SMEs: Focusing on growth for 2022

Quarter 4, 1 October 2021

SMEs: Focusing on Growth for 2022

Our research among SMEs across Ireland reveals an optimistic, yet cautious business population.

While it is evident the impact of the pandemic on businesses has been significant, many are eager to plan ahead and to take advantage of returning consumer demand over the coming months and into 2022 as we businesses recover from the pandemic.

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Key findings:

45% say it is taking longer for business customers to pay since the start of the pandemic

€28,164 is the average amount lost by each business through bad debt since the pandemic
On average, payment has been delayed by almost five weeks for those experiencing extended payment times

87% expect to invest in their businesses over the next 12 months
Almost two-fifths (38%) of businesses say they need additional funding to grow in 2022

“Our new report shows there is genuine light at the end of the tunnel both for businesses and the economy. The time has come to begin to move forward with confidence. ”

MARK O’ROUKE, MANGAING DIRECTOR, BIBBY FINANCIAL SERVICES

Further statistics

45% believe a return of demand to pre-pandemic levels will happen within the next six months
84% say they are confident about their business prospects, despite challenges
54% of SMEs say that attracting new customers is their greatest opportunity in 2022
€114,338 is the average amount SMEs expect to invest this year, with staff recruitment and training the key areas of investment

What could you do if your outstanding invoices were paid today? Contact us to find out how to unlock the cashflow tied up in your business today.

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