This survey was conducted in the second week of May, with 270 SME respondents, 60% of whom employ less than 10; 37% employ between 11 and 49; and the remaining 3% employ greater than 50. Geographically, 40% are from Dublin; 48% are spread across the rest of the country; and 12% have multiple sites.
The top concerns for SMEs in this quarter are Economic Uncertainty (75%), Brexit (29%), Insurance Costs (28%), Labour Costs (13%) and Labour Shortages (6%). While Brexit remained the primary concern through the end of 2019, it seems economic uncertainty due to Covid-19 will remain the primary concern for SMEs in 2020.
In response to the recent COVID-19 epidemic , Economic Uncertainty has become the primary concern for SMEs rising to 75%. Brexit remains a significant concern at 29%, with 54% of respondents stating that it would have a negative impact on their bottom line. Just 2% of respondents said Brexit will have a positive impact on their business in Q1’20.