Some 40 per cent of small business leaders are confident about their future prospects in the coming 12 months, a new survey has found, with digital transformation playing a key role in giving companies an edge.
The report from fintech SumUp surveyed 250 small business owners and decision makers, and found increasing levels of confidence as inflation dropped to its lowest level in 33 months.
The vast majority of companies said digital transformation investment was a key part of future growth, enabling them to stay ahead of the competition as the economy recovered from a technical recession in 2023. However, 38 per cent said it was an obstacle.
Only 8 per cent expressed worries about their business’s future, while 7 per cent were uncertain, and said their business could grow or decline significantly in the future.
Some 23 per cent of respondents said they were confident about the future, but said they had some concerns. Among the top concerns expressed by business owners was the economy and rising prices, with 44 per cent saying it was their main worry, while the cost of bills and necessary investments were also an obstacle. More than a third have plans to cut the costs of their monthly bills, looking specifically at supply chain, professional services and service providers, while 35 per cent are making their businesses more eco-friendly.
Around 37 per cent feared they might have to implement lay offs or relocate, while 32 per cent said they might have to sell their business in the future if they failed to overcome the challenges.
“Overall, confidence levels of small business owners and decision makers across Ireland are high. This positive outlook suggests that small merchants are prepared to navigate potential uncertainties and continue to thrive,” said Corin Camenisch, product marketing lead at SumUp.
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