BABC member HSBC shares four areas businesses can work on to build resilience and overcome the impac
The COVID-19 pandemic has turned the business world upside down. The importance of resiliency at this time cannot be overstated as the economic environment is more dynamic and chaotic now than it has been in years. HSBC’s recent Navigator Survey examined the impact the pandemic has had on enterprises and explored the ways businesses of various sizes can build their resilience to overcome the hardships brought about by this crisis.
A key finding of the report was that British organisations felt a more acute impact from the pandemic than companies globally – with 83% of UK firms feeling it strongly versus an average of 72%. That said, most UK organisations did feel they were prepared. Since then, building resilience has been a top priority and could heavily influence the direction of growth given how uncertain the general business environment is currently.
So, how is resiliency defined, how were organisations building it before the pandemic struck and where should they focus moving forwards?
