Island businesses will need to draw on their digital strengths and expertise in sustainability if they are to thrive in a post-pandemic environment.
That's according to Head of Commercial Banking for HSBC Channel Islands and Isle of Man, Warwick Long.
Published this week, HSBC Commercial Banking’s new Navigator report, Building Back Better, draws from a survey of over 2,600 companies in 14 countries and territories. It highlights that the crisis has forced many businesses to adapt, with almost two thirds (63%) having modified their operations already.
The bank days that according to the report, over the longer term, business plans now call for a greater focus on technology and sustainability, together with more agile staffing. Key findings include:
Commenting on the findings, Warwick Long said: “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. Since history shows that businesses are more likely to fail coming out of a downturn than when they’re in one, 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 very 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.”
Pictured: CI Head of Commercial Banking Warwick Long.
The HSBC report also points to the importance of collaboration between businesses during the crisis:
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