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Scottish SMEs expect revenue and jobs growth in 2018, despite expectations of worsening business conditions

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Ian Barnet of Glasgow firm Shearer Candles expects to see his business continue to grow.

SMEs in Scotland are expecting a good year in 2018, despite the latest SME Growth Tracker showing that confidence in business conditions in the region is among the worst in the UK.

The SME Growth Tracker, a report by Capital Economics commissioned by Amazon UK and Enterprise Nation assessesing confidence, growth prospects and views on the broader UK economy from small and medium-sized enterprises (SMEs) has unsurprisingly predicted that SMEs expect that 2018 will be a challenging year.

However, it seems businesses still have high hopes for jobs creation and growth of revenue and profits.

Across Scotland, the SME Growth Tracker found:

  • Revenue to increase:SMEs in the region expect revenue growth over the coming year of 1.2 per cent. Over the previous year, revenue rose, on average, by 0.9 per cent.

  • Confidence low:SMEs in Scotland are expecting business conditions for their company to get worse over the next 12 months, with a score of -13. Only Wales (-15) had a worse rating.

  • Confidence in UK economy low:Scottish SMEs aren’t confident about the UK economy, expecting it to deteriorate over the coming year, with a score of -35 – the lowest score in the UK.

  • Jobs growth to slow:SMEs across Scotland expect to increase headcount by 0.4 per cent in the next 12 months, after they increased jobs by 0.7 per cent during the previous year.

    • Glasgow firm Shearer Candles is one of thousands of Scottish SMEs hoping for growth in 2018.

    The company, which has been operating in the city for more than a century, has embraced ecommerce to help fuel growth.

    Managing Director Ian Barnet is currently growing the company by up to 40 per cent every year throigh his use of Amazon Maretplace.

    Commenting on the latest SME Growth Tracker findings, Mr Barnet said: “2017 has been a great year for us and despite challenging conditions, we’re hoping for more growth in 2018. We’re proud to be able to sell to customers in both our bricks and mortar stores and online through Amazon Marketplace. Being able to reach customers all over the world through a website they are familiar with is a great advantage for us and thousands of businesses like us all over the UK. Ecommerce is a huge part of our business and we’re embracing new technology and work practices all the time to ensure our continuing growth.”

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