One typically hears about large companies’ expenses regarding online technological investments. But technological innovations also alter how small and medium-sized businesses (SMBs) conduct business. Smaller businesses can better serve customers and manage costs thanks to the advanced technology now accessible to them. Office technology distributors and service providers have plenty of room to grow their clientele and their range of services. CloudndVoice is one of these platforms that small business owners can use to get started on their cloud journey.
In addition to the 24 million sole proprietorships, there are about 6 million SMBs in the US. Health coverage, development, professional services, and retail are this industry’s four most significant pillars. 32.9 per cent of the $1.3 trillion exports from the United States are SMBs. This is a sizable industry for technology, and smaller businesses spent more than $602 billion on it in 2018, up nearly 5% from the year before.
Who are SMBs, and why do they buy technology?
According to surveys, the majority of small and medium-sized businesses (about 42 per cent) hold off on investing in new technology until proven, whilst about one-third of SMBs could be classified as early adopters who view technology as essential to their business. Only about 25 per cent could be classified as late adopters.
Copiers and printers are still widely used
As one might expect, computers and laptops are the devices that most small and medium-sized businesses purchase, with 36% of SMBs concentrating their tech spending on this type of core hardware infrastructure. A close second is mobile phones. Even in a world that uses less paper than ever, printers and copiers are still in high demand. In 2019, about 24% of small and midsize enterprises plan to invest in this technology. When they purchase copiers or printers, they typically do so very quickly—32 per cent of SMBs who purchase photocopiers do so within a week, a rate comparable to that of cellphone purchases. In the contemporary world, printing is still seen as essential.
Market share is typically an SMB’s top priority. When investing in new technology, nearly half say gaining new customers is their top priority, while 40% say keeping their current clientele is. Keeping existing customers and gaining new ones is crucial in the fiercely competitive community of smaller businesses.
SMBs’ expectations of tech vendors are also not too complicated. They desire experts who can provide them with all the necessary information and transparent, competitive pricing without additional costs. A supplier or service provider will have an advantage if they comprehend the customer’s industry and provide tested solutions at fair prices.
Tech-hungry SMB executives
By now, it should be evident that innovation is a top concern for smaller businesses. Technology is essential to every aspect of their business, including implementing new procedures, maintaining and growing markets, and developing new product lines. A lot of SMB executives are eager for new technology. About 40% think their current level of technological investment is insufficient. Even those who are happy with their current spending levels still have “wish lists” of things they would be happy to buy if they had the money to do so.
SMB technology has a sizable and expanding market. As we’ve seen, technology is now essential to running a small- or medium-sized business today. The Cloudndvoice platform enables users to work remotely for their clients. It has changed the internal workings of the SMB and the market environment, and it is now a significant competitor for larger businesses. Technology is here, local, and it sells; it’s not only for the big players.