The best part of my job is spending so much time with people who can. And I’m glad I do, because plenty of commentators – armchair and otherwise – across Scotland seem to believe these inspiring people don’t exist.
Of course, we can’t ignore the wider context for businesses in Scotland. Economic growth is sluggish, confidence indicators aren’t exactly stellar, and the wider UK is uncomfortably holding its breath for an election. As a result, there is plenty of doom and gloom around, but this adversity makes the genuine examples of success I see even more inspiring.
Across our portfolio, whether it’s a Glasgow technology business that provides recruitment industry video interviewing and engagement software, a luxury goods company from Edinburgh expanding into new global markets, an Aberdeen life science company that develops drugs derived from shark blood, or a rocket launch company literally reaching for the stars from Forres, we find success follows bullish decisions and entrepreneurs who believe in what they are doing.
Working closely with can-do founders and business owners across Scotland, we see how patient capital (long-term private equity investment) can open up new opportunities that might otherwise be out of reach, including mergers and acquisitions, expanding into new geographies, or increasing headcount.
In Scotland we are rightly proud of our start-up culture and associated support networks, but this doesn’t always follow through to scale-up, and it can feel like business owners can be too quick to head for the exit door when they get an offer, believing that’s the only route for realising value.
This can be especially true in family businesses, which Scotland is particularly strong in. These founders and management teams can be surprised about the wealth of alternatives available to them – especially when it comes to succession planning, or even taking the company forward without having to personally exit. We regularly find the right investment and external advice can often reinvigorate family entrepreneurs’ sense of what can be achieved.
While no business has the same route to growth, we relish working with these individuals because, first and foremost, we succeed by backing the people behind the numbers. Even in this challenging environment, we are always meeting or being introduced to inspiring Scottish businesses, which all too often fly below the radar.
There is no room for complacency, though. Widening tax differentials – at both a business and employee level – are a growing concern for Scottish companies seeking to build their operations on home soil. Why Glasgow instead of, say, Manchester, isn’t always an easy argument to win if framed on this metric alone, so Scotland now has to work that bit harder.
Despite these challenges, we should be bolder. Scotland must find new ways to attract, retain and champion more of those who can. The easiest first step is giving equal weighting to positive examples and initiatives, to balance out coverage of the real headwinds that currently exist. Businesses have it tough in many ways, but there are also huge opportunities if Scotland’s longstanding can-do spark is reignited.
Paddy Graham is BGF Head of Scotland
Agenda is a column for outside contributors. Contact: agenda@theherald.co.uk
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