Access to skilled staff, high costs and financing among biggest risks facing Irish SMEs, new survey finds 

Trading patterns among Irish SMEs have undergone "stark changes" in the aftermath of Brexit, the survey revealed, with more than 60% of respondents saying they have reduced or even completely stopped using suppliers based in Britain.

Access to skilled staff, high costs, and financing are the biggest risks to business identified by Irish SMEs, a new survey by the Strategic Banking Corporation of Ireland (SBCI) has found. 

Almost half of respondents reported transport and energy costs as a risk to their business, with 44% worried about accessing finance. The survey also revealed a strong preference for green investments that reduce energy costs, with many planning one in the next three years.

Within this cohort, 59% said they will invest in solar panels, 46% said they plan to invest in more energy-efficient lighting improvements, and 42% said they plan to invest in electric vehicles.

Reducing electricity and heating costs is the number one priority for SMEs in making green investments, with 29% citing this reason, the survey added.

More than a quarter of SMEs said their green investments were driven by a desire to play their part in reducing emissions, 16% said they want to be more sustainable and 13% said they wanted to improve their brand reputation.

Trading patterns among Irish SMEs have undergone "stark changes" in the aftermath of Brexit, the survey revealed, with more than 60% of respondents saying they have reduced or even completely stopped using suppliers based in Britain. 

More than a third have reduced or stopped selling to Britain, the survey revealed. 

Almost 20% have increased their use of suppliers in other EU countries post-Brexit, while an additional 19% have started using EU-based suppliers for the first time. 

Only 24% of Irish SMEs say that Brexit has had no impact on their relationship with British suppliers or customers.

Speaking on the survey, June Butler, chief executive of the SBCI, said: “This has given us an insightful snapshot into the key risks that Irish SMEs are facing and their attitudes to investing in green technology and doing business in a more sustainable way.

"We’ll continue to work closely with SMEs to give them even better financing options on their journey.”