Edinburgh has the prime conditions for a small business to become a success, a new report suggests. Scotland's capital ranks second in the UK for the number of High-growth SMEs, according to the Centre for Cities annual Small Business Outlook report.
The report examines the performance of SMEs in cities throughout the UK, focusing particularly on 'high-growth' strategies. These are defined as 'deciding to compete on quality rather than price';'pursuing innovation'; 'investing in training and workforce development'; 'offering customised goods and services'; and 'operating in competitive markets'.
Cities that can enable businesses to attract and retain skilled workers, access finance, and collaborate with other firms, are more likely to be home to a larger number of high performing small organisations and start-ups. Firms pursuing high-growth strategies are more likely to be more productive, more profitable and drive national economic growth over the longer term, suggests the report.
Speaking to the media, Edinburgh Councillor and Economy Convener Frank Ross said, "Supporting all small to medium sized businesses including high growth companies is fundamental to the growth of Edinburgh's economy.
"As a Council we offer a huge amount of support through our Strategy for Jobs. Our headquarters, Waverley Court, now has a business hub which integrates Business Gateway with other frontline services including planning, recruitment support and building standards. In the last financial year Business Gateway had a bumper year supporting 5,876 businesses including the largest number of high growth companies ever at 843. These were helped with key growth activities such as taking on staff, growing turnover, innovation and trading overseas."
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