Recent developments within the global banking industry and wider business community are rightly causing major concerns for Edinburgh and Lothi
ans businesses.
It can be all too easy for companies to try and keep their heads down during a crisis. However, most companies I speak to know they need to take action now and at Scottish Enterprise we know there are things we can do to help our companies sustain the worst of any recession and be in the best position possible to respond when the
markets pick up again.
Companies which have the flexibility to adapt and respond to these changing market conditions will be most successful in seizing the opportunities that still exist to grow their business as well as face the challenges head on.
That is why it is critical that businesses of all sizes take stock and assess whether their business strategy is still fit for purpose. This is where Scottish Enterprise can make a real difference.
We now have a very clear remit to support those companies which can make the biggest difference to the Scottish economy and we already have the tools to help companies address upcoming challenges as well as help them identify new opportunities to grow their business.
These tools are not new. Most are simply good business practice, which we have advocated for a number of years to help companies become more profitable, more innovative and more competitive. In the current economic climate, however, they are now more relevant than ever before.
Working in close collaboration with our partners in Business Gateway, local authorities and other business support organisations, we can co-ordinate our activities and responses to individual businesses.
Our range of business efficiency support such as the Scottish Manufacturing Advisory Service and Lean Management programme can help companies reduce their costs, increase productivity and achieve real savings for the bottom line.
Recently we launched a recruitment drive to find a further 12 industry experienced and hands on experts to join our Scottish Manufacturing Advisory Service which will allow us to double the number of companies we can support and help meet the increased demand we are receiving from customers looking to benefit from the advice and guidance it can provide.
Similarly, we are increasing our previous levels of support to help more companies improve their sales and marketing activity and ensure managers are prepared to lead their companies through any downturn in business.
For companies struggling to find finance from existing sources, we can also help companies reach a level where they are eligible for equity investment or find alternative sources of funding through our investor readiness programme.
However, as well as focusing on the challenges that exist, companies should not be afraid to target new business opportunities if existing domestic or overseas markets are slowing down.
Developing new products and improving business processes can help bring a new lease of life to companies, particularly if business activity is stalling in specific areas. Our range of innovation support and team of innovation advisors can help companies explore how best to capitalise on these opportunities.
Likewise, targeting new overseas markets can provide opportunities to increase sales and revenue growth, particularly if traditional export markets are slowing down. There continues to be opportunities overseas, particularly in markets such as Asia, which are still performing relatively strongly. Through Scottish Development International, we have a team of 90 sales professionals working across the globe actively selling Scotland and helping Scottish businesses to sell overseas while our network of Globalscots can provide companies with advice, support and much needed introductions to help them break into a new international market.
We are hosting a series of events across Scotland to inspire and inform business leaders on a range of topics relating to your current economic challenges. In particular, the following events are taking place in Edinburgh and the Lothians:
24 March - `Winning Through Innovation' at the Edinburgh Corn Exchange, 11 Newmarket Road, Edinburgh from 9:00am to 2:00pm
1 April - `Cool Heads and Strong Leadership' at Norton House Hotel, Edinburgh from 5:00pm
22 April - `Creating Buyers in Difficult Markets' at Norton House Hotel, Edinburgh from 5:00pm 6 May - `Green is the New Gold' at Norton House Hotel, Edinburgh from 5:00pm
20 May - `Inspiring Action for the Future' at Norton House Hotel, Edinburgh from 5:00pm
All events feature experienced speakers offering practical hints, tips and advice. Each event is free to attend and you can book online at
www.nowsthetimetoask/events or call 0800 141 2128.
