Business Gateway has published its first Business Baseline report, a new annual business sentiment tracker. The research, carried out on behalf of Business Gateway by the Improvement Service, surveyed more than 610 small and medium-sized enterprises (SMEs), entrepreneurs, and business owners across Scotland to measure confidence and sentiment.
The findings of the survey revealed high levels of confidence amongst businesses, with 74% expressing confidence in the prospects for their business in the next year. In addition, 60% said that they anticipated growth in this period.
The research also highlighted significant challenges. Respondents were concerned by economic uncertainty, rising costs and the cost-of-living crisis. As a result, 60% said they would need to raise the costs of their product or service in the next year, while 37% said they would seek financial support. This was especially true for less established businesses with 70% of businesses at the start-up phase saying they would seek financial assistance. This also varied by sector, with 57% of those in the food and drink sector saying they would seek support.
The report also touches on several other aspects of running a business in Scotland including environmental practices, fair work measures, use of business advice services, and the realities of running a small business.
The report offers a unique insight into business sentiment in Scotland and the personal challenges of running a small business. Future years’ reports will allow us to track change over time and understand the impact of changing economic circumstances and the impact of business advice.
Nick Cassidy, Research Manager at the Improvement Service, said, "The results of our survey show that businesses in Scotland are confident about their prospects now and in the future. However, they also show that there are major challenges and support will be needed to support them to meet these. To ensure that support is targeted effectively to where it can have the maximum impact, research and evidence, like the findings from the Business Baseline survey, are essential."
More information
Read the full survey report on the Business Gateway website.
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