Undertaken by Close Brothers to thoroughly understand business trends within Scotland, this Business Barometer survey allows key decisions to be made with factual backing, ensuring best practice when facilitating SME growth.
Each quarter Close Brothers Asset Finance surveys over 900 businesses across the UK, including many in Scotland. The results provide valuable insight into the views and thoughts of the SME community. Below, we take a look at some of the key findings of our latest Business Barometer.
Have you heard of asset finance?
An interesting finding from the survey, seen above, highlighted the number of Scottish SMEs that have not yet heard of asset finance - 61% to be exact. This tells us that we need to work more closely with the Scottish business community to highlight the benefits of choosing asset finance over traditional funding. Close Brothers Asset Finance offers a range of products that can often be a better fit than retail banking services.
Has your business grown in the past 12 months?
As illustrated in the graph, 67% of Scottish SMEs stated that their business did not grow in 2016. To understand why this was the case, we asked what the key barriers to business growth were in Scotland. Unsurprisingly, the continued uncertain economic outlook was the most cited reason for a lack of growth. At Close Brothers Asset Finance we have a long history of offering funding during all economic cycles.
Restricted cash flow was also highlighted as one of the top three constraints for Scottish SMEs. Access to financial backing can clearly have a profound impact on business progression but there are often innovative solutions available to ensure strong cashflow.
Another interesting finding from this Business Barometer study showed that more than 60% of Scottish SMEs are looking to invest in their business in 2017.
Will you be investing to grow in 2017?
With Close Brothers’ vast experience and knowledge in leasing and financing, Scottish SMEs will be able to make these investments in a way which suits their particular business needs. This survey has allowed Close Bothers to better understand the views of Scottish SMEs and in turn offer a more focused and effective service.