We believe the Oxford Economics report, ‘Raising Scotland’s Economic Growth Rate’ underscores the need for inclusive debate across political parties, Government, trade unions, business, the third sector and the media, indeed all concerned parties, to determine a new economic strategy for Scotland.
Radical and ambitious policy changes are required if Scotland’s economic performance is to be transformed and significantly boosted within the next 15 years and there must be no sacred cows as we determine those changes.
We must, as a necessity not a choice, address Scotland’s low productivity, poor business birth rate and lack of success with scale-ups that mean Scotland’s GDP per head is a mere 44% of Singapore’s level, 48% of Ireland’s, 68% of Norway’s and 75% of Denmark’s.
As the report states “it is not realistic to think that the current economic policies of either the UK or Scottish governments will produce a transformation of Scotland’s economic performance”.
Hence we must act now, in collaboration not conflict, to support and deliver a strategy that takes us up the ladder of GDP and drives innovation and scaling not just within business but across the whole of the public sector.
Achieving significant growth in our GDP is not just in every single persons’ interest, it’s an imperative if we are to maintain and indeed enhance our public services and drive the jobs that are so desperately needed post-pandemic.
We owe it to our young people that we create a vibrant economy for them to inherit and we need to be exceptional custodians of Scotland’s future for their sakes. To do so we cannot simply do what we have always done, tinkering on the edges, Scotland needs to think big and it needs to think fast.
Our opportunity is our size, we are a speed boat compared to the super tanker economies and we are a nation that has historically invented the modern world, its not beyond our ken to do that again.
We implore a rational, national debate on our economic future to then deliver a strategy and an operational implementation plan for Scotland’s growth.
Signed:
Andrew Parfery, Company Director, Caresourcer
Andrew Wilson, Founding Partner, Charlotte Street Partners
A new UK government-backed loan scheme has launched to provide additional finance to those businesses that need it.
new loan scheme will provide further support to protect businesses and jobs
loans will include 80% government guarantee and interest rate cap
government has backed £75 billion of loans to date as part of unprecedented £350 billion wider support package
The Recovery Loan Scheme will ensure businesses continue to benefit from Government-guaranteed finance throughout 2021.
With non-essential retail and outdoor hospitality reopening next week, Ministers have ensured that appropriate support is still available to businesses to protect jobs. From today, businesses – ranging from coffee shops and restaurants, to hairdressers and gyms – and can access loans varying in size from £25,000, up to a maximum of £10 million. Invoice and asset finance is available from £1,000.
The Chancellor of the Exchequer, Rishi Sunak, said: “We have stopped at nothing to protect jobs and livelihoods throughout the pandemic and as the situation has evolved we have ensured that our support continues to meet businesses needs.
“As we safely reopen parts of our economy, our new Recovery Loan Scheme will ensure that businesses continue to have access to the finance they need as we move out of this crisis.”
This is in addition to furlough being extended until 30 September, and the New Restart Grants scheme launched last week, providing funding of up to £18,000 to eligible businesses.
The UK Government is also supplementing this with the Plan for Jobs, focused on protecting, supporting and creating jobs across the country through the Kickstart scheme, T-level and a National Careers Service.
The scheme, which was announced at budget and runs until 31 December 2021, will be administered by the British Business Bank, with loans available through a diverse network of accredited commercial lenders.
26 lenders have already been accredited for day one of the scheme, with more to come shortly, and the government will provide an 80% guarantee for all loans. Interest rates have been capped at 14.99% and are expected to be much lower than that in the vast majority of cases, and Ministers are urging lenders to ensure they keep rates down to help protect jobs.
The Recovery Loan Scheme can be used as an additional loan on top of support received from the emergency schemes – such as the Bounce Back Loan Scheme and Coronavirus Business Interruption Loan Scheme – put into place last year.
So far, the government’s emergency loan schemes have supported more than £75 billion of finance for 1.6 million British businesses and this new scheme will build on that success. This is part of the government’s unprecedented £350 billion support package which has included paying millions of workers’ wages through the furlough scheme and generous grants and tax deferrals.
Business Secretary Kwasi Kwarteng said: “We’re doing everything we can to back businesses as we carefully reopen our economy and recover our way of life.
“The launch of our new Recovery Loan Scheme will provide businesses with a firm foundation on which to plan ahead, protect jobs and prepare for a safe reopening as we build back better from the pandemic.”
Reactions from business groups:
Rain Newton-Smith, CBI Chief Economist, said: “The coronavirus loan schemes have provided a critical lifeline to businesses, and so its successor – the new Recovery Loan scheme – comes as a huge relief to firms.
“These loans can be taken alongside existing COVID loans to help firms refinance, restructure and go for growth.
“It’s vital support remains as restrictions relax and demand returns to normal, allowing businesses to recover, save jobs, and support for reopening.”
Commenting on the Recovery Loan scheme, Suren Thiru, Head of Economics at the BCC, said: Accessing finance remains crucial to the lifeblood of a business and so the launch of the Recovery Loan scheme is welcome.
“The new scheme can play a potentially pivotal role in supporting the recovery by getting credit flowing to the firms who most need it.
“Chambers of Commerce will continue to work with government and the banks to ensure that businesses have the clarity they need to enable them to use the new scheme to help them return to growth.”
David Postings, Chief Executive of UK Finance, said: The banking and finance industry remains committed to supporting businesses of all sizes through the next phase of the pandemic response.
“As focus turns to economic recovery, we know that many firms are still facing uncertainty. The new Recovery Loan Scheme, alongside other commercial financial support, will help firms rebuild and invest for future growth.”
16% of business owners said that they had started their business during the pandemic
But 40% of business owners say they have struggled in the last year
Business owners and High Net Worth Individuals (HNWI) in Scotland broadly optimistic over future economic outlook due to easing of social restrictions
Despite a difficult year, over a quarter of Scottish businesses have been able to expand during the pandemic indicating some ‘green shoots’ of recovery according to research by Rathbone Investment Management.
Indeed, some businesses have been able to adapt their business models during the pandemic, with many moving to online sales in order to generate income. This has had a positive impact with a quarter (26%) of business owners having expanded their business during the pandemic.
In addition, a further 16% of business owners founded their business during the last twelve months as the pandemic sparked new ideas and opportunities.
Businesses in Orkney and Shetland were the most likely to have expanded in the pandemic (33%), while Dundee, Perthshire and Angus had seen the highest numbers of newly created businesses (25%).
However, the pandemic has had significant implications for many businesses across Scotland, with four in ten (37%) reporting that they had suffered during the pandemic according to Rathbones’ research.
The ongoing social restrictions have forced large numbers of businesses to close over the last year, with businesses in retail, leisure and hospitality most impacted. Indeed, while a roadmap has been announced that spells out Scotland’s path out of lockdown, one year into the pandemic many businesses have seen significant losses in income.
It’s clear that the pandemic has had a mixed impact on Scottish businesses. As Scotland, alongside the rest of the UK begins to open up many of Scotland’s business owners and HNWIs (those with investable assets over £250k) are optimistic about the state of the economy.
Indeed, 59% of those surveyed by Rathbones said that they were optimistic about the economic outlook of the next twelve months. Of those, 44% said that the easing of COVID-19 restrictions was a key driver behind this belief in the future strength of the economy.
Simon Dewar, Regional Director at Rathbones comments: “The past twelve months have been difficult for businesses across Scotland with every organisation needing to adapt to some extent due to the pandemic.
“However, the impact has been disproportionate with some businesses severely financially impacted. While government support has gone some way to support these businesses throughout this period, its unlikely we’ll see a true recovery until restrictions are fully lifted.
“With the vaccine roll-out ongoing, many business owners will be holding their breath and hoping that this effort reaps dividends and we can stick to the timelines set out in the roadmap.
“It’s clear from our research that Scottish businesses are largely optimistic for the future, with a high proportion expecting a positive outlook for the economy in the next twelve months. As businesses start to recover from the initial impact of the pandemic putting a financial plan together to rebuild any safety net that may have been eroded away during this period will be key for business owners.
Many businesses have deferred any expansion plans over the last year as the focus has been on survival. As confidence grows, so will the sparks of entrepreneurial endeavour, with businesses dusting down these plans and using what they have learned through the crisis to seize opportunity and build robust businesses that drive our economy.”
Bank of Scotland’s Business Barometer for March 2021 shows:
Overall confidence of firms in Scotland rose 15 points in the past month to -2%
Optimism grew in all UK nations and regions for a second consecutive month after roadmap for ending lockdown restrictions was laid out
Overall UK business confidence surged to its highest level since February 2020
Business confidence in Scotland rose 15 points during March to -2%, the highest reading since March 2020, according to the latest Business Barometer from Bank of Scotland Commercial Banking.
The data has been released just a week after the one-year anniversary of the first COVID-19 lockdown.
Companies reported higher confidence in their own business prospects month-on-month, up 6 points at -5%. When taken alongside their optimism in the economy, which was up 24 points to 2%, the increases give a headline confidence reading of -2%. Despite the increase, Scotland was the only area of the UK to give a net pessimistic reading during March.
The Business Barometer questions 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide.
When it comes to jobs, a net balance of 20% of firms in Scotland expect to reduce staff levels over the next year, up 16 points on last month.
The UK picture
Overall UK business confidence rose for a second consecutive month in March. Firms’ confidence increased by 13 points to 15%, the highest reading since February 2020, before coronavirus was confirmed as a pandemic by the World Health Organisation.
UK firms’ economic optimism also increased by 15 points to 17%, while confidence in their own business prospects jumped 10 points to 12%.
In fact, every UK region and nation reported an increase in overall confidence during March, with most reporting a double-digit rise month-on-month. The North East (1% to 26%), West Midlands (3% to 27%) and East of England (-8% to 12%) reported the largest increases.
Fraser Sime, regional director for Bank of Scotland Commercial Banking, said: “Scottish business confidence has increased for a second consecutive month and is the highest since March 2020. Despite it remaining in negative territory, there is hope that the end of a challenging year is now in sight.
“We’ll remain by the side of businesses in Scotland as restrictions are eased in the coming weeks and months, helping them on the road to recovery and as they seek new growth opportunities.”
Paul Gordon, Managing Director for SME and Mid Corporates, Lloyds Bank Commercial Banking, said:“We have completed a full circle since lockdown began in March 2020 and it is uplifting to see businesses portraying confidence for the months ahead. The regions have reported a tremendous result in confidence, especially England which is positive across the board.
“In the sectors, the uptick in confidence for manufacturing is driven by strong trading prospects, while in retail, there is an anticipation that pent-up demand will drive consumption when restrictions are lifted. The months ahead will play a pivotal role in charting the course for the UK’s recovery and we remain by the side of businesses as they go along on this journey.”
Hann-Ju Ho, Senior Economist, Lloyds Bank Commercial Banking, said: “It’s been a year since the first lockdown and the surge in confidence this month tells us firms are increasingly confident about economic recovery.
“The broadly positive outlook is driven by steady vaccine deployment, the roadmap out of lockdown and the extension of government support measures. It will be interesting to see whether the momentum for stronger business optimism is sustained in the months ahead.”
The pandemic has impacted us all in so many ways. As the vaccination programme rolls out, we can start to see a return to a more ‘normal’ way of life. But we can’t just build back to where we were (writes Cllr. KATE CAMPBELL).
This crisis has brought into sharp focus the structural inequalities that are woven through our society. We need to build an economy that offers more stability and, crucially, more equality for everyone.
Sadly, many firms are saying they’ll have no option but to make redundancies once furlough ends. The full impact on employment is still to be fully realised. This is alongside the economic uncertainty caused by Brexit, still largely masked by the pandemic.
So there is much to do.
Supporting business and retaining jobs must be the priority, alongside building an economy with fair work, sustainability and wellbeing at its heart. As your council we feel that we’ve an important role to play.
Together, with partners, we’re working hard to support businesses to get back up and running. So far, we’ve administered over £181.4m in grants to more than 19,000 businesses.
And we’ve been working on plans to bring back the Edinburgh Guarantee – first launched after the last recession, offering training or employment to all young people.
We’ll be relaunching as the Edinburgh Guarantee for All, expanded to support residents of all ages.
We know that people who already faced disadvantage have been more likely to be adversely affected – people on low incomes, in insecure work, women, disabled people, and people from a BAME background. So support will be focussed on those who need it the most.
We’ve been speaking to businesses, colleges, universities, voluntary sector and national organisations. We’ve met with employers from all sectors, gaining valuable insights into how the pandemic has affected different industries.
We’ve been struck by how much our business community wants to work together to rebuild our economy, creating good quality jobs and opportunities for fair work. And we’re looking for more employers to join us.
There are many benefits to being part of the Edinburgh Guarantee. We’ll help employers connect with a diverse and talented pool of potential employees.
With a track record of delivering employment support we can help businesses who want to promote inclusion and diversity in their workforce, with all the benefits this brings.
The Edinburgh Guarantee team will be on hand to help with recruitment processes. And we’ve been pulling together key resources, for example, access to funding to support recruitment. Getting involved will help employers to raise the profile of their business and connect with other organisations across their sector.
All this information will be available on our new website, launching soon.
But most importantly it’s an opportunity for our business community to get involved, actively, in rebuilding our economy.
So please get in touch with us today via edinburghguarantee@edinburgh.gov.uk – be part of the recovery of our city, and give someone that chance to move into fair work or gain the education and training that they deserve.
Cllr Kate Campbell is Edinburgh’s Housing, Homelessness and Fair Work Convener.
With the country now in its third and hopefully final lockdown there are many businesses unable to operate from their usual premises under current government guidelines, many employees have reverted to working remotely from their homes.
While focus has been on transitioning equipment and employees, many business leaders may not have yet had time to consider their insurance policies and the potential impact of remote working over the longer term.
To support businesses, leading insurance provider,Insurance2go, has shared advice on business insurance cover for those with employees who continue to work remotely.
Check your policy
This may seem like an obvious first step, but it is important to check that you are still covered by your insurance while employees work from home.
The good news is that, generally, your insurance will cover your business when it’s not in its regular location. Where you operate from doesn’t really matter, as long as you’re still in the UK. However, you may need to check your contents insurance and whether it covers use of items such as laptops, for example, beyond your normal premises. If it doesn’t, you may need to extend your cover as you cannot rely on your employee’s home insurance to include business use.
Health and safety checks
Interestingly, The Health and Safety at Work Act 1974 makes no distinction between home and in-office workers. The regulations require employers to carry out a risk assessment of their employees’ workplace, to identify any potential risks so the employer can then seek to remove or mitigate the risk.
It is not necessary to visit the employee’s home to carry out a risk assessment, particularly during the ongoing pandemic. However, HR managers can provide the employee with a detailed self-assessment questionnaire as part of a firm’s legal responsibilities for homeworkers.
If your company does not have one already, there are many free templates available online.
Your business needs to be able to show that is has done everything by the book, just in case a circumstance arises where an employee says you didn’t set them up to work from home properly and suffered as a result of it, or there is a data breach. Keep a record of everything you have done, including reasons and the dates they happened.
It is important to have a home working policy that staff can access and read to ensure it is clear what is expected from both parties.
Home working policies should cover key areas including:
when employees will be available to work
how and how regularly they’ll keep in touch
how their performance will be managed
health and safety expectations
rules around confidentiality, IT security, storing information and data protection
who employees should contact if they’re experiencing any problems.
Get cyber insurance
During 2020, the NCSA (National Cyber Security Centre) reported an increase in cyber-security threats, most likely as a result of employees working from home with serious breach affecting a business’s reputation1.
Firstly, make sure IT teams have undertaken checks on all laptops, desktops, and tablets to make sure they are as protected as possible. Also ensure secure connections are set up from the worker’s home station to the company network.
As cybercrimes become more sophisticated it is important not to rely on checks alone, having cyber insurance in place will help to mitigate further risks.
Keep your insurer informed
Most likely your business has changed due to the pandemic if you’ve seen a period of rapid expansion and growth. Whatever your circumstances then get in touch with your insurer. If you’re unsure, err on the side of caution and provide the updates, rather than running the risk of invalidating your policy.
On the other hand, if your business is now having to operate remotely, you should check with your individual insurance providers as to whether they require you to check and maintain security systems while the premises are vacant.
Richard Gray, Head of Marketing and Digital, at Insurance2go says:“It has been an unforeseen time for businesses and employees alike, and for many business leaders it can be hard to predict what the future looks like for their employees in terms of working remotely.
“It’s more important than ever that businesses protect themselves from any unplanned expenses and we hope this advice helps people understand what is required from an insurance point of view, to continue to operate effectively and safely while working from home.”
For more information on business insurance, please visit:
The current trade disruption between the UK and the EU is the result of ignoring expert advice and a chaotic information campaign, which must urgently be solved in three steps, says leading London accountancy firm Blick Rothenberg.
Alex Altmann, a partner and head of the firm’s Brexit advisory group, says: “We warned about serious disruptions many months ago and advised the Government to introduce an implementation phase for businesses to cope with the new customs formalities.
“The foolishness and amateurism of the Government’s approach has created existential threats to many businesses on both sides that currently struggle to trade with each other. The disruptions must urgently be solved in three steps.
“First, the Government must temporarily relax the requirement for EU traders to have an office in the UK to import goods, and subsequently ask the EU commission to do the same. The most serious problem today is that businesses without a presence in the other market cannot import their goods without appointing a customs agent.
“ This is how the new customs rules have been designed by the UK and the EU as part of the Brexit deal. This is a serious flaw. Customs agents are rare and very expensive and the UK currently requires about 20,000 more agents to meet demand. The Government should take this step very urgently to avoid a major supply chain disaster in the weeks ahead.”
Altmann added: “Second, the Government needs to admit that their expensive Brexit information campaign has not prepared businesses well enough for the new trade relationship with the EU. The guidance provided by the UK Government contains conflicting information, not enough detail, and to some extent, wrong advice.
“This has become particularly apparent with regards to the new border situation with Northern Ireland. It has become clear that the Government’s guidance has not been drafted by trade and customs experts, which is a serious shortcoming.
“The Government must take a step back now and relax the rules for the time being, while redrafting guidance and advisory papers based on the final Brexit deal arrangements. This is the only way to overcome the misinformation and provide traders and freight carriers with the confidence they need to sell cross-border.”
Altmann, who is also a Chairman at the British Chamber of Commerce in Germany said: “ “Thirdly, there are some serious flaws in the Brexit trade deal that the Government must put high up on the agenda to clarify and potentially renegotiate with the EU.
“ One area that continues to create confusion among traders and their freight carriers is the new rules of origin provision. The Government presented the Brexit deal as a tariff and quota free agreement. This is only partly true. Tariffs still apply in the normal way for manufactured goods which contain more than 40 percent of ingredients with origins outside the UK or EU.
“There is no guidance of how businesses should calculate and document the origin analysis. This is causing major disruptions to supply chains. Again, we recommend that the new rules of origin are temporarily paused until there is sufficient guidance and expertise available to work this out.”
Lloyds Banking Group has unveiled the next stage of its plan to boost Scotland’s fintech workforce in the fastest-growing digital economy outside London.
As part of the launch of its new tech hub in Edinburgh in March 2019, Lloyds announced a recruitment drive to create a new 500-strong team tasked with helping transform the digital experience for Bank of Scotland, Lloyds Bank, Halifax and Scottish Widows customers.
As part of the next stage in the development of the digital innovation centre, it has now joined forces with Fintech Scotland on the hunt for the country’s most exciting start-ups and young businesses for a new partnership.
The new incubator programme – Launch* – based out of the Edinburgh hub – will bring together start-ups and scale-ups to tackle the challenges of digital services and sustainability, with plans for its first industry showcase next year.
In addition to the tech hub’s team of software engineers and other digital roles which is more than 50% complete, – the first specialist mobile quality engineering team was created, adding an additional 16 roles to the tech-based talent pool in Scotland.
The Edinburgh hub was set up with the aim of transforming how the bank operates behind the scenes, creating new services and tools for customers, as well as enhancing Scotland’s thriving tech community.
Philip Grant, Chair of Lloyds Banking Group’s Scottish Executive Committee, said: “We’re putting lots of energy into shaping the financial services of the future to meet customers’ changing needs, and having cutting-edge fintech talent in action behind the scenes is key to keeping customers connected to their finances.
“We have just launched a pilot Scottish Widows mobile app to help reinvent saving for workplace pensions customers. Using digital features built by our engineers in our innovation labs, it will enable millions of people to start engaging with their pension in a similar way to their everyday banking by helping them see a clearer picture of their financial future.”
Nicola Anderson, Acting Chief Executive, Fintech Scotland, said: “Creating opportunities for collaboration across Scotland’s competitive tech scene will drive innovation as start-ups work together with established financial firms on how to trailblaze the industry’s future in partnership.
“The Launch innovation labs highlight Lloyds’ commitment to developing talent in fintech. It provides a boost in confidence for the industry and shows the power of collaboration for mutual benefit – we’re looking forward to seeing the results in next year’s industry showcase.”
The Group continues to be an active member of the wider technology scene in Scotland, hosting more than 5000 delegates at events and training sessions at its city centre hub last year as well as regular online webinars and courses.
At the start of the year – before the pandemic – it hosted more than 500 delegates at a number of events, including Queercode, the first LBGTQ+ coding meet up in Scotland. As well as working in partnership with Fintech Scotland and SQA-accredited digital skills academy CodeClan, the bank has also invested in providing training for colleagues who want to diversify into careers in technology.
It launched its own coding academy in 2018 which has now expanded from Edinburgh across the UK, as well as the WomenConnecTech network, to help provide opportunities and support to women looking to build careers in computer science. Graduates of the coding academy are now established software engineers working within the digital labs.
Businesses across Scotland are set to benefit from vital support, following the launch of a new £10 million DigitalBoost Development Grant by Business Gateway and The Scottish Government.
The fund, which is available through DigitalBoost, Business Gateway’s national digital training programme for businesses, is funded by The Scottish Government and will help businesses upskill and invest in their digital capabilities as they work to overcome the challenges they face now and build for Scotland’s economic recovery. VAT registered businesses will be able to access up to £25,000 while non-VAT registered business can benefit from up to £5,000 of funding.
This launch follows a successful pilot grant scheme in the Autumn 2020 for DigitalBoost 1:1 clients.
The fund is now open and accepting applications.
Launching the scheme, Cabinet Secretary for Finance Kate Forbes said: “The firms that have coped best during the pandemic are invariably those that have been able to adapt with the help of digital tools.
“This funding will provide an immediate boost and will support businesses to adopt digital technologies to improve productivity, increase resilience and drive growth. It will also help to improve their digital capability and the skills of their workforce so they can keep pace with future technological progress.
“Supporting SMEs on their digital journey is key to Scotland’s economic recovery, our future prosperity and our net-zero ambitions and I encourage business owners to take up this valuable opportunity.”
Business Gateway is delivered by local authorities throughout Scotland and works in collaboration with a wide variety of organisations to help deliver the best advice and support to Scottish businesses.
Welcoming the scheme, COSLA spokesperson Cllr Steven Heddle said: “The last ten months have shown how critical strong and robust online platforms are for businesses, if they are to successfully adapt to the challenges posed by the pandemic.
“Given the ongoing nature of the crisis, this scheme will be a critical lifeline for those businesses that want to digitally upskill and invest in their platforms so that they can survive, increase their resilience to current and future challenges, and find new opportunities and markets to grow.
“Alongside this grant fund, the DigitalBoost programme will continue to provide other free support to businesses, helping them take advantage of technology so that they can adapt and thrive.”
Liz McCutcheon, CEO, Lanarkshire Enterprise Services (LESL), said: “LESL are delighted to be administering the DigitalBoost Development Grant, on behalf of the Scottish Government and Business Gateway’s DigitalBoost Programme.
“LESL has long been an advocate of digital adoption and are committed to supporting SMEs across Scotland leverage the grant to allow them to transform their businesses digitally.”
DigitalBoost provides webinars, a free healthcheck, 1:1 support from a digital expert, online tutorials, and practical guides on topics including social media, cyber resilience, data analytics, digital marketing strategy and e-commerce.
Can Do Collective extends support to more Scottish businesses and champions collaborative working in wake of pandemic
The Can Do Collective – a connected community of enterprise support organisations and leaders on a mission to build a world-leading entrepreneurial, innovative and creative society – is concluding the year celebrating a 25 per cent increase in community size.
The growing portfolio of businesses is also demonstrating that collaborative working has helped them to pivot, grow and adapt amidst the challenges that 2020 has presented.
Covid-19 has had a significant impact on businesses across Scotland.For many it has meant they have had to evolve and adapt their products and services, and support for their wider business community, in new and different ways.
For the Can Do Collective, it has meant taking all of their events online, however an online and virtual approach has allowed the Can Do Collective to increase their events programme from five events in 2019, to more than 33 virtual events and gatherings in 2020.
Funded by The Scottish Government and supported by a dedicated team within independent charity Entrepreneurial Scotland Foundation, The Can Do Collective is keen to demonstrate ways in which collaborative working between Scottish businesses can help to accelerate growth and nurture entrepreneurial spirit.
Rachael Brown, Can Do Collective Convener and CEO, The Future Economy Company explains; “We’ve seen many examples of how the Scottish business community has stepped up to provide a flexible, fast and appropriate response to individuals in need this year.
“Business support communities have removed subscriptions and paywalls, more events and conferences have moved online and there has been a marked increase in the frequency of events.
“In times like these, community and peer to peer support is so vital. Now more than ever, there’s an opportunity for businesses to really show their human side, to come together in trust and credibility. We’ve been truly encouraged by the sense of community spirit, entrepreneurialism, agility and creativity we’ve witnessed and the willing to work collaboratively for the greater good.”
A number of businesses have shown great strength, resilience, agility and entrepreneurial spirit in the face of Covid-19 and have continued to support their respective business communities in challenging times.
One of the virtual events that the Can Do Collective has initiated as part of their new virtual events programme, is the Partner Spotlight webinar series, which has seen business leaders from around Scotland share their leadership journey and advice for drawing on community, creativity and resilience.
Here, some of them share their journey through 2020 : –
Social Investment Scotland:
One of those leaders is Alastair Davis, Chief Executive of Social Investment Scotland (SIS) – the leading social enterprise whose aim is to help social enterprises to scale and grow their business.
He explains: “The global pandemic has undoubtedly changed the way we all work. Back in March, there was a realisation that Covid-19 was going to have a significant impact. So as a team, we quickly started to think about ways to support our community. We wanted to go out to them and say, ‘we’re here to support you’.
“Organisations really appreciated that proactive, calm approach. We were there from the start offering help, support and advice. I’m really proud of that, and indeed the ways it has continued throughout the rest of this year.
“This year’s events have also shown us the energy that can be created when you work quickly, collaboratively, and responsively. It has actually driven us to accelerate many of our plans and strategies, and we have been able to design, develop and launch things really quickly. That’s certainly something I’d like to hold onto as we look post pandemic.
“It’s also taught us the value of investing in relationships and collaborations. It’s so important to build communities like that created by the Can Do Collective that are supportive, curious and helpful. Now more than ever, trust, credibility and collaboration are vital and will allow us to bounce back post pandemic, in whatever way that means for different businesses.”
Interface:
Interface is an organisation that connects businesses with academics.
Dr Siobhán Jordan, Director, of Interface, explains the ways they have adapted to support their community through the global pandemic: “A huge part of our work is about keeping in touch with businesses to understand the difference we are making, and the ways in which we can continue to support them further.
“That put us in a strong position to be able to proactively support our community. We were immediately helping to address challenges faced by the businesses we work with. Many of them had to look at adapting their existing products, and many had to look at creating new products.
“Proactive but empathetic has been our approach in helping businesses navigate through the pandemic, and also look ahead to recovery and green shoots.
“We’ve also been hugely excited about some of the new things we’ve been able to do. For example, we’ve developed a campaign around ‘Adopt a business’. We asked our academic community about ways they could help the tourism and hospitality industry, practically, as they start to think about restarting and recovery.
“We were overwhelmed by the interest from universities to offer practical help. Working with VisitScotland and Scottish Tourism Alliance , we then had over 80 businesses keen to work with academia. It’s a programme we’ve been able to launch and establish really rapidly but has also been brand new for us.
“We know the next few months are not going to be easy, but collectively, we in Scotland have an opportunity to come together to bring energy to the economic recovery and ensure we continue to build networks to nurture and support. Support groups and organisations like the Can Do Collective are vital for us all to continue to seek knowledge, ask for help from others, and support one another.”
Scottish Edge:
A business that has been involved with the Can Do Collective since its inception, Evelyn McDonald, Chief Executive of Scottish Edge, The UK’s Biggest Business Funding Competition, discusses ways in which their business has had to shift and evolve:
“I’ll admit, I found the initial few weeks after lockdown began in March, extremely challenging.
“We had launched a competition at the end of January, and at the beginning, we kept going. But there came a point when I had to make the difficult decision that we couldn’t continue. Matched with the challenges all small businesses have had this year – having to put a couple of our team on furlough and having to cut costs and plan for the worst – it was pretty painful.
“But once we’d made the decision to pause the competition and focus on our 335 alumni of businesses, we knew immediately it was the right thing to do.
“We’re really lucky to work with people who have great ideas, right at the early stages of their business and we became very focussed on providing support to those business, with a specific focus for those who have loans with us.
“We’ve been supporting with information on grants and loans, events, training, as well as peer to peer mentoring. The great thing for us is the feedback we’ve had from our community. We will hopefully come out of this with a stronger, more connected group of businesses.
“We’ve now announced our next competition, which we’re all incredibly invigorated by – it’s lovely to be looking forward to the next round which we will be launching in July and we will be inviting those previous applicants back and also opening to new ones. The competition round subsequently attracted 327 applications, the largest number to date.
“What’s been truly valuable throughout is the support from the wider Can Do Collective network. We know there are a lot of willing hands and willing hearts out there to help us. A trusted network and group of people that are open to collaboration is what can help us all recover and look forward to 2021 with renewed energy.”
