Growth opportunities are everywhere for small businesses in Edinburgh this year. Alongside Glasgow, Edinburgh is one of the fastest growing local economies in the UK, with its economic performance projected to be 1.1% larger than the last quarter of 2022 and employment levels expected to increase by 1.6% by the end of the year.
With such promising figures, small business owners have every reason to innovate and step up their business efforts to take advantage of the economic environment. Here are a few ideas on how Edinburgh’s small and medium-sized enterprises (SMEs) can set their goals and start this year right.
Tightening cybersecurity measures
With the adoption of technology on all business fronts, from supply management to customer service, it is increasingly becoming crucial for SMEs to pay attention to their cybersecurity measures. The threat of cyber-attacks does not only apply to large firms, as according to the UK Federation of Small Businesses (FSB), the average annual losses from cyber crimes and online fraud across the SME sector are at £768 a year.
These cyber incidents can range from phishing attacks that steal login credentials and request payment from employees to malware that destroys data and infects machines and computers.
In this light, the Scottish Business Resilience Centre emphasises the need for SMEs’ proactive approach to cybersecurity by implementing and updating their formal incident response plans. Since SMEs are less likely to have in-house cybersecurity professionals, they can also consider attending training courses and workshops on what to do in the face of data and security breaches.
Automating manual processes
Any business owner knows that manual tasks across sales, operations, and marketing consume significant time, labour, and other resources. But automation can help in this endeavour. Just like cybersecurity efforts, automation is not something only big companies can undertake, as there are now simple and affordable options that can fit within small business budgets.
Among the most accessible automated solutions SMEs can look into is marketing software that coordinates email marketing campaigns and schedules social media posts. In terms of customer engagement, chatbots can also handle inquiries and concerns 24/7 with little to no assistance from sales representatives. Ultimately, automation frees up business owners’ and their employees’ schedules, allowing them to devote their undivided attention to more crucial tasks.
Upgrading payment solutions
Digital transformation has also benefited consumers, and cashless payments are becoming the norm due to their ease of use and convenience. Since the beginning of the pandemic, Scotland and the UK have seen a downturn in ATM cash withdrawals, with citizens opting to pay digitally for health and safety reasons too.
In the same way transport systems in the Edinburgh area are innovating their payment systems beyond cash-only, payment solutions for small businesses can be upgraded to accommodate diverse payment methods from card to contactless. Business owners can maximise payment security and success by investing in equipment like countertop or portable card machines, as well as software for virtual terminals and online checkout processes.
Accessing support and funding
Innovating your business to become more efficient and competitive will require money. Still, the good news is that Edinburgh SMEs can access funding from external sources like the government and private sector. SMEs must stay updated and determine their eligibility for support that can also come from subsidies, incentives, and technological capital.
With sustainability becoming more of a priority in recent years, business funding competitions like the Scottish EDGE reward SMEs that can integrate environmentally and economically sustainable practices into their business models and product offerings. The most recent winner is S’Wheat, a social enterprise that was awarded £100,000 of funding to meet the growing demand for their renewable water bottles.
