The firm has revealed that a further 16% of the business owners who took part in the survey had launched their companies during the past year as the crisis triggered new ideas and opportunities.

Encouragingly, 59% of respondents said they were optimistic about the economic outlook for the next 12 months. Conversely, 40% said they had struggled during the past year, The Press and Journal reports.

Businesses in Orkney and Shetland were the most likely to have expanded (33%), while Dundee, Perthshire and Angus had seen the highest numbers of newly created businesses (25%).

Rathbones said: “Putting a financial plan together to rebuild any safety net that may have been eroded away during this period will be key for business owners.”