Ahead of 2022 National Small Business Week (May 1-7), Verizon Business releases findings from their Small and Midsize Business Outlook and Technology Adoption Study. Key findings include a challenge to fill open positions (60%), the importance of offering flexible schedules to employees (88%) and an increased adoption of technology, including a focus on digitization (63%). technology for small businesses
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“I continue to be inspired by the ingenuity of small and midsize businesses,” said Tami Erwin, CEO of Verizon Business. “These figures are indicative of what we’ve seen in working with our customers, who are embracing technology to meet their customers’ changing needs, scale their businesses and ensure they are future-ready.”
The survey was conducted by Morning Consult and consolidated feedback from 1,033 small to midsize business decision makers in 10 major U.S. metros about their current state of mind and how they plan to overcome remaining challenges.
Further key findings include: technology for small businesses
- 71% of small and midsized business decision makers say they are better off now than one year ago, and they also view technology as a key ally to help them overcome lingering challenges to improve sales, boost talent acquisition, and tackle rising inflation and supply chain issues.
- 65% of respondents say they have either begun offering or expanded their offering of mental health and wellness programs during the pandemic, further showing the support small and midsize business owners are offering their current and prospective employees.
- 57% of respondents say they have experienced declining sales over the past year coupled with 69% experiencing increased costs, while 61% of respondents report issues with sourcing materials due to the ongoing global supply chain crisis.
Overall, these decision makers are seeking new avenues to expand their business and maximize their use of new technologies to solve challenges in order to drive growth. With access to a variety of solutions, there’s a renewed optimism and investment in growth as pandemic recovery is in full swing.
Investment for growth technology for small businesses
Small and midsize businesses are bullish on their recovery and growth. They also view technology as a key ally to help them overcome lingering challenges to improve sales, boost talent acquisition, and tackle rising inflation and supply chain issues.
- 65% say revenue generated through digital operations is higher now than pre-pandemic
- 61% say they expect their business’ financial security to get better in the coming months
- 63% expect that providing goods or services and 64% believe acquiring products will be easier a year from now than it is today
- 42% of decision-makers say they have dealt with supply chain disruptions by stockpiling goods, while 38% are implementing continuity planning
Technology fuels flexibility and future of work
Beyond how small and midsize businesses are using technology to drive growth, the changes in employee needs are a high consideration in determining both their workplace of the present and future. And, similar to many large businesses, the forced changes have created some unexpected benefits.
- Nearly 40% of decision makers say they have added net-new remote work or flex work hours during the pandemic, and 79% either offer or plan to soon offer incentives to attract and retain employees.
- 62% say they have transitioned employees from onsite to remote while 52% have transitioned from remote back to office in the past year.
- Half of those surveyed say they have hired non-local employees for remote work in the past year, and 73% believe that it’s important to offer a stipend for home internet services.
- As a result, 56% of those surveyed say employee morale and 62% say collaboration is higher compared to pre-pandemic levels.
Free Resources Available to Small Businesses
Focused on helping small businesses with their digitization, Verizon recently launched the Verizon Small Business Digital Ready. Developed in partnership with small business owners, this online portal is open to any business for free at Verizon.com/SmallBusinessDigitalReady. The portal provides a personalized experience, providing resources, networking, and coaching tailored to a small business’s specific needs.