By Michael Queally, Managing Director, AMQ Accountants & Auditors
The Clare Echo this week published a special supplement on Business & Enterprise in Clare & the Midwest. As part of that, Michael Queally of AMQ Accountants & Auditors looks at the opportunities and pitfalls that lie ahead for Clare businesses.
Business is growing – but the pressures are real
Some businesses are performing well, while others face pressure from wage costs, recruitment, regulation and the overall cost of doing business.
Housing has also become an enterprise issue. We increasingly see employers helping staff secure accommodation to recruit and retain staff. That is no longer just a social problem; it is a competitiveness problem.
The challenge is to ensure businesses can survive, invest and scale.
Opportunities for Clare and the Mid-West
Tourism remains one of Clare’s great strengths, with the visitor offering improving around food, experiences and sustainability. Independently owned pubs, restaurants, shops and attractions are important to Clare’s character and the visitor experience.
The Shannon Estuary presents opportunities in renewable energy, logistics and the businesses required to service those industries.
Life sciences has also developed a strong position in the Mid-West. Major investments by Lilly and Regeneron in Limerick, together with the wider medtech sector, create opportunities for indigenous businesses supplying engineering, automation, validation, software, logistics and professional services.
Biotechnology is particularly interesting because early-stage research can take place within relatively small specialist companies and university spin-outs. These businesses can develop intellectual property and products with global applications, creating an opportunity to build valuable indigenous businesses here in the region.
AI and automation will change the economics of business
The biggest change over the next decade may come from technology.
Artificial intelligence is already changing software development, professional services, marketing and administration. As AI combines with automation, machine vision and robotics, it is also likely to change manufacturing and construction.
That raises an interesting question: could automation make it economical to manufacture some products here that historically moved to lower-cost locations?
Labour costs, energy, scale and supply chains will continue to matter. But if automation reduces the labour content of producing an item, the wage differential between Ireland and a lower-cost economy becomes less significant.
Combined with sustainability, supply-chain resilience and transport costs, that could change the economics for certain production. High-value manufacturing, shorter production runs, precision engineering and customised products are areas where expertise, quality and speed can matter as much as hourly labour cost.
The opportunity may not be to recreate old manufacturing industries exactly as they were. It may be to produce some things here again, but in a different way.
The Mid-West already has an important asset in Digital Manufacturing Ireland in Limerick, which helps manufacturers test and adopt automation, digital twins, machine vision and advanced manufacturing systems.
What this means for SMEs
At AMQ, we see these changes first-hand. Through Axora Technologies Limited, we are investing in AI and automation and developing practical systems that remove repetitive work, improve information and allow people to operate at a higher level.
For SMEs, this is not technology for its own sake. It is about competitiveness. A relatively small business that uses technology well can increasingly achieve things that previously required a much larger team.
Revenue figures show that 2,165 companies claimed the R&D tax credit in 2024, with credits worth €1.263 billion. The Knowledge Development Box, which gives favourable tax treatment to qualifying profits from intellectual property created through R&D, remains relatively little used.
So, are we doing enough not simply to undertake research, but to own the resulting intellectual property, commercialise it and build valuable indigenous businesses around it?
We have clients operating in multiple countries and we see governments elsewhere actively supporting businesses that develop intellectual property. Ireland needs to ensure its own supports remain competitive if we want that research, IP and those businesses to be developed and retained here.
Building a stronger indigenous business base
Revenue’s latest analysis shows that just 10 companies accounted for 56% of Ireland’s net corporation tax receipts in 2025. Foreign direct investment remains enormously valuable, but developing a stronger indigenous business base alongside it is strategically important.
Clare has the people and entrepreneurial ability to compete nationally and internationally. Technology is reducing some disadvantages associated with scale and geography. Knowledge-based businesses can reach international markets from Ennis or Shannon, while automation can allow smaller companies to increase output without increasing costs at the same rate.
The next ten years will bring disruption. On balance, I believe that disruption can be positive for the Mid-West and bring significant opportunity.
The businesses most likely to succeed will be those that remain close to their customers, invest in their people and adapt as technology, regulation and markets change around them.
