73% of Businesses Want to Grow, But Only 6% are Investing in New Technologies

Every business owner needs to understand the pivotal role that technology plays in their business’s growth. However, many companies just aren’t able to keep up with the latest trends and developments. When this happens, they miss out on important opportunities to grow, and when an organization falls behind the times, they fall out of practice. When they fall out of practice… well, you get the idea.

The important thing to remember is that you need to embrace change and technology that can help your business grow. In particular, the cloud is an important part of this, as it’s such a tremendously popular and efficient way to improve business operations. A recent survey of small and medium-sized businesses by software provider Exact confirms that organizations need to understand the importance of the latest technology in order to grow. As reported by ITProPortal:

More than a third (38 percent) believe digital disruptors will shove them aside if they don’t adapt, but just two per cent are actually doing something about it.
This showcases the difficulty that businesses experience when it comes time to changing their ways. Even if businesses realize that they need to change in order to leverage great new opportunities, saying that they will and actually doing it are two entirely different things. In the case of the SMB, however, things are a bit more complicated due to limited budgets and workforces.

The problem, in this case, is that you would need to onboard an employee whose responsibilities adhere specifically to the implementation of new and innovative technology solutions. It’s unlikely that your current employees have time to research and implement these types of solutions, and it’s also hard on the budget to add a new salary. This is why so many SMBs turn to outsourcing to accommodate this need.

Almost two thirds (64 per cent) are facing competition from new digital companies, yet just six per cent are investing in new technologies to keep up.
This figure represents a painful reality that the digital realm of business expands in scope very quickly. Most companies that can’t (or won’t) adapt to these changes will be consumed by them. Organizations that have the latest and greatest technologies are more competitively viable, so failing to utilize new technology solutions could threaten your business model.

Of course, how much this matters is entirely dependant on the industry. For example, a retail-based company will lose out if they don’t have a point of sale system that can accommodate the sale of products both offline and online, and a social media presence is almost required in order to connect with prospective consumers. The transportation industry is a fine example of how some companies might fail to adapt; taxi cabs have traditionally relied on phone calls, but ride-hailing apps like Uber and Lyft have made it easier than ever for smartphone owners to find transportation. Therefore, users will go with the solution that’s both easier and more affordable, and taxi companies can’t keep up with this trend.

Almost three quarters (73 per cent) of SMBs said they’re planning on growing.
Yet, even when businesses aren’t investing in new technologies that can accommodate growth, they expect to grow and onboard even more new team members. It’s possible to make these plans prior to growing and to be prepared for the day when your business expands, but without the latest technology available and ready to use, how can your business hit the ground running?

For most businesses, using solutions that are designed to grow alongside their business is much easier than it seems. Cloud computing, for example, is a tool that 58 percent of SMBs take advantage of every day. The cloud is capable of increasing in scope and flexibility over time, which helps your business in the long haul. The cloud allows your business to use new solutions that are designed to give you a competitive edge, which can allow your team to further improve your business.

To learn more about cloud computing and other flexible solutions that can help your business grow, reach out to us at 307-686-3025.