Ireland’s Businesses Are Optimistic About Growth with Majority Expecting to Boost Revenue – Report

KPMG Enterprise Barometer 2024 unveils optimism and ambitious growth among Ireland’s indigenous businesses, with nearly two-thirds (65 percent) expecting to increase turnover within the next 12 months, compared to 55 percent in 2023.

On behalf of KPMG, RED C surveyed nearly 200 decision-makers “in indigenous businesses and entrepreneurs across a broad range of industries.”

Almost two-fifths (39 percent) plan to “recruit more staff, and seven in ten (71 percent) expect to increase staff salaries in the next year.”

Meanwhile, over half (58 percent) plan to “grow their business and nearly seven in ten (69 percent) intend to finance their expansion primarily through their own balance sheets or internally generated funds.”

Domestic business crucial for economic and social success

Entrepreneurship underpins the Irish economy and “capturing the objectives, concerns and aspirations of entrepreneurs plays a vital part in informing the policy choices we have when it comes to promoting entrepreneurship.”

For the second year, we asked the leaders of almost 200 leading indigenous businesses and entrepreneurs in Ireland to “share their perspectives on business prospects, the business environment and the issues they believe will shape their futures.”

The good news is that most respondents are “generally optimistic about the future. They see opportunities for growth and are committed to expansion.”

However, they remain concerned about “ever-present cost pressures, and most would like to see further improvements to the tax system.”

This theme of relentless upward costs is “a cause for concern. It hampers competitiveness and can act as a barrier to employment.”

Overall, it can impact on growth prospects and ultimately act “as an inhibitor to a business realising its full potential.”

KPMG know that these concerns are widely “held by Enterprise Ireland and a range of other stakeholders and we will continue to promote suggestions and solutions to help address these issues.”

Meanwhile, and perhaps as “an indicator of such day-to-day priorities, our respondents acknowledge the role and potential of technology, yet remain somewhat circumspect about the immediate impact of artificial intelligence (AI). Moreover, whilst sustainability remains an important consideration, there are signs of some levelling off in the concerns some businesses had about its impact.”

For the first time, KPMG asked respondents “about societal attitudes to entrepreneurship in Ireland.”

They think it is useful to develop “a greater understanding of how starting and running a business is perceived.”

They hope that it will help further stimulate “the worthwhile debate about the policy measures required to promote entrepreneurship in Ireland.”

Finally, they thank all their respondents for “taking the time to share their insights with then.”

Their perspectives are invaluable in “helping shape the debate and ensuring that every entrepreneur in Ireland has the best possible chance of succeeding.”

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