SMBs or small and medium-sized businesses are the foundation on which all communities build. They make up over half of all employment and companies globally and are, therefore, a huge supplier and creator of jobs and job development.
Consequentially to become thriving and effective businesses and as they provide such an impact on employment locally and globally, SMBs need the opportunity and capability to grow and transform.
During the Covid 19 pandemic, Microsoft observed that those companies capable of fast-tracking their own digital modernisation were much better off than those that didn’t/couldn’t and decided to look into what factors contributed to this growth.
They discovered a few key findings that led to this rapid development:
Digital technology implementation promoted a speedier expansion
Those companies that implemented the technology early on saw the largest and quickest growth and over half of the companies cited growth as their main driver. By implementing the technology early, businesses became twice as likely to accomplish their organisations goals and saw a much larger growth in revenue over the last year. They were also the organisations that were much more confident for future company achievement than those companies that hadn’t.
Now businesses are concentrated on maintaining this growth through the uncertain times ahead: soaring energy prices, high inflation costs, and uncertainty – proving that unfortunately, the effect of the pandemic remains a concern.
Foundation is built on safety and consistency
Over the coming year, the majority of these companies intend to raise their IT budgets by focusing on investments in the following ways:
- Expanding optional efficiency
- Enhancing sales and marketing efforts
- Improving client preservation
Additionally, these businesses on mass anticipate being hybrid organisations for the next two years, if not more and rely on the technology they need to sustain their company’s objectives safely and consistently.
Partners better propel SMB development and strategy
Whilst many SMBs understand and acknowledge the significance that technology plays in achieving their company goals, some SMBs rely on their partners to help guide them in choosing the right technology that will better support their organisation’s strategy. Roughly half of these favour technology partners, with Cloud Solution Partners or Managed Service Providers at the top. These providers will actively advise on the best technology solutions required in order to fast-track the business’s objectives.
The millennial element
It has now been discovered that millennials hold almost half of the technology decision-producing roles, with factors suggesting they opt to work for fresher, newer enterprises and see technology and the benefits it brings as vital to a company’s success. A good number of millennials see themselves as technology-driven even in their personal lives, as they bring over certain consumer behaviours to how they explore and acquire technology, putting great importance on things like reviews and ratings when deciding on purchase opportunities. Those millennials who are SMB owners employ those principles in their technology and company priorities.
Environmental, Social, and Governance (ESG) objectives
Millennials are also leading the way with ESG objectives as the majority of SMBs have monitoring structures set up. This is because this group are the ones to arrange a yearly report committed to ESG development.
Microsoft also found that many SMBs were concerned with and had reduced their environmental impact while also enhancing their diversity and presence goals and concentrating on creating and developing more job opportunities.
Again, these businesses bettering themselves in these ways whilst achieving their company’s goals were those that embraced and implemented the technology early.
The majority of global industries are committed to finding answers and resolutions to the trials and issues that we currently face whilst creating brand new prospects that will help their company prosper at the same time as providing value to their clients.
A valued SMB or trusted partner can help your business to thrive and develop in this ever-changing world and against these latest challenges. Get in touch with our trusted and knowledgeable consultants at Business Cloud Integration today and see why using a reliable and highly regarded Microsoft consultant will help your organisation become the latest business focused on enhancing and modernizing their company and its objectives whilst furthering it on its journey to digital reformation.