“Innovative Indigenous Companies Key Pillar for Growth”
BDO Limerick Says Greater Focus Needed on SMEs to Reignite the Economy
“Indigenous businesses feel adrift heading into a sixth year of austerity. However, it is this sector that will reignite growth and return Ireland to economic prosperity. We believe a greater emphasis on, and Government support for, SMEs is required to help growth-ready organisations take the next step.”
Liam Hession, Partner at BDO Limerick was speaking at the launch of a regional event series called Future Proof your Business where the focus is on promoting growth in the SME and indigenous sector in Ireland.
Stephen Kinsella, Senior Economics Lecturer at Kemmy Business School in the University of Limerick says SMEs are the secret to Ireland’s recovery and future growth.
“There are 180,000 small and medium enterprises in Ireland, employing more than 900,000 people. That’s 69% of the workforce, worth more than 40 billion euros to the Irish economy every year. SMEs are the drivers of Irish economic growth over the short and medium term.
“A recent EU survey found Irish SME’s were much more likely to be innovative than their average EU counterparts, but the growth in sales of ‘new to market’ and ‘new to firm’ innovations were below that of the euro area average.
“Importantly, the survey found Ireland’s SME innovation strengths are uniquely in human resources, while our weaknesses relate to finance and support, and firm investments.
“Irish exporting companies created more than 13,600 new jobs in 2012; a net gain of more than 3,800. That’s the highest net gain since 2006. The opportunity and potential to drive Irish business is one which should be grabbed with both hands but continued austerity, increasing taxes and stalling consumer confidence are greatly hindering growth,” says Stephen.
Liam Hession says the evidence from the mid-west suggests there are significant potential growth companies that just need that extra push to create new jobs or break international markets.
“But there is a deep uncertainty to take that extra step forward. We have launched a series of regional events aimed at Irish companies who are at growth stage and who want to take a significant step forward in their business. We are delighted that Stephen Kinsella is on board to give an up to date picture on the economic landscape both at home and abroad. Our first event is in Tralee later this month followed by three more in the mid-west in the autumn.”
Future Proof your Business takes place in the Manor West Hotel, Tralee on Friday 28th June from 8:00am – 9:30am. You can register your interest now by logging onto www.bdolimerick.ie or by emailing firstname.lastname@example.org. You can also find out more by calling 061-414 455.