The Link Between Digital Technology and Small Business Growth

Technology has many advantages for small businesses. It can make your procedures more effective, more productive, and can diminish costs. But does a company’s technology really affect its growth?

A recent study says yes, small and medium businesses that have embraced digital technology have quicker growth than businesses that don’t.

The study also asked people about their business usage of digital technology and how it affects their business.

Within the results, the most important fact was the connection between digital technology and business growth. Some small businesses stated they were on their way to using technology to connect with consumers and other businesses.

These businesses experienced revenue growth of more than 10%. The most common digital technology in use is business analytics and collaborative software.

Other results are:

  • Over 35% of small businesses agree that effective participation in the digital economy will be vital to business survival in the next 3 to 5 years.
  • Variable by region, between 50 and 60 of small businesses state that digital technology aids them in streamlining operations and enhancing productivity.
  • In spite of relying on digital technology, between 35% and 45% of small businesses are troubled that their business depends too much on data to make decisions.

Generally, the study shows that small and medium businesses are accepting digital technology and reaping the advantages in terms of business growth.

If your small business hasn’t switched to digital technology, this is the perfect time to start. If you don’t have any idea where to begin, you can research the best digital technology tools for small business owners. The important thing is not to be left behind in the current business technology that is available to not only small business owners but large corporations as well. If you want to stay competitive, you have to get on board. 

Contact RedWave Technology Group, LLC to learn about the various digital technology services we have to offer.  We’d love to set up a free consultation with you to discuss how you can grow your business!