Pandemic forced two-fifths of South East businesses to innovate

News Posted 17/08/21
Covid-19 prompted a wave of innovation as South East businesses pivoted their operations to survive, according to a Lloyds Bank survey.

Two fifths (40%) of South East firms said the pandemic forced them to be more creative and innovative in finding new areas of growth.

Almost half (48%) have made changes to their business since the start of the pandemic, such as making operational changes (21%) and expanding the number of services or products they offer (18%).

Crucially, a significant number of the region’s businesses are benefiting from the pivots, with nearly half (48%) saying that they will keep their changes in the long term. 

Lloyds notes that it is already paying dividends, with more than a fifth (21%) of firms saying that their operational changes have boosted revenues and profits.

Paul Evans, regional director for the South East at Lloyds Bank, said: “South East businesses have shown great resilience since the start of the pandemic, constantly responding to the considerable disruption and evolving their business models. 

“It’s just rewarding that many have been able to actually grow revenues and profits through their pivots.

“We’ll remain right by the side of the region’s firms so they have access to the help and support necessary to thrive as we all get back to business as usual.”

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