SMBs discover expertise to be a key ally in serving to them overcome lingering challenges

71% of small- and midsized-business leaders think about themselves higher off now than one yr in the past, a brand new examine from Verizon Enterprise finds.

smbs report better year
Picture: Halfpoint/Adobe Inventory

Small companies are relying closely on expertise like high-speed web, which 77% cited as important to supporting connectivity because the begin of the pandemic, a brand new examine finds.

Small companies have related challenges to their bigger counterparts: Filling open positions (60%), providing staff versatile schedules (88%) and digitizing as their adoption of expertise will increase (63%), in line with the Small and Midsize Enterprise Outlook and Know-how Adoption Research by Verizon Enterprise.

SEE: Ethics coverage: Vendor relationships (TechRepublic Premium)

Among the many most notable findings have been that 71% of SMB resolution makers think about themselves in a greater place now than they have been one yr in the past. They view expertise as a key ally to assist them overcome lingering challenges to enhance gross sales, increase expertise acquisition and deal with rising inflation and provide chain points.

House owners of SMBs are actually additionally addressing psychological well being points: 65% of respondents mentioned they’ve both begun or expanded their providing of psychological well being and wellness packages throughout the pandemic.

But the image isn’t completely rosy: 57% mentioned they’ve skilled declining gross sales over the previous yr coupled with 69% experiencing elevated prices. Additional, 61% of respondents reported points with sourcing supplies as a result of ongoing international provide chain disaster.

Nevertheless, the examine’s total message is that they’re forging forward.

“General, these resolution makers are looking for new avenues to increase their enterprise and maximize their use of latest applied sciences to unravel challenges as a way to drive development,’’ the Verizon report mentioned. “With entry to a wide range of options, there’s a renewed optimism and funding in development because the pandemic restoration is in full swing.”

The examine additionally discovered that SMBs:

  • Transitioned to digital operations. 63% of respondents have added or transitioned to digital and on-line operations up to now yr.
  • Integrated expertise into recruiting and retaining practices. 59% have supplied staff with units or expertise to assist recruit or retain expertise up to now yr.
  • Elevated income by way of digital transformation. 65% mentioned the income their enterprise generates by way of digital operations is increased now than earlier than the pandemic.
  • Added tech perks to fight the labor scarcity. In the case of operational impacts, almost two in three respondent resolution makers mentioned their enterprise has applied new programs for distant collaboration (65%) or safety (64%) or began providing new services to adapt to altering buyer wants (65%).

Investing for development

SMBs are bullish on their restoration and development. The examine discovered that:

  • 61% mentioned they count on their enterprise’ monetary safety to get higher within the coming months.
  • 63% mentioned they count on that offering items or providers shall be simpler one yr from now than at present, and 64% consider the identical for buying merchandise.
  • 42% mentioned they’ve handled provide chain disruptions by stockpiling items, whereas 38% are implementing continuity planning.

Know-how fuels flexibility and the way forward for work

Past how SMBs are utilizing expertise to drive development, the modifications in worker wants are a high consideration in figuring out each their office of the current and future. Much like many giant companies, the compelled modifications have created some sudden advantages.

  • Almost 40% of resolution makers mentioned they’ve added net-new distant work or flex work hours throughout the pandemic, and 79% both provide or plan to supply incentives to draw and retain staff.
  • 62% mentioned they’ve transitioned staff from on-site to distant whereas 52% have transitioned from distant again to the workplace up to now yr.
  • Half of these surveyed mentioned they’ve employed non-local staff for distant work up to now yr, and 73% consider that it’s vital to supply a stipend for house web providers.
  • Because of these modifications, 56% mentioned worker morale and 62% mentioned collaboration are increased in comparison with pre-pandemic ranges.

Free sources for small companies

To assist small companies with their digitization, Verizon just lately launched the Verizon Small Enterprise Digital Prepared curriculum. Developed in partnership with small enterprise homeowners, this on-line portal is open to any enterprise at no cost.

The corporate mentioned the portal supplies a personalised expertise, offering sources, networking and training tailor-made to an SMB’s particular wants.

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