Dr David Dugan’s Post

Business confidence falls further in September

We are grateful to the many businesses in our region that responded to the Small Business Credit Survey, part of our effort to advance a strong economy. Findings suggest a decrease in effects from the pandemic and modest improvement in #smallbusiness conditions. https://clefed.org/3wzR4ue

Small business owners continue to face unprecedented challenges as operating costs continue to rise. According to a recent report by the NFIB, 60% of small business owners have reported higher operating costs in 2024, impacting their ability to invest in growth and innovation. In addition to rising rents, the prices for essential services has compounded the burden and forcing many small businesses to make difficult decisions about where to cut costs. Small Business Owners, YOU'RE NOT IN THIS FIGHT ALONE! Let's chat.

Business confidence falls further in September

Key finding: #Recruitment Roadblocks: A staggering 63% of companies face hurdles in attracting new #talent. The struggle to fill roles persists. Our key solution: consider training a #graduate to fill your #skills gaps. Advertise with us now to #recruit the class of 2024. Don't delay, they'll all have jobs soon!

OUT NOW: #NFIB's June Small Business Economic Trends survey found that the #smallbiz Optimism Index increased one point in June - yet #smallbusiness outlook remains low. Learn more from the report: https://lnkd.in/euWDZbBf

The latest ACCI 2024 Small Business Conditions Survey paints a stark picture for small enterprises. Nearly half of the respondents—45%—are considering closing their doors, overwhelmed by the increasing regulatory burdens. This feeling of being "strangled by red tape" reflects the pressing need for policymakers to take decisive action. According to ACCI CEO Andrew McKellar, it’s clear that small businesses require more support and focused attention to thrive in today's economic landscape. #SmallBusinessCrisis #SupportSmallBiz #PolicyChangeNeeded

Nasdaq cites #NFIB’s June Small Business Economic Trends survey: “The NFIB (National Federation of Independent Business) Small Business Optimism Index increased in June to 91.5 from 90.5 in May, marking the 30th consecutive month below the 50-year average of 98. However, the reading for June was the highest so far this year.” Learn more: https://lnkd.in/eZkQuU3v More from the survey: https://lnkd.in/euWDZbBf

2 businesses per day closed in 2023, with a projected 3 per day in 2024. (That was the projection in Q1, but since there's been over 11,700 businesses served demand notices by Revenue in May regarding their tax debt warehouse situation. So the figure of 3 per day for 2024 may be conservative. We can no longer ignore or sideline the reality of the newer and more grave pressure small businesses are under now (that's 98% of all the businesses in Ireland). Calling on Govt to do a 'PRSI rebate' as proposed by Small Firms Association, so as to effectively support every small business in our country rather than just those who pay rates (ICOB - 'Increase in Cost Of Business' package, the €257m support scheme is only getting paid to rate payers.) #sme #smallbusiness Minister Peter Burke and Department of Enterprise, Trade and Employment

In an independently produced survey with Amárach Research about business costs, small businesses were asked about the impact of rising business costs in the past 12 months. This survey revealed that 83% of small businesses in Ireland are facing escalating costs.   Moreover, 35% of businesses report that they cannot continue trading beyond six months without additional funding. David Broderick, Director of the SFA, underscores the severity of the situation: “The fact that over a third of small businesses will run out of liquidity within six months without any financial aid shows how cash-strapped they are. One in five small businesses have secured funding from friends and family to cope with rising costs. This is an alarming reality.”   Supporting small businesses, the lifeblood of our communities, is more critical than ever.   For the complete survey results and detailed insights, visit: https://lnkd.in/emuD69XM #SmallBusinesses #BusinessCosts #CostEscalation #SFA #SupportSmallBusiness Ibec Jonathan McDade Geraldine Magnier