SME bosses ‘showing real hopes of growth’
Growth optimism among Scotland’s smaller firms is high, despite recent challenges, according to a new report from independent asset-manager Boost&co.
Its 2022 Geared for Growth report found that about two thirds of small and medium-sized enterprises (SMES) in Scotland are confident about their prospects of achieving growth this year, with 35 per cent being extremely confident about their chances.
The study also showed that the war in Ukraine had adjusted growth plans for 52 per cent of UK businesses, with 13 per cent having to terminate specific contracts, and about the same percentagefeelingpressure to change suppliers.
However, the highest priority for achieving growth among business leaders, at 35 per cent, was found to be through recovering from the impact of the pandemic.
Other priorities for growth among Scottish business-leaders in particular included finding the right talent (31 per cent), building on the growth experienced during the pandemic (12 per cent) and securing funding to support the growth of the business (also 12 per cent).
Boost&co said the research–billedasanationallyrepresentativesurveyof 500 business-leaders in the UK – suggests firms have confidence in achieving their growth ambitions this year despite the troubled backdrop.
Joanna Scott, MD at Boost&co, said it is “really positive” to see that growth optimism has not retreated in the circumstances. “In fact, Scottish business-leaders are showing real hopes of growth, with clear goals for how they believe their organisation can achieve it.”