Two thirds of Irish SME owners are confident about adopting the latest technology

Ahead of World Entrepreneur’s Day, the global fintech platform, Xero Ireland, polled 500 SMEs across Ireland. The research found that more than two thirds (68%) of Irish small business owners are confident about adopting the latest technology and nearly two fifths (39%) are looking to hire more employees to expand their teams. However, only a quarter (24%) have a succession plan in place, leaving their businesses vulnerable to future uncertainty.

Gary Turner, Managing Director and Co-founder of Xero UK & Ireland said, “It’s great to see that a significant proportion of Irish entrepreneurs are looking to invest in the latest technology to grow their business – digital transformation is vital for small businesses to remain competitive. But it’s also important that they plan ahead. Succession plans help business owners make decisions and generally feel more confident about their future.”

Other interesting stats include:

– Half (50%) of SMEs plan to invest in technology to help drive their business forward.
– Just under three quarters (74%) of small businesses are mobile-ready.
– Nearly half (45%) have plans to diversify their stock.
– Of the small businesses that do have a succession plan in place, over a quarter (28%) feel more confident about the future of their business and nearly a fifth (17%) say that it has brought the family closer together.
– Only 5% said that succession planning has caused serious family problems.

Chartered business psychologist, Portia Hickey, also reiterates the importance of having a succession plan in place, “Succession plans don’t just help set your business up for the future – they help you get the most out of your staff right now. If everyone understands what goals they’re working towards, they’ll know what skills they need to develop.

“From a psychological standpoint, succession plans can help to protect against imposter syndrome – a psychological pattern which manifests itself by doubting accomplishments, accompanied by a persistent fear of being exposed as a “fraud”. If someone feels like they got the job just because they’re family, rather than because they have the necessary skills, imposter syndrome could be triggered. Creating a plan with plenty of time to work on the relevant skills for the job, including regular constructive feedback, will help to avoid it.”

To avoid feelings of imposter syndrome, Portia advises that small business owners give constructive feedback, bring in a neutral third party and involve family members in the plan. “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.”