Finance & Economics

Scottish enterprises aren’t confident about future of their businesses

The findings come from Klarna-commissioned research, surveying more than 500 senior managers at SMEs

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Scottish enterprises aren’t confident about future of their businesses. Source: pexels.com

According to Klarna, 57% of SMEs in Scotland are not confident about the future of their business over the coming 24 months.

The research looked at specific issues SME leaders have faced during the COVID-19 pandemic. Worryingly, it found that 56% of businesses have said their goal for the following 6 months is simply to survive.

In fact, Scottish businesses have been hit particularly hard by the pandemic, with 69% of SMEs stating COVID-19 led to a longer-term negative impact on their business.

At some point, 41% of Scottish SMEs didn’t believe they would survive. Although signs of recovery emerge, returning to pre-pandemic growth levels will be challenging. So far, 84% of Scottish SMEs do not believe that their business has fully recovered from the impacts of the pandemic.

Besides, Klarna has recently launched a new £3 million Small Business Support Package and Accelerator Programme to help UK SMEs recover from the pandemic. The package is expected to help 100 retail SMEs get back on their feet, with the ten-part accelerator programme alongside to help any UK SME receive access to tips and guidance to help grow their business.

We’ve reported that J.P. Morgan teamed up with Volkswagen Financial Services.

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