New research suggests, the spirit of business success is strong in Scotland – with 65% of Scottish SMEs saying they are working on initiatives to achieve business growth in the months ahead – a rise from 55% a year ago.
At a time of serious market disruption, the new research by Novuna Business Finance reveals that 44% of Scottish SMEs say that geo-political events are creating uncertainty with more than a third of business owners (36%) believing that conflict in the Middle East and the broader regional will impact their business and supply chain. Despite these market challenges, Scottish enterprises are working hard on initiatives to anticipate and react to market pressures. Across the country, 37% of Scottish SMEs are taking steps to keep fixed costs down, whilst 26% of business owners told Novuna Business Finance they are working on improving their cash flow. In addition, 14% of Scottish SMEs are working on plans to expand into new markets overseas – and another 14% said they are investing in new equipment.
This positive show of entrepreneurial resilience across Scotland coincides with Edinburgh hosting the British Business Awards to 2,000 business leaders.
A highlight of the evening was a show-stopping performance of infectious energy and interaction by The London Essentials, who were joined on stage by Rob Brydon and various guests at the end of the Awards event .
Ben Matthews, MD of the London Essentials comments: “Set against the bleak headlines, news of rising oil prices and concerns over inflation and taxation, the Business Awards shone a line on the thousands of business success stories we can all be proud off – and we brought a moment of fun to celebrate all that is positive in the UK business community today. As and a small business ourselves – with a growing international footprint on the world stage – we are firmly of the view that uncertain economic times are also times for growth and opportunity. It was also great for Scotland’s capital city, Edinburgh, to host the awards this year and, as the latest Novuna Business Finance research shows, Scottish enterprises are finding ways to grow and some, like us, are confidently expanding overseas.”
Joanna Morris, Head of Insight at Novuna Business Finance adds: “Our tracking research over the last decade shows that Scottish SME growth forecasts have been through highs and lows, but our new data for Spring shows signs of encouragement for the second half of the year. The London Essentials seemed to have turned Edinburgh’s awards into a party – and why not. When it comes to small business resilience and the exciting number of success stories emerging, there is much to celebrate and at Novuna Business Finance we are proud to help established small businesses to realise their true potential.”