Key findings of the first National Family Business Sentiment report
At Smith & Williamson, engaging with business-owning families has always been important and we are delighted to partner with the Family Business Network once again on the National Family Business Sentiment Report. It reveals a range of important insights into the unique challenges faced by family businesses.
After the severe disruption caused by the Covid-19 pandemic, Ireland needs to move forward again. Family businesses have a vital role to play in rebuilding the economy, as an engine of job creation and opportunities. These local employers need support, as they navigate the disruption of the pandemic, the aftershocks of Brexit and widespread inflation in the costs of doing business.
Around 60% of Irish family-run businesses are feeling more optimistic about the climate for doing business and for hiring, compared to three months ago. The report found that 80% of Ireland’s family businesses say they are likely to create new jobs in the next twelve months, given the right environment.
However, difficulties remain: Post-Brexit disruptions also dampening optimism, as disruptions to supply chains, delays and widespread raw material cost increases take their toll. Businesses are experiencing difficulty in getting some workers back to work. The road ahead still has many uncertainties, but family firms have shown their mettle during the crisis and will continue to adapt.
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