If there’s one thing a modern small business can’t live without, it’s technology. But entrepreneurs could certainly do without all the disruptions to their businesses caused by tech malfunctions. A recent survey found that not only are small business owners increasingly faced with technology problems, but these hiccups in operations can cost companies big time, perhaps suggesting such enterprises can benefit from working with an equipment leasing company.
Vast majority report tech problems
According to a survey by Veeam Software, 85 percent of small business respondents said they experienced cost-related difficulties with system backup and recovery. Eighty-three percent also reported they lack the capabilities for efficient backup and recovery, while another 80 percent said solutions are too complex.
Sixty-three percent were also concerned that as data becomes more essential to business operations, their current systems might not be able to handle the load, which indicates worried entrepreneurs should look into technology-related equipment financing options.
The problems caused by technology failures proved to be exceptionally costly: 41 percent said downtime resulting from an IT malfunction costs $150,000 or more per hour.
“More and more, small-to-medium sized businesses (SMBs) are being subjected to the same IT challenges and business pressures as large enterprises,” said Ratmir Timashev, president and CEO of Veeam. “As such, any disruption to their IT infrastructure can have severe consequences. This is why it’s particularly worrying that the vast majority of SMBs reported cost, complexity, and capability challenges with backup and recovery. When you also consider that one in six recoveries simply don’t work, it’s clear that the issue of data protection is a ticking time bomb in the SMB community.”
Of the expenses incurred by backup and recovery failures, 51 percent said they included ongoing management cost increases, 48 percent cited expensive licensing models, and 44 percent reported backups using too much storage.
As a remedy, 55 percent of respondents said they plan to procure new backup tools, with ownership costs (46 percent) being the driving force.
Entrepreneurs who have targeted new virtual infrastructure as a goal moving forward can consult with equipment leasing company National Funding on their best options. Similarly, those experiencing strained cash flow because of costly tech disruptions can inquire about a small business cash advance.