More Scots business owners anticipate higher turnover in 2025, poll suggests

Almost three quarters of Scottish businesses are confident about their prospects next year, a survey has suggested.

The Bank of Scotland’s business barometer poll showed 73% of Scottish businesses expect to see turnover increase in 2025, up from 60% polled in 2023.

Almost a quarter (23%) of businesses expect to see their revenue rise by between six and 10% over the next 12 months, with just over a fifth (21%) expecting it to grow by even more.

The poll found that 70% of businesses were confident they would become more profitable in 2025, a two per cent increase when compared with the previous year.

Revenue and profitability growth was firms’ top priority at 52%, though 40% said they will be targeting improved productivity, and the same proportion said they will be aiming to enhance their technology – such as automation or AI – or upskill their staff (both 29%).

More than one in five (22%) want to improve their environmental sustainability.

Other areas businesses are hoping to build upon AI-assisted technology (19%), and 24% will be investing in expanding into new UK markets and 23% plan to invest in staff training.

The business barometer has surveyed 1,200 businesses every month since 2002, providing early signals about UK economic trends.

Martyn Kendrick, Scotland director at Bank of Scotland commercial banking, said: “Scottish businesses are looking ahead to 2025 with stronger growth expectations, and setting out clear plans to drive this expansion through investments in new technology, new markets and their own teams.

“As we enter the new year, we’ll continue to by their side to help them pursue their ambitions and seize all opportunities that lie ahead.”