Technology: The Key to Driving SMB Growth During Tough Financial Times

Tech Blog
Business Mobiles
November 22, 2022
Business people discuss tech in tough financial times

As a business leader, you know the importance of staying ahead of trends and continuously innovating. You understand that technology can open doors to new possibilities and opportunities for your organisation. Yet turbulent economic times and the cost of living crisis has been a struggle for many businesses, adding additional pressure at a time when decisions around technology can make or break a businesses future.

Technology is the biggest driver of growth in SMB's according to research by Virgin Media O2 Business. Despite this, many business leaders find that technology can become a challenge to contend with. However, there are numerous benefits associated with technology when used properly. Let's explore how implementing new tech can help your business reach its goals and thrive.

The Benefits of New Technology

The Virgin Media O2 Business report found that 87% of business leaders noticed an increase in productivity when supplying employees with new technology and 77% believe it helps boost morale. The biggest benefit of technology, according to the survey, is that it improves efficiency (28%) followed closely by boosting collaboration (23%). Additionally, technology can also improve communication between departments and remote teams while streamlining processes and automating mundane tasks.

Need for Better IT Support

While the benefits of technology are clear, 48% of those surveyed say they need better IT support to realise their company’s ambitions. Furthermore, 24% admit they don’t have enough resources to keep up with technological advances or adapt existing systems quickly enough. These challenges are only exacerbated when businesses try to manage their own tech without relying on outside help from professionals who understand the complexities of the latest technologies.

Strategies for Success

When implementing new technologies into your organisation, make sure they are user-friendly and intuitive – after all, if employees don’t know how to use them, they won’t be able to maximise their potential.

Additionally, it is important to ensure data security through multi-factor authentication processes and data encryption as well as regular updates on security policies. In order for these strategies to be successful, you must ensure everyone understands why these measures are being taken.

Cost Saving Opportunities

One way to ensure you get the most out of your investment in technology is by having a managed services provider (MSP) like The One Point available as an extension of your team. An MSP will work closely with you to make sure you have the right solutions for your needs—and provide ongoing support so you always have access to technical expertise if needed. Working closely with an MSP will also provide peace of mind knowing you’ll stay up-to-date on all the latest technologies and trends so you can maximise your investment in tech for years to come.

SMB's don’t have to break the bank to take advantage of these benefits either. For instance, Microsoft 365 cloud computing offers affordable access to cutting edge software solutions without needing any onsite hardware or additional IT personnel – meaning lower start up costs and no maintenance fees either! Plus, virtual meetings allow teams to stay connected without having to travel or host expensive conferences or events onsite – potentially saving thousands in expenses annually! There are so many cost savings opportunities available through smart use of technology and connectivity – but only if you know where to look! I which case working with a team with expertise across a broad range of technologies can help SMB's stay ahead.

In Conclusion

Technology is an essential part of any successful business today but it can present challenges if not implemented properly or supported correctly. Fortunately, there are ways to overcome these challenges and make sure new tech investments are maximised for long-term success and growth. By having a managed services provider in place, businesses can take advantage of all the benefits associated with new technologies while benefiting from expert technical advice and reliable IT support whenever needed—essential components for any business looking to take their operations into the future!

Overall, it’s clear that technology and connectivity can provide a lifeline for medium businesses during tough financial times – helping them maintain productivity levels while reducing costs associated with traditional methods. By investing in tech solutions like cloud computing and fast broadband speeds, business owners can ensure their operations remain agile and efficient as they navigate changes in the economy. It’s essential that business leaders understand how tech and connectivity can help them better serve their customers while keeping costs low – so they can succeed both today and tomorrow!

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