Scottish Businesses Face Mixed Growth Prospects: Survey
A recent survey by Armstrong Watson has shed light on the growth prospects and challenges faced by Scottish businesses. The findings reveal a mixed picture, with some encouraging signs but also significant hurdles to overcome.
On the positive side, only 23% of Scottish business owners anticipate 'having sufficient funds' as a barrier to growth. However, this optimism is tempered by the fact that just 20% have clearly communicated their growth plans to stakeholders. This lack of clarity could hinder the realization of these growth ambitions.
Looking ahead, 45% of Scottish business owners foresee increased costs as a major challenge in the next three years. This is echoed in Armstrong Watson's 2025 survey, which highlights rising costs and recruitment difficulties facing UK family-owned businesses. In Scotland, 85% of businesses struggle to hire new talent, with 61% citing a lack of skilled candidates as the main reason.
The survey also reveals that 31% of Scottish businesses still heavily rely on manual processes, with 40% in agricultural and property sectors. Furthermore, nearly 40% of businesses express no concern about the threat of a cyber attack, which could leave them vulnerable in the digital age.
Increased employment costs, driven by rises in employer national insurance and national minimum wage, disproportionately impact sectors such as hospitality, retail, and care.
In conclusion, while Scottish businesses express confidence in their funding for growth, they face significant challenges in the form of rising costs, recruitment difficulties, and a lack of digital transformation. To overcome these hurdles, businesses must prioritize clear communication of growth plans, investment in digital processes, and strategies to attract and retain skilled talent. Armstrong Watson's Paul Dickson, the current CEO and Managing Partner, highlights these issues as critical for businesses to address in the coming years.
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