The survey which was conducted amongst 250 professional accountants who advise over 5,000 businesses reflected a positive outlook for both business and wider economic growth, with 50% of participants stating that they plan to recruit new staff members and 44% maintaining the same level of employment.  

Other data highlighted the financial resilience of many small businesses with 81% stating that SMEs would be able to cope with an increase in interest rates and the majority of SMEs being able to keep up with all repayments and costs in the next six months.

However, there was a note of caution with 52% of respondents stating that the increase in the cost of doing business had an adverse impact on sales or customer volume, with the biggest concerns in the months ahead being staff turnover (50%) and high levels of inflation (40%).

Commenting on the findings, Stephen Noonan, Acting Head of ACCA Ireland, said, “This survey, which reflects the outlook of a broad range of small businesses, presents a confident and outward looking SME sector that is actively seeking opportunities to expand and grow. 

“There can be no doubt of the significant challenges that businesses have faced in the last six months, but the government’s progressive interventions including the Temporary Business Energy Support Scheme (TBESS) have enabled many businesses to ride out the winter storm, while continuing to innovate and plan for the future.

“Small businesses are the lifeblood of our economy, and it is vital that they can access a skilled workforce to enable them to prosper and grow.  At ACCA, we are committed and determined to increase the numbers of accountants who are in great demand and are to unlocking opportunities for sustainable businesses and long–term economic prosperity.”