Covid-19 prompted a wave of innovation as businesses pivoted their operations to survive, according to a Bank of Scotland survey.
Almost half of Scottish firms said the pandemic forced them to be more creative and innovative in finding new areas of growth.
And just under half have made changes to their business, such as altering their operations and expanding their online offering. More than a third said they will keep their changes in the long term.
Shetland firm changed its business model
Among companies to change its business model during the pandemic was Shetland-based Bolts Car Hire, which was left with 1,500 cancellations and 150 unused cars when Covid put a stop to travel.
To ensure sufficient cash flow, the business decided to tap into the rising demand for commercial vehicles from firms building new windfarms across Shetland.
The company approached Bank of Scotland for support, securing a £1million funding package to purchase 55 commercial vehicles including 20 vans and 31 4×4 pick-up trucks.
John Garriock, managing director of Bolts Car Hire, said: “Tourism to Shetland had been on the rise for years, but the pandemic saw visitor numbers virtually stop overnight leaving our fleet of rental cars and taxis at a standstill.
“We saw an opportunity to diversify our operations and supply construction firms on the island with commercial vehicles for their work.
“Thanks to the support from Bank of Scotland, we were able to buy the new vehicles and reach a new customer base that we will continue to service as tourism starts to pick-up once again.”
Fraser Sime, regional director for Scotland at Bank of Scotland said: “The past 18 months have caused unprecedented disruption for firms across Scotland.
“Many businesses have transformed their operations, targeted new markets or manufactured new products to meet changing demands. This quick thinking has enabled many to come through the pandemic on surer footing that may have been expected.
“While this is great to see, we know that many firms have struggled. We’ll continue to stand by Scottish businesses to ensure they can access the help and support they need to recover and ultimately to grow as we get back to more normal trading conditions.”
