For a Small Business, Technology is Essential to Remain Competitive

For a Small Business, Technology is Essential to Remain Competitive

Technology is often an important determining factor when it comes to competing with other small and mid-sized businesses. If you have never considered how your company compares in terms of technology with your closest competitors, it’s essential to do so.

According to a December 2018 report from Bredin Insight with 600 respondents, 58 percent of those with 19 or fewer employees stated they currently use or intend to use small business technology to grow their company. Additionally, 25 percent of businesses with 20 to 99 employees and 17 percent of those with 100 to 500 employees expressed the same sentiment.

When Do Small Businesses Invest in Technology?

The 600 respondents to the Bredin Insight survey represented a mix of early and late adopters of technology for their small or mid-sized business. Among those in the first category, one-third replied that an investment in technology is critical to their ongoing success. For those who identified themselves as late adopters of technology, one-quarter responded that they only invest in it when there is no other option and/or they want to minimize expenses.

Approximately 42 percent of people who responded to the survey fall in the middle of the two extremes of early and late adopters of technology. While they understand the importance of technology, they would not consider being among the first to purchase a newly-released product. They would wait until they could conduct more research and the product had enough feedback from early users to prove itself first.

Top Hardware and Software Purchases by Small Businesses

While an investment in small business technology looks different for every business, data provided by the respondents of the Bredin Insight survey should give you a better idea of what you may want to invest in yourself. Here are the 10 leading hardware purchases that small business owners stated they intended to make:

  1. Smartphones or cellular phones
  2. Desktop, laptop, and other personal computers
  3. Copiers, fax machines, and printers
  4. Tablets for individual employees
  5. Routers, switchers, and wireless access points
  6. Database software
  7. Phone systems
  8. Operating systems
  9. Onsite servers and storage
  10. Other systems software such as network management or virtualization  

The newer the business, the more likely they were to invest in each of these technologies in the next year.

The survey also asked small business owners the type of software they expected to buy in the next 12 months. They responded with these five types:

  1. Email
  2. Security
  3. Accounting and financial management
  4. File backup and storage
  5. Accounts payable  

Schedule an Appointment with a Small Business Consultant to Evaluate Your Technology

Perhaps you have no idea where you stand in terms of how technologically advanced your company is compared to your competitors. We invite you to meet with Lowcountry Business Advisors in Greater Charleston, SC to assess your business needs and create a plan for maximizing you small business technology. We are small business consultants who strive to use our experience and passion to help business owners achieve their goals.  Let’s meet for coffee and see how we can work together.