SFA Small Business Survey Published

Last week, the SFA published its second annual Small Business Survey in partnership with Amárach. The survey showed forty-nine percent of small businesses have reported an increase in business costs in the past 12 months. Although the percentage of small businesses reporting increased costs are significantly down from last year (84%), businesses are still struggling with a high-cost base with 44 percent of businesses reporting no change in costs in the past year.

Business costs remain a challenge for many small businesses with an average increase in costs at 11.7% in the past 12 months, among the businesses that have experienced increased costs. However, that is a decline from 16.6% average rise in business costs reported in last year’s survey. Labour-related costs remain the biggest challenge with 31 percent of all businesses reporting that employment costs have increased in the past 12 months, however that is a decline from 48 percent in last year’s survey.

Alarmingly, 54 percent of businesses surveyed saying they could not trade beyond 6 months without additional funding, a significant increase from 35 percent reported in last year’s survey. Of the businesses that have successfully sourced funding in the past 12 months, 62 percent have borrowed from the pillar banks, an increase of 24 percent. However, 22 percent have borrowed money from family and friends, an increase from 19 percent reported last year.

Visit the Small Business Survey dedicated page to view full results.

For questions, please contact SFA Public Affairs Lead, Jonathan McDade - Tel: 01 605 1688 or Email: jonathan.mcdade@sfa.ie.