Report: Vast majority of Irish SMEs investing in 2018
Bibby Financial Services has published its Global Business Monitor Report, which reveals a sense of optimism among Irish SME owners, almost all of whom have plans to invest in 2018.
22 September 2017 | 0
An overwhelming 97% of Irish SME’s are planning to invest in their businesses in the next 12 months, according to the latest Global Business Monitor published by Bibby Financial Services Ireland. Many of the businesses queried indicated that investment they plan to make will focus on upskilling staff, sales and marketing spending, IT and technology investment and recruitment. Only 3% of respondents said they have no plans to invest.
Two-thirds of those surveyed stated that they were confident in the Irish economy’s performance.69% feel Brexit is a major threat to economic growth in Ireland this year, along with the political uncertainty in the US (55%) and terrorism (21%).
The Global Business Monitor, produced by Bibby Financial Services, is an international survey of over 1,200 small and medium sized enterprises across eleven countries: Ireland, UK, US, Canada, Hong Kong, Singapore, Czech Republic, Poland, France, Germany and the Netherlands.
The report also shows that sales have grown in almost six in ten (57%) Irish SMEs over the past 12 months. 30% say sales have remained the same while 13% have experienced a decline.
When asked which area is the most problematic in managing their business cashflow, over half (57%) of SMEs cited collecting payment from customers on time. The timeliness of customer payments is intrinsically linked to growth potential.
The report reveals that almost one-third of SMEs (32%) suffered from bad debt over the past 12 months. The average amount written off by each business due to customer non-payment or insolvency stands at €13,780. Internationally, SME’s in Germany have written off the most in the past 12 months with an average of €23,000.
To read the full Bibby Financial Services Global Business Monitor, visit bibbyfinancialservices.ie/global-business-monitor-Ireland.