Bank survey shows how Lancashire firms got creative during the pandemic

The pandemic has made businesses in Lancashire more creative, the Lloyds Bank Business Barometer team has said.

Wednesday, 18th August 2021, 12:30 pm

It’s study found 40 per cent of North West businesses said the pandemic forced them to be more creative and innovative in finding new areas of growth.

Half have made changes to their operations since the start of the pandemic, such as growing the number of services or products they offer (24 per cent) and expanding their online offering (17 per cent).

Crucially, a significant number of the region’s businesses are benefiting from the pivots, with almost half (49 per cent) saying that they will keep their changes in the long term.

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Martyn Kendrick

And it is already paying dividends with a third (33 per cent) of firms saying that their operational changes have boosted revenues and profits.

Martyn Kendrick, regional director for the North West at Lloyds Bank, said: “North West businesses are known for their fighting spirit and over the past 18 months, their ambition, resilience and determination to overcome considerable challenges has shone through.

"“Many firms have successfully adapted their offering and pivoted their proposition with impressive agility, and we will continue to be by their side to ensure they can access the help and support they need to navigate what is hopefully the tail end of the pandemic.”

The survey said manufacturers were most likely to make changes to their operating patterns (28 per cent against 20 per cent of UK average) and to expand the products they offered (22 per cent vs 17 per cent). Retail was the top sector for expanding online offerings (25 per cent vs 21 per cent UK average), buoyed by the shift to online consumer spending.

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