IT'S competition, not cost, which is emerging as the biggest current concern for Irish business owners.
That's according to the latest quarterly business monitor from the economic cross-border body InterTradeIreland, which questioned 750 firms from across the island.
And it also found that 71% of respondents have absolutely no knowledge yet of what the Windsor Framework requirements will have on their businesses, including three in five of those who remain impacted by Brexit.
“It’s notable that competition is an emerging issue for one in four firms, when it has barely featured on the radar of most businesses previously,” according to Martin Robinson, InterTradeIreland’s director of strategy.
“So it’s vital for firms to remember that they can take action to increase their competitiveness by investing in innovation and taking advantage of new trade opportunities.”
Regarding the findings around the Windsor Framework Mr Robinson added: “On the surface, these figures may appear surprising. While negotiations were taking place, it was understandable that businesses would wait to see the outworkings of any new trading arrangements.
“But with elements of the Windsor Framework now starting to take effect, it’s important for individual firms to explore what it means for them.”
The topline sentiment in the survey shows the number of firms in a stable position is positive this quarter (61%). Seven in 10 say they are profitable, though the volume of businesses in growth mode has fallen to 29% from 36% in quarter two.
The main issues facing businesses remain energy bills (64%) and rising costs of overheads (64%), though both of these issues have dropped significantly in importance compared to the same period last year.
