SMEs across Greater Manchester have "shown an unwavering ability to seek opportunity, innovate and thrive in the hardest of times", according to a newly published report.
The GC Business Growth Hub’s first-ever annual review, 'The Greater Manchester Business Growth Report', provides an insight into how the region’s businesses have been impacted by the Covid-19 pandemic, as well as understanding opportunities and challenges in the year ahead.
Figures quoted in the report, from the Greater Manchester Business Survey 2020, show that the city region was spearheading innovation at a rate double the national average.
A total of 406 companies, 76 per cent of those surveyed, had conducted innovation projects.
The report adds that to continue to increase profit margins and unlock growth, the importance of considering economic, environmental and social factors when companies make procurement decisions must be focused on.
Alongside digital innovation, Greater Manchester businesses have prioritised eco-friendly and sustainable initiatives.
The region’s low carbon sector generates £6.8bn in sales and eco-innovation is expected to accelerate further.
In 2021, the Hub also expects to see a greater number of firms introduce wellbeing and mental health initiatives as flexible working practices continue to grow.
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GC Business Growth Hub is part of The Growth Company and part-funded by the European Regional Development Fund.
Janine Smith, head of specialist services at GC Business Growth Hub, said: "Crises drive innovation and Covid-19 has been a crisis unlike any other.
"Our entrepreneurs have identified opportunities, shown great spirit and adapted. This is a positive sign for our region and it shows what we all know – in these challenging times our city-region is still looking for ways to break new ground.
"Creativity, resilience and the spirit of innovation is in Greater Manchester’s DNA.
"The business community has shown an unwavering ability to build back better, seek opportunities and innovate in the hardest of times.
"Our region has shown resilience, but companies need help to make changes and grow.
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"Of course, our region has been hard-hit by ongoing restrictions and the last 12 months have taken a toll on many, particularly our hospitality and retail sector.
"Our advisors have been inundated with requests for support and my message to our business community is that we are here for you, we are here for business."