29% of Northern Ireland companies feel faster broadband would boost the growth prospects of their businesses, according to a survey carried out among business owners and directors in Northern Ireland.The survey, commissioned by Ulster Bank, researched the growth performance of local firms with between five and 50 employees across a range of sectors – technology, construction, retail and food & drink.
For Northern Ireland businesses faster broadband could soon be a reality after the details of
yesterday's £1billion DUP-Tory deal were revealed, which will see £150million contributed by the UK goverment to aid further implementation of ultra-fast broadband across Northern Ireland.
The Ulster Bank Boost Index research found that small businesses in
Northern Ireland are currently in relatively good health, with almost half (46%) having increased sales in the past 12 months, and most of the remainder (44%) having seen sales stay the same.
When it comes to identifying the biggest potential boosts to growth prospects, 65% of respondents agreed that less tax would provide a boost, 33% pointed to a better political environment, and 29% felt that faster broadband would be of significant assistance.
Lisa McCaul, Business Growth Enabler at
Ulster Bank said: “This piece of research helps us understand where businesses are in terms of their growth trajectory and the challenges that they perceive to future growth. This will be useful insight as we seek to help small firms grow sustainably.”
Exporting appears to be the biggest opportunity for small firms to avail of growth opportunities. Just 7% of those surveyed said that they are currently selling outside of the UK and Ireland. 31% said that they are selling into the Republic of Ireland, and 18% said that they are selling into England, Scotland or Wales.
Competition in the market (78%), the potential impact of
Brexit (62%), a perceived lack of political stability in Northern Ireland (61%), and cost pressures (60%) are seen as the major obstacles to growth currently.
The findings of the survey are released today (Tuesday June 27th) to coincide with the launch of Ulster Bank’s new Boost initiative to support small business growth, at an event in The Mac, Belfast.
It is expected that over 150 people will attend a series of talks, including talks by local entrepreneurs Tom Griffith and Emma Gribben, and representatives from
Google.
