Three-quarters of Irish businesses are under pressure from spiralling costs such as wages and insurance premiums, according to new research from business and credit risk analyst, Vision-net.ie.
The Vision-net.ie Cost of Doing Business Survey, carried out by Amárach Research indicated that 79% of businesses said they have seen increased wage costs in the last twelve months; 54% said this had the
greatest impact on their operations. 74% said their commercial insurance had also increased during this time.
Commenting on the research, Christine Cullen, managing director of Vision-net.ie, said: “Most Irish businesses agree that Ireland is a more expensive place to do business today than it was before the crash.
"Three-quarters believe that costs have risen over the last twelve months and will continue to do so into the future. Higher employee salaries and insurance premiums are squeezing cash flows, meaning most
businesses must forego long-term investment."
Impact Of Hard Brexit
Cullen highlighted that Brexit is still the 'great unknown' for Irish businesses.
"While our urban centres are relatively well positioned to attract new inward investment from UK-based multinationals, Irish SMEs, which make up the overwhelming majority of businesses in the country, are highly exposed to the fallout, particularly hospitality businesses and those that rely on the British market." She added.
"A disruption to trade will only compound current currency fluctuation issues. Planning for a worst-case scenario will help to mitigate future risks and minimise the impact of a ‘hard Brexit’."
© 2017 - Checkout Magazine by Donna Ahern