Vodafone Ireland recently commissioned a report to investigate the impact of COVID-19 on Irish SMEs.
It highlights SME investment plans, the opportunities and challenges they are currently facing, digitalisation, the role of technology for future growth and the policies that will underpin and support SME recovery post COVID-19.
Despite many partial or full closures during lockdown, SMEs remain positive about their future.
Economist Stephen Kinsella assisted with the report, the purpose of which was to examine Ireland’s SME sector in three ways. First to gauge the extent of SME reaction to COVID-19 and Brexit, and understand how technology usage has changed in reaction to this crisis. Second to place Irish SMEs in their European context. When it comes to technology adoption, innovation, and adapting to the future, how do they compare? Third to understand what policy supports can best help SMEs prosper in a post-COVID world.
Some takeaways from the report:
- 70% suffered a full or partial closure of their Business due to lockdowns
- 75% experienced a reduction in financial performance
- 50% anticipate growth in the next two years
- 43% claim they could not have functioned productively without investment in technology
Read the full report here