Irish SMEs open to embracing tech but fail to plan for the future – new research

Fintech, Technology | Tue 6 Aug | Author – Business & Finance

More than two thirds of small business owners in Ireland are open to upgrading their onsite technology – but less than a quarter have any succession plan in place for their company.

According to new research from fintech platform Xero Ireland, some 68pc of SMEs are confident in terms of tech adoption with half of those surveyed having concrete plans for investment in same.

However, just under a quarter of all the businesses that took part in the online survey, some 24pc, have a succession plan in place.

The results of the study of 500 enterprises across the island, carried out in May of this year, are being released ahead of World Entrepreneur’s Day on August 21.

Managing Director and co-founder of Xero UK & Ireland Gary Turner said that the results of the research were heartening as “digital transformation is vital for small businesses to remain competitive”.

However, he warned that it is also important to plan ahead as succession plans “help business owners make decisions and generally feel more confident”.

Not only that, but according to chartered business psychologist Portia Hickey, this type of forward thinking will also help get the most out of the workforce.

“If everyone understands what goals they’re working towards, they’ll know what skills they need to develop,” she said.

“The earlier the succession plan is in place, the better. It doesn’t have to be set in stone – even with a plan in place, you can retire earlier or later than planned. It simply creates more clarity for everyone involved.”