Optimism grows for two in three local businesses

Fianna Fáil leader Micheál Martin pictured with Seamas Mac Cathmhaoil (left) Managing Director of Rí Na Mara, the Connemara-based family owned business which sells a boutique Irish range of Luxury Seaweed Skincare and James Kenny (centre), a buyer of Goutong Consulting, Dublin at the recent Showcase, Ireland’s Creative Expo in the RDS.

placeholder image — Fianna Fáil leader Micheál Martin pictured with Seamas Mac Cathmhaoil (left) Managing Director of Rí Na Mara, the Connemara-based family owned business which sells a boutique Irish range of Luxury Seaweed Skincare and James Kenny (centre), a buyer of Goutong Consulting, Dublin at the recent Showcase, Ireland’s Creative Expo in the RDS.

Two out of three small firms in Galway and the West region are optimistic about the year ahead, and one in nine plans to open a new premises this year.

The inaugural Magnet Regional Business Barometer (MRBB), a study of over 600 SMEs across the Republic of Ireland by Amarach Research on behalf of cloud telecoms provider Magnet, revealed that companies of five staff and under are less confident than larger companies, and all feel the Government is not doing enough for them.

A worrying 85% of firms in the West know who their local public representatives are – the highest of any region - but only ten per cent are aware of the technology and business grants available worth up to €5,000.

SME decision makers generally are much more positive than the general public, with 75% of SMEs saying the economy is improving, while just 55% of the general public feel this is the case.

The manufacturing sector is most positive in its outlook for the year ahead, with SMEs in hotels, restaurants and bars the most negative.

“The first year of Magnet’s barometer shows SMEs across Ireland are far more positive about the future than consumers. Businesses are proving very resilient in the face of the high operating costs and financing issues they are facing,” said Mark Kellett, CEO of Magnet.

“While the upswing is seeping through to all businesses, it’s clear that the smaller ones are most vulnerable and in need of support.”

Just eleven per cent of small businesses in Galway and surrounding counties feel the Government is doing enough to help them. However, firms were generally positive about Budget 2015 (55%).

According to the Magnet Regional Business Barometer, only eleven per cent of SMEs overall are aware of Government technology and business grants, and the smaller the firm the less likely that they are to be aware of the supports available.