Small Business is Generally in a Good Mood with Technology Helping
Seventy-one percent of small- and medium-sized businesses (SMBs) say that they are better off now than one year ago, according to survey conducted by Verizon Business in advance of the 2022 National Small Business Week.
The better mood can be attributed to the perception that the worst of the COVID19 pandemic is over. Technology in general and that helps make work more flexible gets high marks in the survey.
Businesses surveyed say that technology has been an ally in helping them overcome challenges to improving sales, boosting talent acquisition, and tackling rising inflation and supply chain issues. The survey found that 77% of SMBs have added or upgraded technologies that support connectivity, including high speed Internet, since the pandemic began. Sixty-three percent have transitioned to digital operations and 73% have added or upgraded communications networking hardware.
Nearly two thirds (65%) of SMBs say that more of their revenue is generated digitally than before the COVID-19 pandemic. Almost 40% have added net-new remote work or flex hours during the pandemic and 79% offer or plan to offer incentives to attract and retain employees. Sixty-two percent have transitioned employees from online to remote or flex hours during the pandemic – while 52% have transitioned remote workers back to the office during the past year.
Half of those surveyed have hired non-local employees for remote work. Seventy-three percent think that it is important to offer a stipend for home Internet services, 56% say that morale is higher than before the pandemic and 62% say that collaboration has increased.
“I continue to be inspired by the ingenuity of small and midsize businesses,” Verizon Business CEO Tami Erwin said in a press release. “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.”