Dr. Fionda-Douglas highlights the obstacles facing entrepreneurs in Scotland, including Brexit’s impact and the rising costs of doing business.
In a recent discussion regarding the challenges facing small businesses in Scotland, Dr. Fionda-Douglas outlined the significant obstacles that entrepreneurs currently endure. Speaking to The Herald (Glasgow), Dr. Fionda-Douglas noted the increasingly difficult environment for businesses, suggesting that many might consider relocating to other markets. “It is just too hard just now and we might get more bang for our buck elsewhere, so we are looking at places like Tokyo. The Donald Trump factor is not attractive,” she remarked.
Tartan Week, a celebration devoted to Scottish heritage and culture, offers an opportunity for businesses to promote their products and build connections. However, the challenges were starkly highlighted by Dr. Fionda-Douglas, who commented on the “real cost of doing business crisis” that many are currently facing. “The sentiment is there is a real cost of doing business crisis and to go to market to sell our wares is really expensive,” she stated.
She further elaborated on the implications of Brexit on Scottish businesses. Dr. Fionda-Douglas indicated that for companies dealing with manufacturers worldwide, the aftermath of Brexit has been particularly harsh, citing a 34% increase in tax and duties after the transition. She pointed out that their customer base in Europe had declined dramatically, saying, “Our customers in Europe dropped by 90% when we had a growing customer base in Europe.”
Despite the trying circumstances, Dr. Fionda-Douglas emphasized the importance of maintaining a positive outlook. “I always try to look for some positivity – if you don’t you wouldn’t be an entrepreneur,” she asserted.
Beira, a notable enterprise that repurposes waste from luxury fashion brands into unique garments, has also felt the strain, having closed its store in Stockbridge due to surging rates and rent. Dr. Fionda-Douglas described the state of retail, lamenting, “Retail in our high streets is on its knees.”
On the topic of access to finance for small and medium-sized enterprises (SMEs), she acknowledged the prevalence of business support while also highlighting the barriers that remain. “There seem to be more hurdles,” she observed, while advocating for local purchasing practices, stating, “We should also buy local because the money stays in the local economy.”
Dr. Fionda-Douglas also addressed broader social issues, calling attention to gender equality and the socioeconomic landscape. During a recent visit to a clothing factory in Cumbernauld, she was confronted with the statistic that one in four children in North Lanarkshire live in poverty, which she described as shocking. She expressed her strong disapproval of the UK Government’s cuts to welfare benefits, labeling them as “disgusting” and asserting that such measures disproportionately impact women.
Source: Noah Wire Services
