A new survey released last month from Brother International Corporation and SCORE shows that when it comes to new technologies, small business owners are still ambivalent.
According to the Brother Small Business Survey 2014, 72% of small business respondents claimed that new technologies will offer a bigger return on investment than taking on new employees in 2014. But, while the survey seems to indicate that small business owners believe that the use of new technologies will help to both increase efficiency and keep them competitive, they are still having difficulty keeping up with the latest and greatest technological innovations. A total of 63% of small business owners say they feel overwhelmed by business technology choices.
Moreover, about 50% responded that they are concerned that investing in technology too quickly will negatively affect their return on investment, while the other half worry that they will lose their competitive edge if they don’t adopt new technology early enough.
All that being said, technology-tool related investments are still the top priority for many small business owners in 2014. Based on the survey, about 40% listed smartphones and tablets the most important tools for running their businesses. Many also consider customer relationship management programs (32%), social technologies (21%), and cloud services (15%) to be essential.
According to John Wandishin, Brother Vice President of Marketing, “Our survey shows that while small business owners understand the value of new technologies, they are still a bit overwhelmed and struggle with choosing the right time to adopt them to have the greatest impact on their business.”
A bit of a post script…
From what I’ve seen, the results of this survey are a pretty accurate reflection of where the majority of small business owners are finding themselves regarding technology. What’s interesting, however, is that among those who do adapt new technology and platforms into their operations, the vast majority are still not seeing an adequate return on investment. Some of this may be due to unwarranted hype, while a part of it may be due to the incorrect application of these new technologies within the business.
Whatever the case, technology is a tool, not a magical sales pill. How helpful or effective new technologies really are in helping small businesses stay relevant, competitive, and productive depends primarily in how it is used within the business. So take the results of the above survey with a grain of salt and make the effort to get a grip on the real needs of your business in terms of technology and beyond.