The hybrid working model is most certainly here to stay, and the latest update from the tech world is testament to that.
Google Workspace recently unveiled a massive update that ramps up its rivalry with Microsoft 365 – and most notably, is clearly targeted at hybrid workers.
Productivity and collaboration software, and the ability to view video feeds alongside shared content, are all aimed at making life easier for today’s workforce.
Apparently you’ll even be able to react to emojis during video meetings – though I can’t say that has ever been top of my business agenda if I’m honest.
Tech advances that make hybrid working easier will be welcomed by the many workers who have settled into this as their new normal.
But it might cause a bit of trepidation in other sectors that, pre-pandemic, relied heavily on footfall from office-based workers.
It has made it incredibly difficult for retailers to bounce back even, because when restrictions were lifted, they had lost a lot of their customer base. So they may see long-term hybrid working as the final nail in the coffin.
We have seen major retailers like Debenhams ditching physical stores and moving to online sales only – moving with the times, yes, but a sad day for the high street nonetheless.
A number of Scottish towns including East Kilbride and Falkirk have lost their much-loved Marks & Spencer stores and Glasgow will soon follow suit as when the long-standing flagship M&S disappears from Sauchiehall Street.
But it hasn’t been doom and gloom for all retailers, thank goodness.
Scottish outdoor clothing specialist, Jacobs and Turner, the company behind Trespass, announced it has more than quadrupled its profits in the last financial year.
The Glasgow based company has recorded pre-tax profits of £9.71 million during the financial year, in sharp contrast to the year before when pre-tax profits were just £2.23 million. The last two years have seen its performance curtailed by the pandemic so it’s good to see it on the up.
Other retailers like Co-op have also weathered the storm. Its recent financial results show the retailer saw food sales rise by £200m to £9.1bn in 2021. Admittedly, some of this success is down to the retailer investing in the expansion of its e-commerce operation though, so clearly this is a sector that recognises it can’t rely on high street stores alone.
I am pleased to see more steps are being taken to aid the recovery of the retail industry and to boost city centres in Scotland.
In recent weeks the Scottish Government announced it was forming a leadership group as part of its new retail strategy aimed at improving the sector. They say its formation is ‘just the beginning’ when it comes to working with businesses, trade unions, customers and workers to navigate the post-Covid challenges.
Work is also taking place at a local level, and Glasgow is a prime example. Its City Centre Recovery Task Force have unveiled rescue plans for the city after being awarded almost £2m in funding from the Scottish Government City Centre Recovery Fund. The campaign aims to encourage footfall back into city centres.
The retail industry is not out of the woods yet, with new pressures mounting from the cost-of-living as well as supply industry challenges, so let’s hope these steps help to ease the burden.
Tourism Rebounds as National Trust Invests
I was delighted hear the National Trust for Scotland (NTS) has unveiled £38m of investment plans, including the creation of 300 jobs.
Unfortunately, the trust had its fair share of financial troubles, like many others, at the height of lockdown.
However, the NTS has just announced that it’s looking to expand its 2021 membership base of 317,000 to more than half a million people across Scotland over the next decade.
It seems like we are finally turning the tide when it comes to tourism, and I hope to see more positive news when it comes to the celebration of Scotland’s heritage.
I also welcome the fact the trust’s initial three-year investment – set to stretch to £100m across 10 years – will tie in with the charity’s commitment to becoming carbon negative by 2031.
Being a responsible business has never been more important and I believe our appreciation of the outdoors after lockdown has had a major part to play in us becoming more environmentally conscious.
The NTS has been protecting our heritage for decades and it would be a real shame to see such an important institution dissipate like so many other businesses have.
Tourism has always been a vital part of Scotland’s economy and while we should approach it with cautious optimism, I’m excited to see some of the country’s best-loved organisations coming back with a bang.
It Made Me Laugh
Crisp-flavoured chocolate seems to be really having a moment – just in time for Easter.
I couldn’t help but chuckle after reading that confectionary firm Chocolate Moments and Irish snack manufacturers Tayto have both launched these unusual flavours of chocolate, which probably aren’t for the faint-hearted.
Obviously, there’s nothing I love more than innovation, but, I won’t lie…when I first saw these launches, I was certain it was part of an early April Fools’ Day prank.
While the combination of these two snacks together feels rather unconventional, I admire businesses that do something a bit different.
Tayto’s new cheese and onion flavoured chocolate bar, in particular, will no doubt divide opinions and I’m curious to see if other brands follow suit. The brand might just make a packet out of tempting curious tasters to try them out.
It Made Me Weep
It was sad to see that recent research has shown 75 per cent of women who run a business in Scotland stated that either a fear of failure or a lack of funding was the main drawback to them launching their own firm.
The survey, conducted by Scotland’s national business support agency, Business Gateway, also revealed that 38 per cent of women used their savings instead of applying for external funding when they started up.
Throughout my time in business, I’ve met many incredibly talented female founders, so it’s frustrating to see that women across the board are still experiencing these setbacks.
Funding is a vital part of creating a business and this research shows how much support is still required when it comes to supporting new starts.
