SME reports highlight growth potential

Scottish_GovernmentAlmost half of all Scottish small and medium-sized enterprises SMEs have introduced new products or services in last 12 months and one third do not export despite having a suitable product, highlighting the potential for further growth.

These are among the key findings in a trio of Scottish Government reports published today.

The reports also confirm the recent trend towards home-based businesses with 68 per cent of all SMEs in Scotland and 43 per cent of SME employers running their business from home. This compares to 56 per cent and 22 per cent in 2012.

The three topic reports follow the publication of the Small Business Survey earlier this year. They focus on SME innovation, exports and home-based business.

Key findings include:

  • 43 per cent of SMEs had introduced new or improved products or services in the last 12 months
  • 29 per cent have introduced new or significantly improved processes in the last 12 months
  • 34 per cent of firms have never considered exporting, despite believing they have a suitable product
  • The proportion of home-based businesses increased substantially between 2012 and 2014
  • Fergus Ewing
    Fergus Ewing

    Business Minister Fergus Ewing said: “Fostering a culture of innovation, promoting inclusive growth and boosting Scottish trade on the international stage have all been identified as key priorities in Scotland’s Economic Strategy and these new reports will help us to better work with the SME sector to deliver them.

    “I welcome the increase in the number of home-based businesses and I am encouraged by the rise in entrepreneurialism signified across these findings. This reflects the Scottish Government’s commitment to creating a supportive business environment conducive to sustained economic growth and recognises the continued importance of SMEs to our economy.

    “The data also indicates where we can further concentrate our efforts – highlighting the considerable potential that exists in our SME sector to pursue new, international markets and to build upon recent successes in the area of business innovation.”

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