Island businesses must draw on their digital and sustainability strengths if they are to thrive in a post-pandemic environment, according to HSBC Commercial Banking’s latest Navigator report, Building Back Better.
The report, which draws on a survey of more than 2,600 companies in 14 countries and territories, highlights how the pandemic has forced businesses to adapt, with almost two thirds (63%) having modified their operations already.
According to the report, long-term business plans call for a greater focus on technology and sustainability, together with more agile staffing.
Key findings
• Technology will be critical – 61% think virtual collaboration will become standard practice over the next two years, with 57% saying virtual meetings, both internal and external, are here to stay
• Sustainability will power the recovery – 91% aim to ‘build back better’ by re-engineering their business to be more sustainable, while 27% intend to make their supply chains more environmentally sustainable over the next two years
• There will be more flexible working arrangements – 69% believe flexible working will become standard practice, with 34% expecting to reduce air travel.
Warwick Long (pictured), Head of Commercial Banking at HSBC Channel Islands and Isle of Man, commented: “Businesses aren’t waiting to be told how to build back better, they’re starting now. And technology and sustainability are at the forefront of their thinking.
"History shows that businesses are more likely to fail coming out of a downturn than when they’re in one, so it’s vital that island business leaders push ahead with efforts to make their enterprises more agile and more resilient.
“The Crown Dependencies have been successful in setting out their stall as expert hubs in digital innovation and sustainability and, as this report shows, now more than ever island businesses are going to need to move faster and smarter if they are to thrive in this new environment.”
Focus on collaboration
The report also points to the importance of collaboration between businesses over the past six months:
• 93% firms have supported the businesses they work with, with larger businesses supporting smaller partners
• 40% have collaborated with other businesses to get their products and services to customers.
To view the latest HSBC Navigator report, click here