National Enterprise Network (NEN) has released the results of its 2023 Business Barometer, one of the country’s largest surveys of new start-ups and early-stage businesses. NEN, the country’s leading representative of business support for micro, small and start-up businesses, conducted the survey in collaboration with Enterprise Northern Ireland (ENI) in order to best understand the challenges small businesses face and the support they need to address these challenges.
More than 1,000 respondents, who included the owners, founders and senior managers of largely micro, small and self-employed businesses and sole traders from a broad spectrum of business sectors, took part in the survey.
The NEN results showed that 52% of the businesses are expecting growth within the coming year, while 38% have seen their turnover increase and 40% have seen an increase in their profits. 82% of businesses report a strong or stable cashflow position and 26% have recruited additional staff in the past year. 81% rate the productivity of their staff as good to excellent. However, 77% of those surveyed reported that they are likely to need additional financing within the next 12 months. Half of businesses looking for finance will be using it for investment in equipment, premises or software and 19% of businesses will be doing it to help fund their transition to net zero.
99% of respondents indicated that they need immediate support. Their concerns centred on increases in the cost of energy, goods and services and staff wages, as well a rise in the cost of debt and late payment by customers.