Understanding Business- December 2023

We are delighted to publish the latest issue of the new quarterly survey, Understanding Business, the latest edition follows up on challenges expressed in the previous two waves and explores the working from home practices of businesses in Scotland.  The full report can be read here.

Businesses project a mixed outlook for the next 12 months, balancing optimism and caution. While some anticipate economic improvement, others expect challenges to persist. The ongoing
struggle with recruitment reveals familiar hurdles: concerns over applicant skill levels, a shortage of suitable candidates, and salary expectations.

Reflecting on the past year, businesses hold nuanced views on economic conditions. While some see deterioration, a growing segment perceives improvement, hinting at a gradual shift in sentiment.

Looking ahead, there’s a heightened confidence in future financial trajectories, with an increasing proportion of businesses anticipating increased turnover and improved profitability.

The evolving work landscape has witnessed a substantial cultural shift, with a significant number of businesses embracing remote work practices. This shift reflects a lasting impact of the pandemic, shaping a potential new normal in work arrangements.