A study looking at the Irish economy has noted the impact that innovative family-owned businesses are having on rebuilding the economy after the effects of the Covid-19 pandemic.
Dublin, Ireland // Monday, May 24, 2021
In the world of business, it’s often overlooked that so many corporations are actually family-owned. It’s this family connection that actually helps the company to succeed, allowing it to build a meaningful relationship with customers and the wider community. For this reason, many experts are putting the fate of the economy in the hands of family-owned businesses.
To explore whether this is a workable strategy, one study looked at the example of Ireland. Although Ireland has generally coped while regarding Covid-19 infection rates, its economy has suffered as much as anyone else’s. As Ireland works to vaccinate as much of its population as possible, there’s light at the end of the tunnel as the country’s economy reopens and life returns to something resembling normality.
It turns out that, in the Irish example, 50% of the nation’s wealth is generated by family-owned businesses. This shows just how critical these companies are to the success of everyone. Furthermore, such brands employ 700,000 people, which is a lot in a country whose total population stands at just 4.9 million. Three-quarters of Irish businesses are family-owned and they have shown a unique and impressive resilience to the challenges posed by the pandemic.
It’s thought that those companies that survived did so because they were able to seek out expert business advice. This has allowed even new and inexperienced business owners to find a route through this difficult time without going bankrupt. At the same time, succeeding during a pandemic has been down to the innovation and adaptability of entrepreneurs, who are having to find new ways to thrive in a rapidly changing environment.
One example of a family-owned business that has prospered in recent months is The Lolli Shop. By taking their operations online, they’ve been able to continue selling delicious candy to customers, even when physical brick and mortar schools have been forced to close. Throughout this, the owners of this candy store have retained a local connection. This allows them to add a personal touch to all their products, something which is highly valued in a time when personal connections are hard to find. If you’d like to try a sample from this local family-owned candy store, then head to
The Lolli Shop.
Businesses like these are the cornerstone of the economy. The pandemic removed that human contact that we all need and crave but family-owned businesses can help to restore that personal touch. This is a much-needed breath of fresh air in an economy that appears to be dominated by faceless corporations.
As shops reopen, do your bit to restimulate the economy. This won’t happen by continuing to order everything off Amazon. Instead, seek out local alternatives. These are the companies that the economy relies on. Support them and you’re supporting strong economic growth in the area where you live.
Source: Irish Examiner