Small firms look to cut costs Research from Novuna Business Finance shows that 85% of small companies in Scotland are taking action to strengthen their business for the year ahead. This marks a 7 percentage point increase, year-on-year, and is 11 points up on pre-pandemic levels seen in 2019. The study also found that 19% are looking at budget planning, compared to a UK average of 17%, and 8% are looking for back-office efficiencies and/or streamlining – compared to 7% across the UK. The proportion of small Scottish firms looking to build up their financial reserves was slightly up on last year at 20%. Jo Morris, head of insight at Novuna Business Finance, said: “Rising inflation, record-high energy costs and a sustained and prolonged period of uncertainty is contributing to unprecedented levels of pressure for small business owners.” Cutting costs will be a priority for many motorsport businesses.