More than half of Munster businesses surveyed by KPMG said they see multiple new opportunities for their companies in the next 12 months, as they adapt to the current challenges associated with Covid-19.
The poll found that 66% of respondents have implemented spend reductions to ensure the viability of their businesses, while 50% have implemented a range of actions to deal with the current pandemic including a partial closure of certain services or areas, and renegotiations with banks, lenders and/or landlords.
The poll was conducted among 66 Munster based businesses during a recent KPMG Covid-19 impact and business recovery webinar.
21% of respondents have decreased their workforce. 61% expect revenue to drop by less than 25% in the next six months, while 36% of respondents are confident of a return to pre-crisis levels within 12 months with 45% having some confidence.
Barrie O’Connell, Partner, KPMG in Ireland said that despite the unprecedented uncertainty facing businesses, the poll demonstrates the ability of these Munster companies to respond and adapt to the challenges they face, to ensure their long-term viability and resilience.
"While the short-term impact of Covid-19 has been negative, these businesses are now focused on how they can survive and thrive into the future, including through diversification and changes in business models.”
As businesses face a ‘new reality’, the Munster companies that took part in the poll have identified a range of changes they anticipate over the next 12 month including the diversification of products or services (36% of respondents), change in business models (34%), restructuring of businesses to focus on more profitable areas (24%), and mergers and acquisitions activity (21%).