Survey highlights biggest challenge facing start-ups and SMEs in Ireland

Survey highlights biggest challenge facing start-ups and SMEs in Ireland

A new survey has revealed what is the biggest worry for Irish start-ups and SMEs.

The ease with which Irish businesses can get the necessary funding to grow is the primary contention found in a survey of more than 250 business owners and managers throughout Ireland.

The survey, carried out by Big Red Cloud, shows that it is worse now than it was two years ago after 56% chose it as their main worry today as opposed to 49% in 2016.

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.

Survey highlights biggest challenge facing start-ups and SMEs in Ireland

Marc O’ Dwyer, CEO of Big Red Cloud, said: “Sourcing the funds to propel your business forward is always a challenge, but it’s notable that in the last two years, more business owners have begun to identify this as an even greater problem. One might have assumed that credit issues would not be as pronounced, with the economy improving as it has been.

"However, we see that difficulties around taxation have fallen down the pecking order when it comes to hurdles that both start-ups and SMEs have to surmount.

“The fact that 58% of SMEs believe that lack of Government support, taxation policy and the meeting of regulation and compliance standards are stymying development in the sector is very telling. While ‘staffing’ places last on the list – it should not be ignored that 13% of the businesses we surveyed say it is the number one challenge for established SMEs.”

More in this Section

EOn to cut between 500 and 600 jobs in UKEOn to cut between 500 and 600 jobs in UK

How does the Pixel 4 compare to the iPhone 11 and Samsung Galaxy S10?How does the Pixel 4 compare to the iPhone 11 and Samsung Galaxy S10?

Transport and Brexit top worry listTransport and Brexit top worry list

Limerick waste-to-energy firm sues heat exchange system supplierLimerick waste-to-energy firm sues heat exchange system supplier


Lifestyle

To instantly power up your look, veer towards the hard shoulder.Bold shoulder: How to instantly power up your look

Plums are a wonderful autumn fruit, useful for all sorts of recipes both sweet and savoury. In Ireland we are blessed with wonderfully sweet plums.Currabinny Cooks: Juicy plums work for both sweet and savoury dishes

The rise of home skincare devices doesn't mean that salons and clinics no longer serve a purpose.The Skin Nerd: Don’t try this at home — new treatments in the salon

Millions of gamers watched Fortnite reach breaking point on Sunday night, with ten seasons of mysterious storyline culminating in meteors hitting the island and everything disappearing.GameTech: End of beginning for Fortnite as Chapter 2 finally goes live

More From The Irish Examiner