Investment in the right technology can put small firms on similar footing to much larger companies. But how important is software, hardware and technology to small businesses?
Mobile operator O2 recently measured the appetite of SMEs in Scotland for investment and how it helped them grow.
Ben Dowd, O2’s Business Director said: “At O2 we know that no two small businesses are the same, and the technology which will help each business fulfil their full potential varies widely.”
50% of small businesses felt that cost is the biggest barrier to small businesses upgrading their technology
65% of small businesses have invested in technology in the last year
50% of small businesses said their firm has grown in the last year by an average of 15%
44% of small businesses thought that investing in technology (such as software, security, hardware, mobile product) helped their business grow
The biggest barriers to small businesses upgrading their technology: Too expensive, too complicated and not enough time to implement it
82% of small businesses thought that the biggest impact/benefit of technology on their business was increasing efficiency
Increasing efficiency, improving customer service and cutting costs were the top three benefits of technology on businesses
68% of small businesses believe that the technology that helps their businesses the most is connectivity (e.g. 4G, broadband)
The top three technologies that help businesses most are: connectivity (e.g. 4G, broadband), hardware (e.g. tablets, phones, laptops) and business software (e.g. Excel, PowerPoint)
46% of small businesses get advice on how to get the most out of their technology by looking it up online
If starting their business again, 50% of respondents would invest their first £1,000 in marketing (website, leaflet, etc.)