Updated / Thursday, 3 Oct 201914:39
A new survey reveals that Irish SMEs feel resilient in the face of challenges such as Brexit, business running costs and cashflow.
The Ireland SME Pulse Index, from global payments provider, also identifies growth opportunities in e-commerce, which many Irish SMEs have yet to tap into.
Elavon said that while the use of eCommerce and cashless technology increases, many SMEs have yet to embrace online sales channels and the latest payments technology.
Of those trading online, less than 10% of SMEs use off-the-shelf solutions and instead 43% outsource the development of eCommerce capability to external agencies. This results in them missing out on potential cost savings.
Today’s research also reveals that despite the economic uncertainty around Brexit, 70% of SMEs here feel positive about their resilience over the next year.
It also shows that 64% of SMEs surveyed feel confident in general and 68% believe there are more opportunities for SMEs now than a decade ago.
Apart from Brexit – the biggest concern voiced by SMEs (53%) – the other main challenges include business running costs (51%) and cashflow (29%).
Paul Dunne, Ireland Country Manager at Elavon, said that SMEs make up a significant portion of the private sector business in Ireland and understanding their perceptions and concerns is vital.
“Small to medium-sized companies are concerned with getting paid on time and securing repeat business to stay viable – ensuring they offer customers a variety of payment options is crucial,” he added