The vast majority of small businesses in Scotland are confident about their future despite likely economic headwinds, according to a new survey.
Figures produced for challenger bank Aldermore, the specialist UK mortgage and small business lender, found that 85 per cent of small and medium-sized enterprises (SMEs) north of the Border predict their revenues to either grow or hold steady in 2017. Of those that expect to grow, half plan to do so by launching new products or services.
Carl D’Ammassa, managing director of business finance at Aldermore, said the results highlight businesses’ resilience when it comes to both domestic and international trade.
Although the majority of the Scottish electorate voted to remain within the EU, SMEs seem less concerned about the repercussions of Brexit than their counterparts elsewhere in the UK – 59 per cent said the decision to leave the EU will either have no impact or a positive impact on their business. Across the UK as a whole, the comparative figure was 34 per cent.
D’Ammassa said: “Scottish SMEs’ views on the expected impact of Brexit are in line with the views of the rest of the UK, but Scottish companies are even more confident about their growth prospects in the coming year compared to the UK average.”
Nearly one in four firms with growth plans intend to drive those ambitions by entering new markets or through investment in technology, the survey noted.