Understanding Business – September 2024

In this edition of Understanding Business, we provide an in-depth analysis of the challenges and opportunities facing Scottish business.

Our findings reflect a complex picture. While around half of businesses report that they expect economic conditions to worsen over the next year, there is stability in profitability and turnover expectations. However, recruitment challenges remain persistent, with a shortage of skilled applicants continuing to hamper workforce growth. This ongoing issue highlights a need for investment in skills development to support long-term business expansion.

Sustainability continues to be a major theme for Scottish businesses. Support for Net Zero remains strong, backed by two-thirds of businesses. Yet, financial barriers are slowing progress. Many companies struggle with the costs of implementing greener practices and report a lack of government funding and support. These insights underline the importance of targeted interventions to help businesses achieve sustainability objectives.

Another key focus of this report is the awareness and potential impact of Great British Energy (GB Energy). While awareness of the initiative is still growing, there is optimism among businesses regarding its potential to boost job creation and reduce carbon emissions.

By highlighting the key challenges and opportunities for business, we hope this research helps to foster discussions among policymakers, business leaders, and stakeholders to enhance the resilience and competitiveness of Scottish businesses.

You can read the report here: Understanding Business- Wave 6- Sept 2024 FINAL