Scottish SMEs hoping to make an impact on the economy

According to the Business Gateway’s operations director for Tayside, the small businesses in Scotland have said that they can make an impact on how the economy will be next year. Andrew Burnett said that the conditions for trading were challenging during the year 2013 but have now shown a sign of improvement with the new expectations of better to come as he urged the firms to pull up their socks.

He was saying this after a current study from the Federation of Small Businesses revealed better top and bottom lines and boosted investment intentions. Additionally the FSB found that against an 8% dip for the same period in 2012 there was a profitability increase of 9% in the final quarter of this year.

Mr. Burnett also went on to say that, since Business Gateway’s advisers have worked with and advised numerous businesses in Tayside and Fife they know that the harsh economic condition has shown it is a tough time for many companies. He added that on the positive side there is a survey carried out by the Federation of Small Businesses in Scotland that shows that the future looks bright for Scotland’s SMEs.

Mr. Burnett said that there is some evidence of companies having some hope for increasing profits over the coming year. In addition, he says that when he looks over the past year he sees that those companies that have increased workers and their income have also spent so much time coming up with efficient marketing plans.

Business Gateway Tayside will support events such as a program of workshops next month. The workshop will try to cover topics such as marketing, employing staff, business planning and social media.

According to some of the UK’s leading accountants small firms are starved of credit by major banks. Additionally a study conducted by finance leaders from UK came up with findings that 75% of small businesses were struggling while more than half deciding not to invest due to problems with borrowing.

David Rowsby, the Chartered Institute of Management Accountants’, Europe’s regional director said that with the rising need for companies to function ethically and efficiently and with the existing financial constraints, management accounting should be considered as being very vital as it plays a crucial part in improving decisions and the quality of planning.