TODAY is a highly significant day in the constitutional future of Scotland. After more than a year of seemingly unassailable SNP poll leads the Scottish election became an uncontested competition for First Minister and two battle royales, one for leader of the opposition and the other for fourth-place media bragging rights.

As I write this the polls are still open and indeed I haven’t yet voted so I can only go on gut feeling, but I am certain that the SNP have won, giving Nicola Sturgeon a personal mandate as FM. I would be surprised if she does not command a majority and therefore possess a rock-solid mandate to call a second referendum if the people of Scotland want one and when the conditions are right.

The SNP winning a second majority with an electoral system designed to stop (SNP) majorities would be outstanding. That is what will make this a significant day, as without that majority Scotland’s independence will be delayed by at least five years.

“Respect the result of the referendum” the Unionist parties and press will scream at our re-elected First Minister, but it rings hollow and insincere as, from the moment David Cameron announced English Votes for English Laws – having challenged Scotland to “lead the Union, not leave it” – the Unionists have been wildly disrespecting that result and the promises made to get it.

Was it respecting the referendum result to promise to keep tax offices open and then announce their closure, to promise orders for the Clyde and then to cut them and delay the contracts?

Was it respecting the result to guarantee EU membership then to lead us into an referendum that’s now too close to call; or to say that only the UK can support Aberdeen’s oil industry then to let that city down with a half-hearted city deal in its moment of need? Was it respecting the referendum result to cut grants to renewables early, endangering Scotland’s renewable energy future; or to offer devo max – something close to home rule – and then offer a Scotland Bill that misses even the watered down Smith Commission by a mile?

Yes, the nation narrowly voted No in 2014 but the reason that the independence debate is still alive and the reason SNP support has soared is because of the disrespect shown by the Westminster parties, not just to the Yes voters but to the No voters who were swayed by the now broken promises and fearmongering.

Again, going with gut feeling I don’t think the Tories will take second place, but do I think the Greens will have overtaken the Lib Dems and so be able to make the case to the media outlets that refused them fair coverage that if four parties are invited to the TV studio then it's the Lib Dems who should now miss out.

Now the SNP have to deliver. They are under massive pressure, not just from the unionist parties but from Yes voters desperate to see tangible progress towards independence. The SNP need to show significant competence on education as they have asked to be judged on this – and on economic policy as progress towards independence absolutely requires people to be sure of the SNP's economic competence.

Nicola clearly has a plan on education and, despite only controlling a limited set of fiscal levers, there is a major opportunity for economic prosperity waiting to be unleashed.

SMEs – small to medium-sized enterprises – make up the vast majority of Scotland’s private sector and create the majority of added value employment in Scotland. SMEs make up 99.4 per cent of Scotland’s businesses, employing 1.2 million (55.6 per cent of all private-sector employment) and representing the biggest opportunity for economic growth. But despite generating 39.4 per cent of private sector turnover, the SME sector seems largely unappreciated in the UK. Big business dominates policy and political discussions despite its growing detachment from the communities it operates in and is often willing to cut jobs to maximise profit and to avoid tax for the same reason.

The first thing that should be done is to announce a new minister for SME growth, someone with expertise in tourism, finance or the creative industries and not a trace of a global company background. Another option would be to take advantage of the Enterprise Bill currently going through Westminster, which includes the role of a UK Small Business Commissioner, and demand an SME commissioner for Scotland but with a wider remit so the role could offer far greater support to SMEs and better co-ordinate business support via the various agencies – SE, SDI, councils, even Creative Scotland – and partnering with private sector incubation services. This way Scotland can have its first fully inclusive SME growth strategy aimed at creating an economic advantage through the businesses that are the foundation stones of prosperity in Scottish communities.

Key to unlocking the growth potential of SMEs is to legislate on late payment as cashflow is the biggest detriment to growth in small companies. In a recent survey of BfS members on late payment we asked: “If all invoices were paid on time and you had no cashflow issues, what additional growth would you expect in the following year?”

Some 23 per cent thought up to five per cent growth, 46 per cent thought their turnover would increase by over five per cent with 16 per cent predicting growth of between 10 and 20 per cent and seven per cent even predicting 20 per cent growth if only they were paid on time. Big companies and councils appear to be the major culprits and the target of 10 days from the Scottish Government needs to be mandated to all public sector organisations and the business community engaged to agree a solution asap. Getting late payment sorted could lift the ceiling on SME growth and remove a major barrier to SME exporting as cashflow worries keep trade local and easy.

The SNP should also demand (again) control over all business taxation so they can forgo the Conservatives' corporation tax cut and introduce a corporation tax credit system to allow firms to earn discounts through activities that drive shared prosperity such as investing in environmentally sustainable practices, paying the real living wage, employee engagement, spending a target percentage of turnover on R&D and downstream innovation, hitting equality targets, employing apprentices, and paying bills promptly – especially to SMEs. Making big businesses earn the tax cut would increase overall tax income.

We are on the road to independence but with a few more powers and a creative approach to harnessing SME growth and rebalancing the business playing field to allow smaller firms to thrive would mean we will get there quicker.