According to a poll conducted by the Strategic Banking Corporation of Ireland (SBCI), the State’s promotional financial institution, Irish SMEs cited access to trained personnel, high energy and transportation expenses, and financing availability as their top concerns, reports Breaking News.
To date, the SBCI has provided more than 60,000 Irish SMEs with more than €4 billion in finance.
According to the report, Irish SMEs also strongly choose energy-saving green initiatives like solar panels and energy-efficient lighting.
In contrast to 34% who had decreased or ceased exporting to Britain, 61% of the SMEs that responded said they have reduced or even stopped using British suppliers, indicating significant shifts in Irish SME trade patterns with Britain following Brexit, reports Breaking News.
One of the largest dangers facing their company at the moment, according to 59% of respondents, is hiring qualified personnel. Access to financing is a major issue, according to 44% of respondents, while 48% point to energy and transportation expenses as a danger to their company.
Important conclusions: Preferences for eco-friendly investments
Of the SMEs that stated that they want to make a green investment over the next three years, 59% said they would buy solar panels, 46% said they would buy more energy-efficient lighting, and 42% said they would buy electric cars.
According to 29% of respondents, SMEs’ top goal when it comes to green investments is lowering the cost of heating and energy, reports Breaking News.
Thirteen percent say their goal in making these investments is to increase their brand’s reputation and foster consumer loyalty, sixteen percent say they want to be more sustainable, and twenty-six percent say they want to contribute to the reduction of emissions.
Important conclusions: Brexit’s effects on Irish SME trade habits
Sixty-one percent of the SMEs that responded have cut back on or discontinued using British-based suppliers (13 percent have halted and 48 percent have decreased), reports Breaking News.
34 percent have cut back on or stopped selling to British consumers (26 percent have cut back, and 8 percent have stopped).
Following Brexit, 19% of businesses have expanded their usage of suppliers in other EU nations, while another 19% have begun doing business with EU-based suppliers for the first time.
Brexit hasn’t affected Irish SMEs’ relationships with British suppliers or customers, according to just 24% of them, reports Breaking News.
Tell us your thoughts in the Facebook post and share this with your friends.
