Shout out to SMEs!

3SIXTY is hugely passionate about supporting SME business owners.???

From Day 1 (5 years ago!), we rallied around a unifying belief that SMEs are the all-too-often-overlooked heroes of the Irish economy.????

These are people who take huge risks because they are driven to doing their own thing.???

They create employment, often in regional locations.

They paddle their own canoes.???

3SIXTY has worked with over 100 Irish SMEs and, if anything, our SMEs-as-Heroes belief is even more strongly held now than when started this journey.??

SMEs (<250 persons engaged) represent a significant portion of the business landscape, providing jobs, contributing to GDP, and driving economic growth. And they play a crucial role in ensuring economic stability.??

According to the latest figures from the Central Statistics Office (CSO), there are?272,531?SMEs active in Ireland. The same figures showed that SMEs generated 41.9% of total turnover in the business economy, as well as 34.5% of gross value added (GVA).?

The latest CSO Business Demography results from 2021 show that 1,190,160 (68.4%) people are employed by SMEs.?

Our experience of working in this space is that they tend to be the most resilient and adaptable of business people.??

Because they have to be.??

They weather economic storms, adapt to market fluctuations, and overcome adversity. These are companies who rarely have the luxury of playing the long-game. Prolonged periods of low/no profitability will only end one way for an SME.??

There is no safety harness when you are an SME business owner.????

SMEs are huge job creators. Often offering employment opportunities in areas with few alternative job prospects.???

Their ability to hire, train and retain a diverse workforce helps boost employment and supports local communities. Because of this, SMEs have a profound impact on local communities. They support local suppliers, sponsor community events, and play a vital role in preserving the unique character of Irish towns and villages.??

Their success is often intrinsically linked with the well-being of the areas they operate in. So again, no pressure!??

SMEs in Ireland have demonstrated hugely impressive export potential. They showcase Irish products and services on the global stage, contributing to our international trade and reputation.??

We have been lucky enough to have developed really trusted relationships with clients. And in this spirit of trust, people can go to very honest places. We have heard countless stories of “remortgaging the house”. This comes back to there not being a safety net when this is the road you choose to travel. This can have significant impacts on family relationships and home-life in general also.????

Linked to this, we also see a lot of what we refer to as the Lonely Leader in the SME space.??

Very often a lot of MDs/CEOs don’t have anybody they can go to with their thoughts, questions or concerns. Consequently, they tend to carry all of the pressures associated with running and growing a business on their own shoulders. This can be a lonely place for anybody to be.??

Recognizing and supporting the growth of SMEs is essential to ensuring a prosperous and thriving future for Ireland.?

When SMEs achieve their full potential, everyone benefits: employees, customers, shareholders and communities.??

SMEs are full of great people doing hugely valuable work, and striving to do better every day.??

But despite the vital role they play, these everyday heroes are often overlooked.??

3SIXTY works to change that.??

Our role is to help ambitious companies achieve their goals. To help them overcome the challenges they face. To uncover and deliver their full growth potential. To carry on providing great service to their customers. And to achieve the success they richly deserve.?

To find out more about 3SIXTY, visit www.3SIXTY.ie or get in touch via LinkedIn.

Photo Credit: Wall St. Journal (www.wsj.com) ??

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