“Irish SMEs – Innovative Ideas, But Need Support”
Business Event in Tralee told SMEs are Future of the Economy
“Irish SMEs have the potential to return Ireland to growth, but they need support.” Dr. Stephen Kinsella, Senior Lecturer in Economics at Kemmy Business School in the University of Limerick was speaking at the launch of a new business roadshow in Tralee.
Over forty owner mangers attended the event hosted by BDO Limerick who launched ‘Future Proof Your Business’ in the Kerry town.
Dr. Kinsella says an over-reliance on foreign direct investment at the expense of indigenous companies would be detrimental to the future of the Irish economy.
He says SMEs are the drivers of growth in the economy. 180,000 SMEs employ more than 900,000 people or 69% of the workforce. They are worth more than €40 billion to the Irish economy every year or a quarter of the value of its annual output.
Quoting a European Survey on SME competitiveness Dr. Kinsella says, “Irish SMEs are twice as likely to be innovative compared to their European counterparts however when it comes to invoicing and cashflow they under-perform. This is why they require greater supports to take the next step to growth. They have the ideas but they either don’t have the skillset or financial backing to get to the next level. The domestic economy needs these companies to expand if we are to return to a positive position.”
Diarmuid Hendrick, Partner at BDO Limerick says the evidence from the mid-west suggests there are significant potential growth companies that just need that extra push to create new jobs, launch new products or break international markets.
“We are determined to unlock the potential of this significant portion of the economy. At the moment SMEs are not getting the profile, support or recognition that they deserve so we believe we are well placed to help develop the indigenous economy in the west and mid-west.
“Our experience shows that continued negativity about the future, another austere budget along with a lack of finance is seriously hindering growth.
“We have developed an eight-step process to ensuring they get an aerial view of their business which are: business planning, cashflow, investing in people, managing change, diversification and exporting, outsourcing, external supports and expert advice. We believe with this strategy we can help companies reach and indeed exceed their potential.”
‘Future Proof Your Business’ takes place in Galway, Limerick and Clonmel in September and you can find out more information on www.bdolimerick.ie/events.
Watch our videos from the launch here: