Scottish firms could miss out on up to £4.3billion in untapped growth potential in 2018, new study findings show.
Business and financial adviser Grant Thornton UK says its research among 114 companies turning over between £10million and £1billion found a majority were focused on growth.
More than two-thirds (70%) planned to maintain current levels of growth –above the UK average of 61% – and half were looking to invest in technology. Well over one-third (39%) aimed to increase international collaboration and networks.
But the survey also revealed an “array of barriers to growth” which, if surmounted, could unlock billions of pounds in gross added value across Scotland’s economy, Grant Thornton says.
Technology was the biggest concern, with 38% of firms saying investment in this area was a potential barrier to future growth.
Grant Thornton’s report adds: “The debate over free movement of people and goods post-Brexit appears to influence another major future growth concern, with 37% of Scottish respondents telling us access to skills and talent could hamper their long-term expansion plans.”
Andrew Howie, Grant Thornton UK’s managing partner in Scotland, said: “Scotland’s business community has clearly been unsettled by the outcome of the Brexit vote. Our research suggests access to skills and investment in technology remain at the forefront of their concerns.”
