As Scotland are set to face one of their most important political and social decisions later this year, it’s encouraging to note that Scottish small and medium-sized businesses (SMEs) remain positive about future sales.
In our latest report – due to be published in August – the research carried out by the Bibby Financial Services insight team shows that optimism among SMEs in Scotland is on the up.
While results in the vote on independence next month will hold huge implications for Scotland and their future relationship with the UK, businesses still remain positive about the future. Up to 61 per cent of businesses are expecting to see an increase in sales over the next three months, which is positive news.
As the country continues on the road to economic recovery and bounces back from the worst recession is decades, more than two thirds of SMEs in Scotland are expecting growth in the next three months, with one in five anticipating ‘significant’ growth. Only four per cent of businesses in Scotland think sales will fall in the next quarter which highlights to breadth of positivity in the country.
The Scottish economy is now in a period of recovery, with GDP growth forecast at 2.5 per cent, which has risen since March. This is likely due to increased household spending and improving trade but with a referendum quickly approaching; can these positive developments continue later into the last quarter of the year?
Despite optimism among Scottish SMEs, there is some nervousness concerning the vote for independence in September – which is completely understandable. Over a quarter (26 per cent) of Scottish small and medium-sized businesses fear they will lose business if the country vote ‘Yes’ in the referendum, with 70 per cent rejecting that independence would be a positive step for the nation.
There’s no doubt that the vote will have drastic implications for Scottish residents, let’s just hope whatever the decision, the country will continue to thrive.
You can read more about Scottish business growth and the research conducted by our Insight team in this article published by the Herald Scotland.
Finally, for more information about invoice finance you can contact the team at Bibby Financial Services.
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