SMBs Sound the Alarm: 85% of Small Business Owners Fear Recession
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ADA, Okla. — Small business owners across America are increasingly concerned about economic uncertainty and the impact of potential tariffs, according to a new national study released by LegalShield. The study, which polled small business owners and managers, reveals mounting anxiety about a potential recession and significant worry about trade policy changes.
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Key study findings:
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'Small businesses are the backbone of the American economy, yet they're increasingly caught in the crosshairs of economic uncertainty and shifting trade policies,' said Mike Fiffik, LegalShield provider lawyer with Fiffik Law Group, PC. 'These businesses often lack the legal resources of larger corporations to navigate complex regulatory changes, leaving them particularly vulnerable during periods of economic volatility.'
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The study also revealed that small business owners are particularly concerned about:
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'Small business owners are facing a perfect storm of economic challenges,' said Fiffik. 'We're seeing many begin to develop response strategies, including diversifying supply chains, renegotiating contracts, and carefully evaluating inventory management practices.'
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From Concerns to Action: LegalShield's Unique Small Business Insights
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While national study data captures what small business owners are worried about, LegalShield has a unique window into what actions they're taking. As a leading provider of small business legal services, LegalShield handles approximately 50,000 calls monthly from small business members to its nationwide network of provider law firms. These service requests create a proprietary dataset that serves as a real-time barometer of small business legal challenges.
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This internal service data shows a notable increase in small business members seeking legal assistance for financial-related issues, validating the concerns expressed in the study:
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Q1 2025 showed significant year-over-year increases in collection-related inquiries
March 2025 data reveal substantial increases in billing disputes, collections, and bankruptcy-related inquiries
April 2025 data saw a 12% increase in bankruptcy-related inquiries compared to April 2024
These inquiry patterns are at levels not seen since 2020
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'Small business owners are bracing for legal and operational challenges as economic uncertainty looms,' said Matt Layton, senior vice president of consumer analytics at LegalShield. 'Billing disputes and collection inquiries are leading indicators of future bankruptcy requests from SMB owners. Consumers feel the financial pain first, then they pull back on spending which can lead to negative impacts on businesses.'
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As economic uncertainty grows, LegalShield continues to monitor these trends while providing small businesses with the legal support to weather potential challenges ahead.
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Study Methodology: LegalShield surveyed 255 small business owners and managers across the United States, completed on April 15, 2025. Respondents ranged in age from 25-78 years, balanced according to basic U.S. Census demographic data. The sample included representation from all U.S. regions. All respondents self-identified as owners or managers of small-to-medium businesses.
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For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit LegalShield.com and IDShield.com.
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Cision Canada
2 hours ago
- Cision Canada
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We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. is owned by Media Corp. ("BAY"). BAY has been paid a fee for Lake Victoria Gold Ltd. advertising and digital media from a shareholder of the Company (333,333 unrestricted shares). There may be 3rd parties who may have shares of Lake Victoria Gold Ltd., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of "BAY" reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by BAY has been approved by Lake Victoria Gold Ltd. Technical information relating to Lake Victoria Gold Ltd. has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a registered member of the South African Council for Natural Scientific Professions (SACNASP) and is a Director of Lake Victoria Gold Ltd., and therefore is not independent of the Company; this is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. 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Global News
2 hours ago
- Global News
As Trump hikes steel tariffs, industry urges ‘action' in Ottawa meetings
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Winnipeg Free Press
4 hours ago
- Winnipeg Free Press
Changing the channel
Opinion If stress and anger shorten one's life, U.S. President Donald Trump has reduced mine significantly. His appalling antics over the past months and years sometimes have even driven me to avoid the daily news. I suppose that's akin to putting my head in the sand. If I'm not aware of it, I won't worry about it. But that approach hasn't worked, so I've decided to try something different. I'm going to think about the positive effects Trump might be having on Canada. My plan is to no longer agonize over his economic assault, the risks of crossing our southern border, and his threats to annex us into the American nightmare. So, here I go, thinking positive thoughts: Because of Trump… Some Canadian sectors might see benefits. Industry conventions might move northward so attendees can avoid the States. The 'Buy Canada' trend could help local businesses. Local tourism might benefit as Canadians stay close to home and international vacationers avoid our neighbour. Our ability to recruit medical practitioners, research scientists, and others could experience a notable boost. Maybe we'll even start producing our own beverage cans. We might significantly improve our military capabilities. There might, finally, be sufficient popular support and political courage to move our defence forces from being well intentioned to impressively capable. We're already planning to diversify our international trade. Being so thoroughly dependent on the U.S. for commercial goods has never been wise. Neither has our reliance on the States as our primary supplier of military gear. An especially satisfying improvement could come from enabling more inter-provincial trade. That change could be a direct result of our Trump-induced, increased national unity. If that unity morphs into a shared vision of Canada's future, perhaps some positive national projects could move ahead. Among my favourites would be a national energy grid that facilitates the development and cross-Canada sharing of our abundant power-generation capabilities. Of course, that grid must favour and promote clean energy sources. Given our national expertise and natural resources, we might collectively develop crucial industries that the world needs to combat climate change. We could learn to grow more of our own food, thereby avoiding the pollution-intensive transportation needed to import it. We could mine rare-earth minerals, use our energy resources to produce hydrogen fuel, and use oil industry expertise and equipment to develop large-scale geothermal projects. We could produce and use our own electric car. We already produce electric buses, but we could expand that dramatically. We could ramp up our own solar and wind power-generation industries. As climate-change pressure mounts, we might even revive our nuclear-power capabilities. And there could be more. History has shown that in times of exceptional stress, a country's determination can foster amazing innovation. It happened in the Second World War. It happened when the Americans were worried by Soviet technology and raced toward landing on the moon. It's happening now as Ukraine creatively adapts drone technology to protect itself from Russia. In Canada, necessity could become the mother of invention. New industries might emerge that are currently difficult to foresee. I'll add one more benefit. Watching Trump's rise to power and his subsequent actions might be educational. People in Canada, in the United States, and elsewhere might finally be realizing what a right-wing, populist government can become. They might also be learning how much truth matters and how dangerous a fact-challenged politician can be. However, those thoughts might be stretching my optimism a bit far. For the positive changes to occur, a big challenge will be to sustain our national unity and motivation. That might require a creative and continual promotional campaign. It will certainly require sharing the benefits equitably across Canada. It might even need a system of proportional representation for electing our parliamentary representatives. That's so a minority of voters could no longer get majority control of Parliament — as is readily permitted by our frustrating, first-past-the-post system — and potentially impede the progress craved by most Canadians. Donald Trump's erratic, irrational behaviour could be providing the impetus we need to free our country from its precarious attachment to the United States and to make our own bold moves forward. Enduring the angst and seizing the opportunity will require impressively effective leadership and our collective determination. A healthy dose of optimism could be important, too. Calvin Brown writes from his home in the RM of St. Andrews.
