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.

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.”