Forbes Solicitors has launched its inaugural Reinvention and Resilience Top 50 – an insightful report featuring North West businesses that have innovated and diversified during the Coronavirus pandemic.
The regional law firm compiled the research – including nominations from small-to-medium-sized companies across all sectors – in a bid to showcase how businesses are generating revenue, protecting jobs and driving growth in the wake of COVID-19.
The Reinvention and Resilience report identifies key trends that have seen companies ‘pivot’ to improve resilience by re-inventing their business, service, product or sector.
Themes evidenced by North West businesses in the report include:
- Reutilisation; companies finding new ways to use existing equipment or materials to create new products
- Rising risk tolerance; businesses dialling down their aversion to risk, whether it’s through M&As or opening new sites
- From linear to flat management structures; companies embracing more democratic work cultures to accommodate resource shortages, investing in their team and digital ways of working
- Always open; companies investing in digital transformation and mobile, and new shift patterns to keep themselves always open for business
- Innovation; businesses using COVID-19 as a reason to diversify and expand their product and service offering
- Demand; responding quickly and efficiently to a surge in demand and capitalising on an overnight opportunity
- Community / CSR; highlighting the charitable and public sector efforts.
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 clearly 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; 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.
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