Small business sentiment in Mayo is very positive
SMALL business sentiment in Mayo is positive, with innovative thinking to the fore.
Sales and employment figures show strong stability was the message delivered to members of the county council's economic and enterprise development strategic policy committee (SPC).
And a range of innovative new businesses, from a vegan collagen production operation to a snail farm in north Mayo, were highlighted in a presentation.
Entrepreneur and businessman Pearce Flannery, who mentors at Mayo Local Enterprise Office, explained how the all-island business monitor report shows growth in the small business sector remains steady, with 24% of firms expanding and 69% remaining flat.
Sales and employment figures show strong stability. Sixty-one per cent of businesses show profitability, while the number of break even firms is up. In sales, 27% report increases.
The cost of business, such as energy, is ever present, but smart businesses are energy aware and trying to avail of sustainability measures. And there are opportunities in this sector too for new businesses to explore.
Online commerce continues to grow and digital transformation has to be the order of the day. And he highlighted a cosmetics testing business, which is digital from end to end - there's no carbon footprint, and the firm flying.
Traditional high street personality led business is a challenge, Mr. Flannery continued. The world is changing and retailers have reacted well and are evolving, which is good news.
Innovative thinking has become the new culture and is part of the psyche, and he spoke about working with a snail farm opening on marginal land in north Mayo, which has guaranteed sales for three years ahead.
Another up and coming business is a health brand focused on producing a vegan collagen. Sales are done 100% digitally and they're hitting targets.
Mr. Flannery said the questions in business are always the same - it's the answers that change as the world is changing.
However, there's an innovative mindset in the west of Ireland, with small niche businesses across the board, and to him the sentiment is overwhelmingly positive.
“Cautious optimism built on solid fundamentals,” he stated. And it's probably the most optimistic outlook he's had at end of year for quite a few years.
Things are going well for most businesses.
“I think the future is looking very good.”
On issues facing small businesses, committee member Donna Hyland queried supports available, saying the things that come up when they close is costs - energy, insurance, wages, taxes, rates.
Small businesses are the heartbeat of rural Ireland and it was sad if someone decides to close for those reasons, she said.
Councillor Michael Loftus said minimum wage increases and the new pension scheme will impact turnover and profit margins, and he was concerned about that driving more out of business.
Fuel is another factor, said Councillor Chris Maxwell, and one government could impact by getting rid of the carbon tax.
* Published under the Local Democracy Reporting Scheme