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The Herald Scotland
3 days ago
- Business
- The Herald Scotland
Scottish business owners reveal worries for future
The business group declared that the findings underline the difficulties facing small enterprises following the sharp rise in employer national insurance contributions and national living wage, which took effect in April. It also cited the extra costs and risks which are expected to be imposed by the impending Employment Rights Bill. The FSB found that more than one-quarter of small businesses (28.7%) expect to contract, close or sell up over the next 12 months. This compares with the 24.5% which expect to grow over the next year, according to the FSB's Small Business Index for the second quarter. The latest results represent both the highest number expecting to contract, close or sell, and the lowest number expecting to grow since the outbreak of the pandemic in the first quarter of 2020. 'We believe in Glasgow': Developer gives city huge vote of confidence The 'enormous challenges' key Scottish industry has to overcome New Scots tourism figures 'tell only part of the story' Overall business confidence in Scotland fell to a net rating of -35.7, a sharp decline on the first quarter when confidence was measured at -15.3. UK confidence in the second quarter was -44.1, lower than the score for Scotland. Guy Hinks, Scotland chair of the FSB, said: 'For the first time since the country went into lockdown, more small businesses in Scotland expect to shrink, close or sell up than expand. That is deeply concerning, not just for thousands of small businesses, their staff and customers, but for the prospects of the whole Scottish economy which is largely driven by SMEs (small and medium-sized enterprises). 'The governments in Westminster and Holyrood have been making all the right noises about supporting the small business community. These stark findings show the urgent need for decisive action. 'At Westminster, that means taking steps to tackle the blight of late payments, the inappropriate use of personal guarantees on business loans and listening to business concerns about the Employment Rights Bill and its dampening effect on firms taking on staff. 'At Holyrood and in local authorities across Scotland, that means ensuring the needs of small businesses are fully taken into account whenever any policy is brought forward, from creating a level playing field for small firms bidding for valuable public contracts to local visitor levy schemes.' The FSB found nearly half small businesses in Scotland (48%) reported a fall in profits over the last three months, compared with 27% which saw an increase (27%), while twice as many cut staff (18%) as increased employee numbers (9%). Nine out of 10 Scottish respondents (88%) experienced rising costs in the second quarter, largely because of increases in utility bills, as well as labour and tax costs. More than half (54%) cited the performance of the domestic economy as the biggest barrier to the growth of their own business, followed by labour costs (41%) and the tax burden (40%). Nearly one in three (30%) businesses expect to see an increase in profits over the next three months, down significantly on the previous quarter (41%).
Fibre2Fashion
29-06-2025
- Business
- Fibre2Fashion
US Small Business Confidence rises slightly in Q2 2025
The MetLife and US Chamber of Commerce Small Business Index rose modestly to 65.2 in Q2 2025, up from 62.3 in Q1. The uptick reflects improved confidence in business health and cash flow, with 69 per cent reporting their business is in good health and 73 per cent feeling comfortable with current cash flow. However, the index remains below the 69.5 recorded a year ago, underscoring ongoing economic caution. While concern over inflation has dropped to 48 per cent—marking the first time it has fallen below 50 per cent since Q2 2022—70 per cent of small businesses still report inflation has significantly affected operations, and 60 per cent have increased prices in the past year, the US Chamber of Commerce said in a press release. Workforce-related concerns are growing, with 16 per cent citing employee retention as their top issue, up from 11 per cent last quarter. The MetLife & US Chamber of Commerce Small Business Index rose to 65.2 in Q2 2025, reflecting improved confidence in business health and cash flow. Inflation concerns eased, yet operational impacts persist. Staffing plans are up, but revenue expectations have softened. Supply chain issues, compliance burdens, and benefit complexities remain key challenges. Supply chain disruptions also persist, with 47 per cent of businesses having altered their supply chains in the past six months and 30 per cent unable to meet customer demand. The burden of licensing and compliance is also rising, with 40 per cent of small businesses spending more time on government requirements. 'Small businesses are cautiously navigating a complex economic landscape. While they are confident in their business operations—especially at the local level—when it comes to long term planning there is some hesitation as inflation concerns linger, and new trade policies create economic uncertainty,' said Tom Sullivan, senior vice president of small business policy at the US Chamber of Commerce. Expectations for future growth are mixed. While 42 per cent plan to increase staffing—up from 37 per cent last quarter—only 65 per cent expect revenue growth over the next year, down from 73 per cent in Q2 2024. 'We are managing these headwinds through tight cost controls, vendor renegotiations, and strategic investments in automation and distribution. These adjustments have improved profitability, even amid an unprecedented decline in demand,' said small business owner Colton McCurley . This quarter's survey also highlighted challenges in offering employee benefits. Although 93 per cent believe benefits are vital for employee wellbeing and retention, 66 per cent find selecting benefits difficult, and 67 per cent wish they had external guidance. Health insurance remains the most commonly offered benefit but rising costs and budget constraints remain barriers. Businesses in the services sector and those owned by baby boomers report lower confidence in both national and local economic conditions. Gen-Z and Millennial owners are more optimistic, added the release. 'Today's small business owners are navigating a complex benefits landscape that's only grown more challenging in recent years. It's no surprise that an increasing number, two in three, say they wish they had outside help,' said Bradd Chignoli, executive vice president and head of Regional Business and Workforce Engagement at Metlife . 'Partners such as benefits brokers and insurers are excellent resources to meet this challenge. By working with knowledgeable experts, small business owners can focus on their top priority: growing their business.' Fibre2Fashion News Desk (SG)
Scotsman
28-05-2025
- Business
- Scotsman
Businesses demand action to boost growth as Scotland falls behind UK as a whole
Economy shrinks in February and March with GDP growth for first quarter sluggish, new Scottish Government data reveals Sign up to our Politics newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Business leaders have called for growth to be the 'top priority' at Holyrood and Westminster after it emerged Scotland's economy shrank in February and March and has fallen behind the UK as a whole. Data published by the Scottish Government reveals GDP fell 0.2 per cent in March, following a similar drop of 0.2 per cent in February, prompting Deputy First Minister Kate Forbes to demand 'decisive action' from the UK Government. Advertisement Hide Ad Advertisement Hide Ad The figures also reveal that over the first three months of this year, growth increased 0.4 per cent in Scotland - below the 0.7 per cent recorded for the UK as a whole over the same period. The governments of Keir Starmer and John Swinney need to have a proper working relationship (Picture: Andy Buchanan/WPA Pool) | Getty Images Ms Forbes insisted Labour ministers need to 'counter the damaging economic impacts of Brexit' and also reverse the recent hike in employer national insurance contributions. She said the Scottish Government has only 'limited powers' over the economy. Scotland Office minister Kirsty McNeill insisted it is 'absolutely essential' that both the Scottish and UK governments 'work together to deliver better jobs, wages and opportunities for the people of Scotland'. Advertisement Hide Ad Advertisement Hide Ad Firms 'expect situation to get worse' Her call was echoed by Colin Borland, director of devolved nations at the Federation of Small Businesses, who warned that most small firms expected the situation to deteriorate further. Mr Borland said: 'We saw the first signs of confidence starting to return among small business owners in Scotland during the first quarter, after our Small Business Index (SBI) hit a four-year low at the end of last year. However, that returning confidence remains fragile – with more small businesses still expecting things to get worse before they get better – so it needs to be nurtured. 'That requires all levels of government from Westminster and Holyrood through to local councils to keep a clear focus on the impact of their policies on small businesses. Advertisement Hide Ad Advertisement Hide Ad 'Growth needs to be everyone's top priority. At a UK level, that includes looking again at the parts of the Employment Rights Bill that threaten to put smaller employers off taking a chance on hiring new recruits and removing barriers to business finance. 'For the Scottish Government and local authorities, it means delivering on promises to carefully assess the small business impact before adopting new regulations, taxes or policies.' For the period January to March, Scotland's services sector – which makes up the bulk of the economy – grew by 0.5 per cent, while the production sector grew by 0.3 per cent. The construction sector was flat with 0 per cent growth recorded, while the agriculture, forestry and fishing sector contracted 0.4 per cent. Advertisement Hide Ad Advertisement Hide Ad Looking at March alone, output in the services sector was flat at 0% growth, while the production sector shrank by 1.6 per cent. However the construction sector expanded by 0.3 per cent. Deputy First Minister Kate Forbes | PA Mr Forbes, who has responsibility for the economy within the Scottish Government, stressed the figures for the first quarter of 2025 are 'encouraging' when compared to the 0.1 per cent growth recorded over October to December 2024, and said they show quarterly growth 'getting stronger'. She added: 'In the face of ongoing global challenges, dynamic steps are being taken to grow and transform Scotland's economy. Advertisement Hide Ad Advertisement Hide Ad 'We are pursuing new investment, building export potential and supporting innovation. Last week the First Minister announced that US green aircraft engine developer ZeroAvia is to establish a new manufacturing base in Scotland, creating around 350 jobs. 'Meanwhile, our Programme for Government includes a six-point export plan to help businesses tap into new markets and increase sales.' 'Limited' powers for Scottish ministers But she added the Scottish Government's 'limited' powers mean 'decisive action' is needed from the UK Government to 'counter the damaging economic impacts of Brexit and tackle the economic uncertainty currently being felt by business, workers and families'. This action from Westminster must include reversing the 'damaging decision to increase employers' national insurance contributions', the Deputy First Minister insisted. Advertisement Hide Ad Advertisement Hide Ad Ms McNeill made clear however that 'Scotland's growth must not lag behind the rest of the UK'. She said: 'The UK government ended austerity in Scotland with a record £50 billion block grant in 25-26 for the Scottish Government to spend on public services. 'Meanwhile our Brand Scotland trade missions are promoting Scotland's goods and services on the world stage to encourage further growth and investment, and our forthcoming industrial and trade strategies will create opportunities for people right across the UK.' Scotland Office minister Kirsty McNeill | PA She also said the UK Government's Plan for Change is 'working by kick-starting economic growth and putting more money in people's pockets'. Advertisement Hide Ad Advertisement Hide Ad Ms McNeill added: 'There's been an annual pay rise of around £1,400 for up to 220,000 Scottish workers and an end to zero-hours contracts for nearly 80,000 Scots thanks to our ground-breaking Employment Rights Bill.' READ MORE: Why a Fair Banking Act would create a more inclusive economy Scottish Conservative shadow cabinet secretary for finance and local government Craig Hoy said governments in both Edinburgh and London were to blame for Scotland falling behind the UK as a whole. He said: 'Growth across the UK has been badly hit by Labour's disastrous budget and their National Insurance tax rise. But under the SNP Scotland is lagging behind even those sluggish figures. Advertisement Hide Ad Advertisement Hide Ad 'Two left-wing governments to blame' 'Thanks to the SNP's higher tax rate, excessive regulations and failure to pass on rates relief, Scottish businesses are at a disadvantage. Thanks to the policies of two left-wing governments, economic growth has stalled, while Scottish firms and households are paying more to get less.' Kevin Brown, Savings Specialist at Scottish Friendly, said: 'March's GDP figures show Scotland trailing the wider UK, which is disappointing but not disastrous, and certainly isn't a signal to panic. 'The gap between Scotland and the UK isn't huge, and with the right conditions – stable inflation, improved consumer confidence, and no escalation in global trade tensions – growth could quickly pick up.
Business Wire
01-05-2025
- Business
- Business Wire
LegalZoom Unveils Enhanced Compliance Portfolio to Help Business Owners Stay Legally Protected During Market Uncertainty, Changing Policy Decisions, and Economic Volatility
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Inc. (Nasdaq: LZ), a leading online platform for legal services, today announced significant enhancements to its business compliance portfolio, designed to help entrepreneurs concentrate on growing their business while avoiding costly legal penalties and potential closure. LegalZoom's new suite of compliance features keeps businesses protected with attorney-tracked compliance monitoring, compliance status notifications featuring data from the state filing office, and AI-powered business licensing updates. Given recent macroeconomic volatility, it can be difficult for small businesses to stay in compliance with evolving regulations. A prime example is the changing landscape of Beneficial Ownership Information Reporting (BOIR). While BOIR has been eliminated federally for US citizens, it is still required for foreign nationals and certain states such as New York have introduced their own requirements, with new rules taking effect January 1, 2026. LegalZoom has expanded its compliance portfolio and services to help business owners stay informed during this time of change, uncertainty, and volatility. Serving as a trusted guardian, LegalZoom works to protect businesses from compliance violations, helping them to avoid missed deadlines and unexpected penalties. 'In a landscape of evolving policies and economic instability, our customers require excellence in compliance support so that they can truly focus on what matters most—their business,' said Nicole Miller, Chief Legal Officer of LegalZoom. 'With LegalZoom, business owners gain a dedicated partner that stays ahead of regulatory changes, backed by real expertise—not guesswork. Our expanded services lift the burden of compliance, giving entrepreneurs peace of mind so they can move forward with confidence.' Entrepreneurs don't want to spend their time navigating complex legal and compliance hurdles. In fact, new data from the U.S. Chamber of Commerce Small Business Index reveals that approximately half of small business owners believe they are spending too much time on regulatory compliance, hindering their growth. Compounding the problem, 51% say licensing, certification, and permit requirements create additional barriers to expansion, and 47% say that their business spends too much time fulfilling regulatory compliance requirements. In addition to long-running monitoring features and handling of required filings, compliance subscribers also have access to LegalZoom's expanded compliance portfolio, which includes: Compliance Status & Monitoring: Leveraging data obtained from your state filing office, this groundbreaking integration gives business owners status updates of their standing with state agencies directly on LegalZoom's compliance platform, with built-in alerts on any changes. LegalZoom's compliance status badge, monitoring, and notification service is designed to ensure you're always informed of critical changes to your business standing, eliminating compliance guesswork and providing peace of mind, directly from the ultimate authority on your business's compliance—your state, paired with our insights, guidance, and support. Attorney-Tracked Updates: LegalZoom proactively monitors compliance requirements and their impact on our customers, keeping abreast of legal and government developments and analyzing their significance. In particular, we track changes to filing requirements, ensuring our customers are informed about the latest in their business compliance and provide them with solutions to staying up to date. This empowers our customers to focus on their core business, secure in the knowledge that we're watching their essential compliance updates. AI-Powered Business License Content Change Detection: LegalZoom is leveraging AI enhancements to track ongoing business licensing report requirements across 90,000 jurisdictions, notifying customers when new requirements or modifications to their existing license reports are detected. This helps ensure entrepreneurs remain compliant with the latest licensing rules without the hassle of complex manual tracking at the federal, state, and local government levels. LegalZoom's expanded compliance offerings reinforce its commitment to providing small businesses with the tools and expertise to thrive in a complex regulatory environment, helping entrepreneurs safeguard their businesses, maintain compliance, and operate with confidence. For more information, visit here. About LegalZoom LegalZoom is a leading online platform for legal services, transforming how individuals and small businesses navigate the legal system. By combining intuitive technology with access to experienced attorneys—whether through our vast independent attorney network or the LegalZoom-owned law firm—we offer the tools and guidance people need to confidently manage everything from business formations and compliance to estate planning and ongoing legal support. With over two decades of experience and millions of customers served, LegalZoom helps individuals and small businesses navigate legal needs with confidence. For more information, visit
Yahoo
01-05-2025
- Business
- Yahoo
LegalZoom Unveils Enhanced Compliance Portfolio to Help Business Owners Stay Legally Protected During Market Uncertainty, Changing Policy Decisions, and Economic Volatility
Attorney-tracked insights, AI enhancements, and industry-leading technology provide peace of mind for entrepreneurs with comprehensive monitoring and support MOUNTAIN VIEW, Calif., May 01, 2025--(BUSINESS WIRE)-- Inc. (Nasdaq: LZ), a leading online platform for legal services, today announced significant enhancements to its business compliance portfolio, designed to help entrepreneurs concentrate on growing their business while avoiding costly legal penalties and potential closure. LegalZoom's new suite of compliance features keeps businesses protected with attorney-tracked compliance monitoring, compliance status notifications featuring data from the state filing office, and AI-powered business licensing updates. Given recent macroeconomic volatility, it can be difficult for small businesses to stay in compliance with evolving regulations. A prime example is the changing landscape of Beneficial Ownership Information Reporting (BOIR). While BOIR has been eliminated federally for US citizens, it is still required for foreign nationals and certain states such as New York have introduced their own requirements, with new rules taking effect January 1, 2026. LegalZoom has expanded its compliance portfolio and services to help business owners stay informed during this time of change, uncertainty, and volatility. Serving as a trusted guardian, LegalZoom works to protect businesses from compliance violations, helping them to avoid missed deadlines and unexpected penalties. "In a landscape of evolving policies and economic instability, our customers require excellence in compliance support so that they can truly focus on what matters most—their business," said Nicole Miller, Chief Legal Officer of LegalZoom. "With LegalZoom, business owners gain a dedicated partner that stays ahead of regulatory changes, backed by real expertise—not guesswork. Our expanded services lift the burden of compliance, giving entrepreneurs peace of mind so they can move forward with confidence." Entrepreneurs don't want to spend their time navigating complex legal and compliance hurdles. In fact, new data from the U.S. Chamber of Commerce Small Business Index reveals that approximately half of small business owners believe they are spending too much time on regulatory compliance, hindering their growth. Compounding the problem, 51% say licensing, certification, and permit requirements create additional barriers to expansion, and 47% say that their business spends too much time fulfilling regulatory compliance requirements. In addition to long-running monitoring features and handling of required filings, compliance subscribers also have access to LegalZoom's expanded compliance portfolio, which includes: Compliance Status & Monitoring: Leveraging data obtained from your state filing office, this groundbreaking integration gives business owners status updates of their standing with state agencies directly on LegalZoom's compliance platform, with built-in alerts on any changes. LegalZoom's compliance status badge, monitoring, and notification service is designed to ensure you're always informed of critical changes to your business standing, eliminating compliance guesswork and providing peace of mind, directly from the ultimate authority on your business's compliance—your state, paired with our insights, guidance, and support. Attorney-Tracked Updates: LegalZoom proactively monitors compliance requirements and their impact on our customers, keeping abreast of legal and government developments and analyzing their significance. In particular, we track changes to filing requirements, ensuring our customers are informed about the latest in their business compliance and provide them with solutions to staying up to date. This empowers our customers to focus on their core business, secure in the knowledge that we're watching their essential compliance updates. AI-Powered Business License Content Change Detection: LegalZoom is leveraging AI enhancements to track ongoing business licensing report requirements across 90,000 jurisdictions, notifying customers when new requirements or modifications to their existing license reports are detected. This helps ensure entrepreneurs remain compliant with the latest licensing rules without the hassle of complex manual tracking at the federal, state, and local government levels. LegalZoom's expanded compliance offerings reinforce its commitment to providing small businesses with the tools and expertise to thrive in a complex regulatory environment, helping entrepreneurs safeguard their businesses, maintain compliance, and operate with confidence. For more information, visit here. About LegalZoom LegalZoom is a leading online platform for legal services, transforming how individuals and small businesses navigate the legal system. By combining intuitive technology with access to experienced attorneys—whether through our vast independent attorney network or the LegalZoom-owned law firm—we offer the tools and guidance people need to confidently manage everything from business formations and compliance to estate planning and ongoing legal support. With over two decades of experience and millions of customers served, LegalZoom helps individuals and small businesses navigate legal needs with confidence. For more information, visit View source version on Contacts Investor Relationsinvestor@ Presspress@ Sign in to access your portfolio
