I approach every new year the same way as I’m sure many people do – with a brand-new list of resolutions. It will come as no surprise that the majority of mine are business focused, and largely based around ambitious goals that I hope to achieve over the next twelve months.
While I’m sure the main goal for many entrepreneurs over the last few years has been merely to survive, I’m pleased to see that 2024 brings a glimmer of hope for many Scottish business owners in dire need of some optimism.
By some miracle, Scotland is predicted to avoid falling into recession, with the economy estimated to gradually begin growing again – albeit by just 0.3 per cent this year, and 1.3 per cent in 2025. While it falls short of the growth expected by the UK as a whole – forecast by the OBR as 0.7 per cent and 1.4 per cent respectively – the prediction does provide some much needed positivity to business owners across the country.
So, it presents the question – which resolutions should entrepreneurs be setting in order to make the most of this somewhat optimistic outlook?
I believe there are three key areas which business owners need to focus on if they are to continue to grow and thrive throughout 2024 and beyond.
The first is to harness the power of artificial intelligence to level up business activity. As a country, it is vital we continue to develop our knowledge and grow our skills in using AI if we want to establish ourselves as global leaders in the business community. Leveraging AI tools for in-depth analysis allows businesses to understand their customers on a deeper level, and it’s through that personal connection we convince them to buy our products and use our services.
Which takes me nicely to my second point – prioritising the customer experience. This is absolutely non-negotiable – as buyers have more choice now than ever before, it is imperative that entrepreneurs are doing everything they can to make the customer experience as outstanding as possible.
Investment in staff training and retention is the key to achieving this, and something which many businesses across Scotland are already buying into. I have continually been impressed by the in-depth staff training and employee rewards schemes offered by Ayrshire-based hospitality group Buzzworks, and was delighted to see their efforts recognised when they were listed in The Best Companies to Work For in the UK list for the eighth year running.
With spending set to rise again, entrepreneurs have been presented with a fantastic opportunity to utilise as many avenues they can to bring customers to their door. This brings me to my final point, which is to invest in your social media presence.
The key lies not only in managing your business account but also in creating a space which customers want to showcase on their social channels. My company SRA Ventures LTD recently leased a property on Balgreen Road in Glasgow to BS Barbers, who have transformed the premises into a swish salon that looks fantastic on social media. Not only does that attract a brand-new clientele, but it provides them with a great backdrop that will support them in free online content marketing for years to come.
Of course, these recommendations would be a lot easier to implement if the business community felt supported by its wider stakeholders, not least the Scottish Government. Following December’s lacklustre budget announcement, the vast majority of businesses have been left yearning for more in the way of financial help, as entrepreneurs still continue to navigate recovery from the covid pandemic.
While I’m not confident of the SNP Government’s capability of providing much-needed support for the tens of thousands of businesses still crying out for help, I am hopeful that business leaders will do their best to grab the opportunity for economic growth with both hands.
I’m looking forward to seeing what Scotland’s bustling business community can achieve in the next twelve months – and even more so to check back on these resolutions myself.
Green business drives growth across Scotland
Sustainability was big news last year and will continue to be a priority for Scottish businesses in 2024.
One driver is customer demand, as research continues to show that consumers increasingly prefer companies with a solid commitment to reducing their environmental impact.
Makers of Scotland’s national drink have been addressing this with a range of ongoing, industry-wide initiatives. These include a range of measures from biofuel-powered lorries to solar farms and even the use of oysters in the Dornoch Firth to clean wastewater.
The Scottish whisky industry says it takes sustainability seriously and has committed to net-zero emissions from its operations by 2040 to dramatically reduce the environmental impact of whisky production.
Elsewhere, we’ve seen entrepreneurs with sustainable businesses flourish such as Chocolatia, an Angus-based business selling a range of artisan chocolates made from sustainable ingredients.
On the other hand, as the green economy grows, we’re learning that green solutions often lead to bottom-line growth.
Numerous Scottish companies have transitioned their vehicle fleets over to electric motors which are cheaper to run. Grants provided by Transport Scotland act as an incentive for organisations to install EV (Electric Vehicle) charging infrastructure on their premises. Even our buses are EV now, with Stagecoach boasting 343 e-buses.
Plus, as I touched on in my last column, jobs in Scotland’s renewables sector are also booming, so it will be an interesting year for Scotland’s green revolution, and I for one will be keeping a close eye on our progress.
It Made Me Laugh
In Summer 2024 the Tartan Army will be out in force as Scotland’s national football team heads to Germany for the European Championships.
This year footy fans can improve their style credentials with a pair of specially themed trainers. The Adidas Gazelle shoes feature the famous three stripes which are enhanced by using the Scotland team’s badge. They also feature the tournament logo and a patriotic Saltire on the heels.
Made by firm BG Customs, a pair of the customised kicks will cost fans £165.
It’s great to see businesses having some fun and capitalising on the feel-good factor ahead of the tournament.
While there’s no guarantees of Scotland’s performance in the Euros – at least the Tartan Army can scoop the title of best-dressed supporters.
It Made Me Weep
This year should have seen significant progress on work to turn the A9 road between Inverness and Perth into a dual carriageway. However, the Scottish Government announced the ‘dualling’ project has been delayed by 10 years.
The news will come as a blow to businesses who were set to benefit from the reduced journey times, as well as families whose loved ones have died on the dangerous road over the years.
Only a paltry 11 miles have been upgraded in the last 16 years since the SNP made it a manifesto commitment in 2007.
The A9 runs for 230 miles across our country and is the spine of the Scottish road network so let’s hope for no more broken promises.
