Money

Nearly half of Scottish SMEs have struggled to find business advice



Nearly half of Scottish small to medium-sized enterprises (SMEs) have not had ‘adequate support’ when making difficult decisions throughout the past year, according to new research.

A study conducted by chief executive coaching and peer advisory organisation Vistage revealed that 47% of SMEs struggled to find support.

The company surveyed 150 business owners in Scotland last month, finding that one in four felt alienated due to the decisions they had to make during the pandemic.

Small business owners showed dissatisfaction towards the UK and Scottish governments, with only 10% of respondents agreeing that they responded very well in terms of their support around Covid-19 and Brexit.

The research found that SMEs turned to other sources for guidance throughout the pandemic, with 41% using online forums and government websites, 38% speaking to friends in other businesses, 19% using peer support groups and 18% using networking groups.

Around 15% turned to third party advisors or consultants, with 7.5% speaking to non-executive or senior executive colleagues and 12% saying they have no-one to speak with.

However, small business owners are increasingly optimistic regarding the opportunity of the business landscape over the next 12 months, with half of respondents somewhat or very optimistic.

“I have seen first-hand the strength and endurance that small business owners in Scotland have shown over the past year,” said George Hall, one of the six Vistage group chairs in Scotland.

“It is apparent from the research that Scottish businesses require more support, beyond just financial, as they look ahead to a life post-lockdown – they have shown their resiliency and it’s now important that they obtain help and guidance in navigating what the next year brings.”

READ  Argentina's economy minister resigns as peso sheds value

Don’t miss the latest headlines with our twice-daily newsletter – sign up here for free.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.