While the economy is improving, the ease at which Irish businesses can get the necessary funding to grow is worse than it was 2 years ago and represents the dominant barrier for new businesses.
This was the primary contention evidenced in a survey of over 250 business owners/managers throughout Ireland, carried out by Big Red Cloud, a supplier of online accounting software to the Irish SME market.
The survey asked respondents their opinion on what they believe are the primary challenges faced by entrepreneurs, as well as what the main hurdles faced by already established SMEs might be. The software providers then compared the findings with the same Big Red Cloud survey conducted 24 months ago.
The Big Red Cloud Business Sentiment Survey reveals that while both new and established business face the same business challenges, the level of difficulty and concern those challenges pose differs greatly between the two groups.
Fifty eight percent of respondents believe that lack of Government support, taxation policy and the meeting of regulation and compliance standards are stymying development in the sector. Thirteen percent of the businesses surveyed said staffing is the number one challenge for established SMEs.
Commenting on the research, CEO of Big Red Cloud, Marc O’ Dwyer said, "We need to nurture our emerging business sector. There are thousands of people out there who put their necks on the line every year in the hope of starting a commercial enterprise, that will not only provide them with income, but will also employ people in their region, and support other indigenous businesses. If supporting our established SMEs is a natural step in good fiscal planning, then encouraging our start-ups is the next piece of the puzzle."