Scots small businesses 'set to survive global meltdown'
SCOTLAND’S small businesses will be the last to be affected by the fallout from the global economic uncertainty. Large financial company cutbacks and bonus plunges will take time to trickle through to the SME market.
This is the view of Steve Pateman, chief executive of NatWest and RBS business banking. Speaking exclusively to The Scotsman, Pateman said he believed that, if financial institutions cut bonuses, then there is a delay in impacting on the smaller businesses reliant on this spend.
Pateman said his clients, which cover a 36 per cent market share in Scotland and 28 per cent across the UK, are more concerned about cash flows than economic downturns. He explained: "I think a lot will depend on how the consumer reacts to world events. Generally, small businesses are shops, pubs, marketing firms and restaurants. We don’t make many things but I have managed Scottish businesses for the last five years and I firmly believe they are more resilient."
He argues Scottish small businesses have a loyalty and community factor that is not as evident throughout the UK.
"In Scotland, they are more passionate and seem to support each other more. There is a sense of community and you find local businesses want to work with fellow local businesses," he said
Original source : The Scotsman
