Technology Driving Small Business Growth and Optimism
As some small business owners have expressed growing optimism over the last month and year, a new study has found just what is driving positivity and success. The July 2013 SurePayroll Small Business Scorecard found that small business optimism continued to rest at a high 72 percent, a huge jump from the lowest yearly optimism rate of 45 percent in September 2012.
As hiring makes slow gains and small businesses become hopeful about the future, SurePayroll Inc. set up the survey to uncover the reasons behind the positive outlooks expressed by micro businesses – companies with an average of eight employees. According to the survey, technology is promoting small business advancement.
Survey respondents said they are conducting more business online – 73 percent said they use their websites to sell products, and many are accepting Internet payments with business credit card processing services. Entrepreneurs who have invested in up-to-date technology reported being pleased with the results, with 77 percent saying that selling products on a company website is effective.
Technological advances promote growth
Even more survey respondents – 84 percent – said that using tools like company websites, software, and new equipment have helped businesses grow. Updating these tools has become increasingly important to small businesses, making equipment financing and leasing an appealing option for many who are unable to make full payments on new communication systems, computers, servers, and other devices.
Small business owners are embracing technology across many platforms, from website design to social media and online advertising. As website sales increase, the survey also reported a rise in online advertising and use of modern devices to reach customers. The survey reported that 42 percent of respondents engage in online marketing, and 64 percent said smartphones helped them conduct business.
SurePayroll CEO and President Michael Alter commented on the survey findings, remarking that upgraded technology is contributing to the economic recovery far more than job creation.
“We’ve seen this trend for a while now, and our data this month really supports the idea that small businesses are leveraging technology to be more efficient,” Alter said.
Improved efficiency and higher sales are reason enough to stay current with technological and equipment trends, but small business owners who are resistant to change would be wise to consider the fact that nearly 80 percent of small business respondents said they have changed the way they operate to keep up with a technology-based economy.
If a small business owner wants to gain a competitive edge and meet client expectations, they can come to National Funding for assistance. National Funding can offer an individual a merchant cash advance to purchase new technology, and is also an equipment leasing company that can help an entrepreneur gain access to new business tools.