SMEs expect rise in turnover which may offset wage burdens, report shows

Enterprise Ireland CEO Leo Clancy said the results of the research are 'positive' amid a 'challenging global economic environment for businesses'

Enterprise Minister Peter Burke suggested additional SME supports are being ironed out by Government despite underwhelming application figures for the Increased Cost of Doing Business Grant. Picture: Sasko Lazarov/RollingNews

Many indigenous firms said increased labour costs will be a significant challenge for employers this year, but most still expect to report an increase in turnover as inflation cools, according to a survey.

The Enterprise Barometer 2024 by professional services firm KPMG found that over half of the respondents to the survey said wage inflation has largely fuelled the high cost of doing business and hit profitability.