Covid and energy costs are the big concerns for firms across the country

The Covid-19 pandemic and rising energy costs top the list of business concerns, according to the latest quarterly Business Monitor survey from InterTradeIreland.

The pandemic and energy bills were cited as a concern by 69pc and 68pc of respondents, respectively.

The third-biggest concern for firms is the cost of overheads (62pc), the survey for quarter four 2021 found.

Energy costs and overheads have surged as concerns that firms are increasingly keeping an eye on.

InterTradeIreland is the cross-border body that is funded by the Department of Business, Enterprise and Innovation, and Northern Ireland’s Department for the Economy.

“The impact of the pandemic and in particular higher operating costs continues to weigh heavily on firms,” InterTradeIreland’s acting director of strategy and policy, Kerry Curran, said.

Another concern reported is the issue of recruitment, particularly for those working in the construction sector and those in larger firms.

“It remains to be seen if in the long-run the inability to attract staff will continue to be a thorn in the side of businesses, which could constrain growth,” Ms Curran said.

On a more positive note, firms across the island of Ireland are clawing back ground as the pandemic loosens its grip.

The figures show that 41pc of firms are in growth mode, while 44pc say they are stable. This is similar to pre-pandemic levels reported in the last three months of 2019.

Profitability has increased for many businesses, with more than half of firms (58pc) reporting they have remained in the black for the last 12 months.

Asked about future plans, 41pc of businesses want to focus on recovery, while just over a fifth (22pc) want to maintain their current position.

However, there are 22pc of businesses that are seeking to find new customers in order to expand.

In this cohort, over a third are looking to the cross-Border market to grow sales.

Meanwhile, the impact of Brexit is being felt by a similar number of businesses on either side of the Border, with 49pc of firms in Northern Ireland and 46pc of businesses in Ireland reporting it as an issue.

InterTradeIreland’s quarterly Business Monitor is based on the views of more than 750 small and medium business managers across Northern Ireland and Ireland.