The expansions are largely planned through new talent acquisition or extending their geographical presence. Furthermore, two fifths (43%) of the entrepreneurs aim to invite more investment, while 32% plan to take their businesses public.

The volatile economy is also leading some Scottish business owners to consider an exit strategy, with 30% contemplating downsizing their business and another 32% planning a sale. This comes as 28% of Scottish business owners acknowledge that recent political and economic turbulence has adversely impacted their operations.

Despite concerns about the coming year expressed by 57% of these entrepreneurs, they are also viewing the difficult economic climate as a source of potential opportunities. The increased number of UK companies, which rose by 16,000 (1%) in 2022 despite the unstable economy, reflects this spirit of resilience and opportunism.

Angus Kerr, head of Scotland at Rathbones, commented: “Times have been challenging for UK businesses, so it is certainly positive to see such resilience and ambition among business owners and entrepreneurs. This confidence and desire for success, and moreover growth, should help provide some stability and strength to the UK economy.

“For any business owner considering the next step for their business, whether that is growth through acquisition, listing, talent, or region, or in fact an exit, your personal finances will be an important component of any move.

“Ensuring that you have the funds you need to achieve your personal life milestones is just as important as having the funds necessary to achieve the business ones. Speaking to a financial adviser or planner will provide this peace of mind throughout your wealth journey, whether you’re investing more capital into the business or planning what to do once you sell.”