Kinsale Enterprise Academy survey of local businesses
Kinsale Enterprise Academy survey of local businesses
Future Kinsale has designed Kinsale Enterprise Academy to bring together the incredible skills and huge experience of locally based experts and successful entrepreneurs to provide mentoring to local businesses looking to reorient post COVID, to grow their existing operations or to start something completely new. KEA plans to support local business owners, whether starting up a new business or running an established business who feel they would benefit from an independent, external expert. This includes businesses based in Kinsale, serving the Kinsale market or with other affiliations with Kinsale and local communities. Support is offered to regular companies, social enterprises and not-for-profit organisations. KEA in association with The Outcome director, Adrian Wistreich, conducted a research survey to explore issues encountered by local business people in their work, in order to plan the KEA offering.
This survey, based on responses from 102 local business-people, outlines the issues which 2020 has brought them in their work, and what support they believe would be most useful. As a result of this research, KEA is tailoring its services to meet the demand.
Unsurprisingly, managing the health issues associated with public interaction in the business has been the single most challenging aspect of 2020, and given the prevalence of tourism businesses in Kinsale, it is also clear that lack of tourists and travel restrictions have had a big impact on custom. Financial pressures and the problems with working from home also presented challenges.
Despite the inevitable challenges, the pandemic has improved peoples’ working conditions and given some the space to think about the future of their businesses. Some people have benefitted from the enforced move to online trading and the support of government agencies is recognized. However, for one in five, there is nothing positive to report.
The majority of respondents rated the year as fair or better on most measures, with the cost of doing business being seen as a negative by only 22%. Stress levels were an issue for 48% and workload for 38%. The majority (54%) considered the impact of Covid restrictions on their day-to-day tasks was poor or very poor, and the same proportion had a poor or very poor experience in terms of their level of frustration. Fear of catching Covid was only an issue for 32%. Sole traders were more negative about their job security than average, and more negative about cashflow than average as well.
For everyone, their biggest issue in 2020 has been the viability of their business – this is more so for sole traders than average. Finding and reaching customers, managing the physical space at work and coming up with new business strategies have been significant issues for many, especially the sole traders, who have also found it hard to be creative about work. For those managing larger businesses, managing staff has been challenging, as has dealing with suppliers, and keeping safe.
When asked what business supports people would like to see in 2021, the financial supports from government are most mentioned – a combination of pandemic-specific supports and tourism vat supports plus grant aid. There is a demand for better business networking, communications and mentoring, and some support for centralized working spaces. Within the business training arena, digital trading education, social media marketing and general sales and marketing support were mentioned.
Over the next 2-3 years, 52% of respondents would be at least quite interested in starting their own business, and 74% would like to focus more on local customers (25% would definitely like to do this). 69% would be looking to diversify (25% would definitely like to do this) and 53% would like to start a non-profit local community initiative. A minority would consider working part-time (42%), and fewer still (38% would like to work from home full-time. Sole traders were generally more positive about most of these options than average.
The pandemic has had a big influence on the majority in terms of how they see their work – particularly that they should aim for a better work-life balance, with more enjoyment, more trust in their teams and a more safety conscious business. There is a view that people have been luck to cope and should appreciate what they have, put their best foot forward and seize opportunities when they arise. For 18% nothing has changed in their relationship with their work.