HSBC Report: COVID19 drives Hong Kong businesses to transform for resilience

HSBC Navigator surveyed more than 200 Hong Kong businesses from 28th April to 12th May pandemic time. Around 60% of the surveyed enterprises claimed that they were well-prepared but can do more. Business needs more diversity, information technology and transparency in the supply chains to face possible challenges in the future.

Diversity & technology

Terence Chiu, Head of Commercial Banking, Hong Kong, HSBC, said the COVID-19 pandemic impacts business environment and brings uncertainty. Nevertheless, quite a lot of enterprises regard the challenge as an opportunity to upgrade and transform, therefore enhance resilience in long term. Technology and diversity are essentially important in the adversity. In the recent two years, more than half of the decision-makers allocated resource on technology (54%) and business diversity (59%). Also, they have decided to further the exploration in the coming 5 years to be more resistant.

Though the epidemic reduces most face-to-face meeting, 80% of the enterprises felt closer with staff, clients and suppliers with virtual conference and digital collaboration. It is also important to strengthen supply chain stability in the future, and most enterprises are willing to co-operate with suppliers to work more transparently and environmental-friendly.

Business rethink
COVID-19 drives business to rethink business development

Adversity is the time for transformation

BizMagnet consultant mentioned business transformation during economic uncertainty before. The HSBC report supports our viewpoint. Enterprises which like to upgrade information technology for distance operation can apply for the TVP or D-Biz. For market expansion and branding, they can apply for the BUD Fund. It was the best of times, it was the worst of times. Hong Kong had different of challenges in the past, and there were always men with wisdom. If you need TVP consultation or BUD consultation service, kindly contact BizMagnet.

*today there are record breaking number of infection in Hong Kong, and 60% of the cases are with unknown source.