Establishing A Competitive Edge: SMB Spending Trends That Create A Competitive Advantage

Thursday, March 1, 2018

SMB Spending Trends That Create A Competitive Advantage by Anthony Bradley trigger: The Capterra 2019 SMB SpendPercentage of respondents who (NAPSA)—To maintain a competitive edge, SMBs must prioritize have budgetedfortech (includes the top 10tech) ing Survey on toptechnology trends revealed employee productivity as an important aspect of business growth. The investments in software technology. According to a recent survey on Top research also discovered that nearly 50 Spending Trends, the primary business goal for SMBs overthe next two years is growth: The survey discovered that SMBs are targeting increased revenue, larger customerbases, widened product lines or expandedlocations. This study ofsmall business tech spending trends, “What Tech Your Small Business Peers ‘Are Budgeting for in 2019” reveals how SMBsareinvesting in technology—and how they position tech investments as an important aspect of their business strategies—to compete more effectively. Accordingto experts, for the next one to two years, SMBs have budgets dedicated to investing in a variety of tech- nologies, with finance, cloud computing, security, digital marketing and HRsoftware toppingthelist. Their budget aver- ages generally range between $25K and $35K, with digital marketing, security andcloud computing atthe higher end. SMBtech budgets can vary significantly, dependingontheir business size. ‘The general trend:The bigger the SMB(as measured by either numberofemployees or size ofrevenue), the more SMBsplan to spend ontechnology, if they're going to keep pace with their competitors. In addition to dedicating funding toward tech implementation, SMBs planning to grow their organizations should plan onincreasing the role that technologyplays in their business strategies: As a business grows to over 100 employees, incorporating tech intoits business strategy distinguishesit from competitors. Most SMBs recognize the need to weave tech into their business strate- percent of SMBsin the U.S. won't meet their growth goals without significant enhancementsto employee productivity. Identify How Your Team Interacts _—

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