Limerick ranks 6th in Top Locations for Business Start-Ups Year to Date.
Nationwide Survey Reveals:
·60% of SMEs have benefited from the economic recovery with a further 20% expecting to do so this year
8% increase in SMEs reporting benefits of economic recovery over two years
Just 3% of SME’s believe the State encourages and fosters entrepreneurs
40% of SMEs have yet to see an upturn in business
In a survey of 250+ business owners/managers throughout Ireland, 40% said their business is still waiting to feel the positive impact of Ireland’s upturn in economic fortunes. This was one of the findings of the nationwide survey carried out by Big Red Cloud, a leading supplier of online accounting software to the Irish SME market.
In the survey, respondents were asked their views pertaining to 2 key issues
Business performance following the Recession
Ireland’s attitude towards the self-employed
Speaking of the findings, Marc O Dwyer, CEO of Big Red Cloud, “We asked the same questions of business owners in 2016 & it was really interesting to see how things have moved on for some… but not for others. 8% of SMEs have reported a change in their economic fortune for the better over the last two years. Worryingly, 40% revealed that they are still struggling – though encouragingly perhaps, 20% of these businesses believe they will be in a better position by the end of 2018.”
Perhaps the sentiment might be even more positive in Limerick which ranked 6th in the top locations for start-ups YTD – with the most recent VisionNet figures showing that 314 companies were formed there in the city and county this year alone – 3.6% of all new companies.
From a macro perspective, all figures for Ireland point to strong economic growth. While this is to be welcomed, this broad brush cannot be swept across the nation, as it is not reflective of the fortunes of all of Ireland’s SMEs. We wanted to drill down to get a better understanding of how Ireland’s SMEs are feeling – and how this compares with the sentiment they expressed this time 2 years ago when we put the same question to them.”
Experts at Big Red Cloud say the data points towards a strong recovery economy it’s important that the supports are there to allow new and existing SMEs a chance to flourish
Marc commented,
“2017 was record breaking in terms of company registrations with 6% more registrations than 2016 (22,354 v 21,018)[2]. In Limerick City and County alone, the figures show that there were between 400 and 850 companies registered in 2017. However, as any SME owner will tell you getting a business up and running is just the start of a very challenging adventure. Keeping a business afloat and growing a business is a difficult task so it’s important that the structures are in place to bolster these businesses that create so much employment in every county.”
Marc concluded, “When asked their feelings on Ireland’s treatment of the self-employed the response was pretty clear with 97% reporting dissatisfaction to some extent – but to varying degrees. Given the importance of small businesses in Ireland to job creation and economic growth, the Government would do well to listen to those at the coal-face and to turn their attention to looking at how the can foster a more encouraging environment for SMEs”.
More about business here.
