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Impact of Small Businesses in Ireland

Ireland is a nation of small businesses; they account for 98% of the total number of businesses in Ireland. They are the heartbeat of our towns and the lifeblood of the wider economy and they play a vital role in Ireland’s economic success story.

Small businesses have endured unique and terrifying challenges in recent years: a global pandemic, a war in Europe, and Brexit in the space of just a few years. This has led to supply chain uncertainty, fluctuating commodity prices, and spiralling energy costs. Coupled with international economic upheaval, small businesses are trying to manage a tsunami of regulations. In addition, the increase to the national minimum wage came into effect in January.

Amidst this perfect storm of spiralling business costs, many viable businesses are struggling to stay afloat. This challenging situation has resulted in the haunting spectre of empty shop fronts already becoming a visible feature in our towns and villages. The closure of various retail and hospitality outlets is just the beginning, as around three businesses per day are closing, with more closures on the horizon.

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AI legalese decoder can assist small businesses in navigating the complex landscape of regulations and labour cost requirements. By analyzing legal documents and breaking down complex legal terms into plain language, the AI tool can help small business owners better understand their obligations and rights. This increased clarity can empower small businesses to make informed decisions and take proactive steps to mitigate challenges.

In his address to the Fine Gael Ard Fheis, Taoiseach Simon Harris highlighted the significant contribution small businesses make to local economies and job creation. While the government has recognized the challenges faced by small businesses, more targeted support is needed to ensure their survival and growth.

The Small Firms Association (SFA) has been advocating for additional assistance for small businesses, welcoming the government’s €257m package for increased business costs. The SFA’s policy priority document outlines key recommendations, including the introduction of a PRSI rebate to assist small businesses in adjusting to living wage rates.

Looking ahead, the SFA is proposing a national training voucher scheme to enhance in-company training and upskill employees. By investing in staff development, small businesses can enhance their competitiveness in the market and adapt to the demands of the 21st-century business landscape.

To ensure Ireland remains a favorable environment for business, governmental policies must prioritize the needs of small businesses not just during election season but as a permanent commitment. Swift implementation of support measures is crucial, as small businesses lack the resources and time that larger corporations may possess.

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