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Irish SMEs are expecting an increasingly difficult economic climate in the coming year of 2021


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Irish small businesses are under strain from increased costs and higher interest rates, with many predicting that business conditions will deteriorate throughout the year. Azets Ireland (formerly known as Baker Tilly) surveyed a number of small businesses and discovered that firms were struggling to find staff. Worryingly, a third of SMEs anticipate reducing their workforce if the economy takes a turn for the worse.

The survey also highlighted that small businesses are relying on their own finances and government grants to fund projects, but need more assistance with employee training. Neil Hughes, CEO of Azets Ireland, commented on the challenging inflation climate small businesses are facing.

Most of the small Irish firms surveyed predicted that their profits and revenues would remain the same this year. Despite the current difficulties, these businesses remain resilient and hopeful that they can weather the storm.

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