Is tech too expensive for your business?

SMEs across the UK are finding that their growth could be affected by cost of latest technology services.

The survey which was conducted by the 2018 International Business Festival highlighted that 45% of SMEs within the UK believe that using the latest technology is not currently in their spending forecasts. Out of those surveyed, just 20% have revealed plans to invest in upgraded technology.

Max Steinberg, chair of the 2018 International Business Festival comments;

“As this research shows, many UK SME leaders clearly understand the value of new technologies, but see them as expensive and out of reach,

“It’s absolutely crucial to business growth that SME bosses embrace these innovations and opportunities they present.”

The survey, which was sent out to 500 SME business owners showed that 40% of those who took part believe their business will see growth over the next three years by investment plans in technology.

Although 80% of SMEs do believe that their business must make changes in order to keep up with future market demands, 42% have said that they do fear their business will not be able to keep up with vast advance of technology.

Managing Director of Businesscomparison.com concludes;

“Technology changes every year and most businesses cannot afford to change this frequently, however investing in technology is very important for businesses to stay competitive and topically now secure (GDPR). The key is to make sure you research your purchase; will it be suitable for the foreseeable future to cover the outlay. Most hardware required for a businesses can be leased or hopefully you can access finance this means payments can be spread, as not to damage your all-important cashflow. The key is investing but invest well. In practice this is easier said than done! But your business is dependent on you constantly looking to improve."

Kareema