Nearly half of businesses say the pandemic sparked creative thinking

With the pandemic having such an impact on so many businesses, nearly half say that Covid prompted a more creative and innovative approach to help them survive.

The Lloyds Bank survey revealed that 56% of firms made changes to their operations in order to keep their business going – these included:

• Expanding their online offering (21%)
• Adapting their ways of working (20%)
• Increasing the number of products or services they offer (17%)
• Increasing the number of services or products they offer (25%).

Of those surveyed, 25% said that their operational changes have boosted revenues and profits.

Paul Gordon, Managing Director for SME and Mid Corporates, Lloyds Bank Commercial Banking, said, “UK businesses have shown incredible resilience over the past 18 months. What’s interesting is that so many have made permanent changes to survive, with many growing revenue or finding new revenue streams from the pivots they have made to adapt to new trading conditions.

“While this is great to see, we know that it’s not been easy for many. We’ll work by the side of businesses to ensure they can access the help and support they need to recover and ultimately to grow as we get back to more normal trading conditions.”

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