SMEs must embrace new technology, says report

Small Business Advice 9 April 2013

Does your business make the most of new technology?

New and affordable technology is seen as being key to growth.

The UK’s small and medium-sized business community is increasingly keen to embrace new and affordable technology as a means of driving growth.

That is according to a new study commissioned by TalkTalk Business, which was based on research conducted by the Institute of Chartered Accountants of England and Wales (ICAEW).

Nearly 80 per cent of companies feel that technology plays an essential part in their plans for success, according to the report, which said that it has helped businesses to improve their overall performance and reach larger audiences.

Reflecting on the data, Richard Cree, the Editor of ICAEW magazine economia, said, “There is no doubt that the application of technology is increasingly important to all businesses, regardless of sector and irrespective of their ambitions for growth.

“However,” he said, “when it comes to how technology affects growth, respondents were clear that its key role was to deliver value by driving efficiencies and savings.”

What’s more, two-thirds of respondents expect business growth in the year ahead despite the beleaguered state of the economy.

This point is evidenced by the fact that one in ten business owners have set this as their number one goal.

And the Geared for Growth Report said that the top ten per cent most ambitious companies were twice as likely to recognise the role technology has to play in stimulating growth than those happy to stay a similar size.

Charles Bligh, Managing Director of TalkTalk Business, said that technology plays an increasingly important role in modern business.

“British SMEs are clear that they need access to affordable technology to help control costs,” he commented.

“The two-thirds of SMES that are still ‘offline’ need to urgently consider the huge opportunities they could be missing, potentially valued at £18.8 billion per year,” he added.

So, if you’re a small business owner currently considering possible avenues towards expansion, then you’d be well advised to consider embracing new, affordable technologies.

Of course, there will be an initial outlay involved – but you could start to reap the benefits in no time.

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