About 40% of small business heads display optimism about the forthcoming year, according to a fresh study, attributing their competitive advantage to digital innovation. This was discovered through a poll conducted by SumUp, a fintech firm, surveying 250 small business proprietors and executives. Confidence is surging due to 33-month lowest inflation rate.
The majority communicated the essential role of digital transformation investment for their future expansion, assisting them in stepping ahead of rivals during the economic recovery from 2023’s technical recession. Nonetheless, for 38% of the participants, it posed a challenge.
A mere 8% voiced apprehensions about their business’s destiny, with 7% expressing uncertain outlook over possible dramatic growth or shrinkage. While approximately 23% remained hopeful about the future, they conveyed certain reservations. Predominant concerns among business proprietors revolved around the economy and inflating prices, with 44% endorsing it as their chief stressor. Obstacles also included bill payments and obligatory investments. Over a third intend to trim down their monthly expenses, particularly targetting the supply chain, professional services and service providers. And, 35% are working towards rendering their firms more ecologically considerate.
Roughly 37% were anxious about potential staff reductions or relocation, with 32% apprehending having to sell their venture in the future, in case of failure to surmount challenges.
In the words of Corin Camenisch, product marketing head at SumUp, “Small business owners and decision makers across Ireland are largely confident. This upbeat perspective proposes that small traders are geared up to circumnavigate potential uncertainties and persist in succeeding.”