Election 2024: Small business — Firms struggling against a raft of cost increases need long-term strategy

National minimum wage increases and a return of the reduced 9% Vat rate are two of the main issues for small businesses, writes Ronan Smyth

The sector which has been most vocal about the costs they are facing has been the hospitality sector. File photo

As this election progresses, the three Government parties will continue to tout their achievements while in office. As it stands, the economy is in a good position, inflation is under control, and unemployment is low but behind all of this, the issue of high costs continues to be a problem for households and businesses alike.

Small and medium-sized enterprises (SMEs) in particular have had to deal with a raft of cost increases over the last year — from rising wages, to rising input costs, to an end to the reduced Vat rate, among others — with little wiggle room to absorb them.