and investment over the next 12 months and a list of the top five challenges affecting their business.
The survey should take no longer than two minutes to complete, and the results will be tracked over time to help shape the thinking of the States. Members will receive early information on how business confidence is faring in the island and what the key issues are that other members have identified. The results of the first survey will be available at the end of June.
“We all need meaningful data and information to make the best decisions, and we have been very pleased to collaborate with the IoD head office who is helping us to manage the survey, and to have feedback from the States of Guernsey on the value of the data,” said Richard Hemans (pictured), the IoD’s local lead on the economy.
“We hope that the IoD membership and other business leaders will participate in the survey, it only takes a few minutes and we look forward to sharing the results with our members and other stakeholders in late June.”
