Survey highlights need for business supports

Over a quarter of Cork businesses surveyed said they had to reduce employee numbers

Cork Chamber president Paula Cogan: 'The next number of weeks and months are crucial for so many businesses, and every effort must be made to support them to keep the lights on and people employed'. Picture: Darragh Kane

Almost half of all Cork businesses experienced a fall in turnover in the final quarter of last year, according to the latest Economic Trends survey from Cork Chamber.

The survey covered the final three months of the year ahead of the conclusion of Brexit and as the country moved into its third lockdown due to the impact of Covid-19.

According to the results, 43% of businesses experienced a decrease in turnover in the fourth quarter, with 27% saying they had to reduce employee numbers. Some 38% said they faced increased costs of sourcing products and supplies from the UK due to Brexit.

Chamber president Paula Cogan said the positive news on vaccines had given a much-needed boost to the business community at a time when their resilience was being tested as the country entered level 5 restrictions at the end of 2020.

“The next number of weeks and months are crucial for so many businesses, and every effort must be made to support them to keep the lights on and people employed," said Ms Cogan.

"The commercial rates waiver announcement for Q1 2021 is very welcome for those businesses most severely impacted, however, concerns persist around the overly narrow focus of the qualifying criteria."

Chamber also wants an expansion to the CRSS supports for non-public-facing businesses.

"The recent announcement of the Covid Business Aid Scheme comes not a minute too soon," said Ms Cogan. "While more clarity is needed on the details of the scheme and we urgently need to see this up and running, we are encouraged by the announcement."

With sustainability in mind, the majority of business respondents to the Chamber survey said they were also exploring how to become a greener business by educating employees on sustainability.