Quarter of Scottish small businesses fear closure due to cost of living crisis

A quarter of small business in Scotland fear they may be forced to close as a result of the cost of living crisis.

YouGov data commissioned by Meta reveals the new figures and also uncovers that a third (33%) say that survival is a major business priority for the next six months.

A third (33%) of Scottish small businesses worry their business won’t be able to keep up with their outgoings during the year ahead while almost one in five (18%) admit to using less energy to save on bills.

Over a third (37%) say reducing costs would be crucial to their firm’s future success.

In a bid to help tackle the issue, small businesses in Edinburgh are now being offered free winter office space in a bid to reduce costs of challenging winter bills.

Meta, formally Facebook, is offering the “Spaces for Good Ideas” initiative which will be open to businesses of fewer than 50 employees.

The opportunity can be applied for until November 25.

Steve Hatch, VP Northern Europe, Meta, said, “Small businesses are the lifeblood of the UK economy and right now they face the challenge of a lifetime just to keep the lights on. We know there’s no one fix to the challenges faced, however we believe through helping both online and offline we can provide support to local businesses in need.

“This is why we’re offering small businesses in Edinburgh the opportunity to apply for free office space in a bid to ease the burden at a time when companies are hoping to cut costs.”

The company are also inviting small companies to attend a free event to help grow their business.

Young entrepreneur and CEO of Tala and Shreddy, Grace Beverley, 25, is joining Meta to host the Good Ideas Studios on November 10 and 11 in Dovecot Studios, Edinburgh.

Small businesses can attend the event for free and take part in panels, talks, workshops and training.