Scottish SMEs set to contribute billions to UK economy

18 Dec 2014

Written by Alice Smithson

A new survey by Clydesdale Bank suggests that Scottish SMEs could contribute as much as £5.3 billion to the UK economy in the next year. The survey shows that new equipment, improved staff training and more effective marketing are at the top of the list for potential investment from small-to-medium enterprises in 2015.

On average, five per cent of business owners and senior decision makers for Scottish SMEs plan to invest five per cent of their turnover back into the economy in the next twelve months, the survey revealed _ equating to just over £16,000 for each business.  Alisdair Christmas, regional director for business and private banking at Clydesdale, said of the results: ïchanges in economic conditions will be felt more acutely by smaller businesses, but they are also quicker to adapt and take decisions to invest in growth opportunities such as taking on more staff, buying new equipment or developing new products and services.’

ïOur research suggests that small businesses feel favourable economic conditions are providing them with the confidence to invest and exploit growth opportunities,’ continued Christmas.

However, the report also suggested that one of the largest barriers to growth for SMEs is the availability of funding for future investment. Finding ways to boost profits without leaning on additional finance options is a good solution for SMEs across the UK. Salons are able to benefit from an additional £385 per week on average when using salon booking software, leaving them able to invest in the economy as well as business growth. To discover more about the benefits of salon booking software, contact the i-Salon team today.