Business confidence is key to aiding the North West’s recovery in the wake of the COVID-19 pandemic, according to a report released today by Forbes Solicitors.
Nearly three-quarters (73%) of respondents – polled as part of the law firm’s inaugural Reinvention and Resilience Top 50 report – believe that without business confidence companies will shy away from expanding into new markets, seeking external funding, and achieving growth through acquisition.
However, an overwhelming 98% of business owners are confident that they will recover and grow, with 69% of companies stating that the region will come back better and stronger than before.
Forbes Solicitors’ Reinvention and Resilience report features 50 small-to-medium-sized North West businesses across a range of sectors that have demonstrated new ways of generating revenue and protecting jobs by re-inventing their business, service, product or sector during the COVID-19 outbreak.
The aim of the report is to identify key trends that have seen companies ‘pivot’ to improve resilience and what this means for businesses looking to thrive in an economy affected by the Coronavirus.
Oliver Burton, Chief Executive Officer at Forbes Solicitors, commented: “It’s clear that every facet of the North West business community has been profoundly affected by COVID-19 and the subsequent national lockdown.
“However, what has emerged from our Top 50 research is the raft of companies that have used this as an opportunity to rethink their approach and strategy – whether it’s by responding to overnight demand quickly and effectively, coming up with new ways of working to deliver services in an innovative way, or by lowering their risk levels to continue investing in their business through either acquisition or expansion.”
Businesses featured in the report include manufacturers who have halted traditional production lines to respond to the public health challenge, with 27% of respondents citing this as the primary business driver in the last six months; retail and hospitality companies that have innovated in order to survive the pandemic; and business services companies that have adapted operations and service offerings to grow during lockdown.
Of those businesses, more than half (53%) said they intended to launch new products and services to take their business through the next stage of growth, with 27% of respondents focusing on hiring more or attracting highly skilled people.
Burton added: “The next six months remain unclear for businesses, but the many companies across the region that are showing huge resilience in the face of COVID-19, should be celebrated. With confidence in their own business and the region’s economy, we can all be reassured that our entrepreneurial region will work together to weather this storm.”
To view the report, visit https://www.forbessolicitors.co.uk/stay-informed/reinvention-resilience-top50.htm