British businesses felt a stronger impact from COVID-19 than companies globally, according to a new report from HSBC UK.
The findings, drawn from a survey of over 2,600 companies in 14 countries and territories, show 83% of UK firms strongly felt the impact of COVID-19 compared to 72% of businesses globally. India (88%), Singapore (87%) and France (85%) were the only markets to report a greater impact from the pandemic.
UK firms are planning to significantly adapt their operations in the future, with almost three out of five (58%) admitting they could have done more to prepare.
Before COVID-19, British businesses had focused on three main actions to build resilience; investing in technology, diversifying their business and consolidating their financial position.
To build resilience in the future, companies said they will focus on:
Amanda Murphy, Head of Commercial Banking for HSBC UK, said: “In the last four months, British businesses have experienced a challenge unlike anything they have ever seen.
“A huge proportion of companies were forced to close overnight and their responses to the challenges that they have faced have been inspiring. We’ve seen customers innovate and diversify at a pace we’ve never seen before, showing tenacity, commitment and a true entrepreneurial spirit to survive despite the uncertainties.
“As business leaders look to the future it’s more important than ever to build resilience into their plans, to make sure they can navigate these new trading conditions.”
HSBC UK will be staying close to customers to support them as lockdown restrictions lift. The Bank is urging businesses to take time to plan and consider a number of factors, including:
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For the latest news and updates, visit the HSBC UK newsroom: https://www.about.hsbc.co.uk/news-and-media
Note to editors
The Navigator survey is conducted on behalf of HSBC by Kantar. It is compiled from responses by decision-makers at 2,604 businesses, ranging from small and mid-market firms to large corporations, across a broad range of sectors. In total, 200 respondents are UK based. The respondents hold influence over their company’s strategic direction and represent a broad range of roles: including c-suite, finance, procurement, supply chain, sales and marketing. A total of 14 markets were surveyed between 28 April and 12 May 2020.
HSBC UK serves around 14.5 million customers across the UK, supported by 32,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,918bn at 31 March 2020, HSBC is one of the world’s largest banking and financial services organisations.