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Every community’s foundation is made up of small and medium-sized businesses (SMBs). They make up 99% of all organizations on the planet, with an estimated 400 million SMBs in operation. SMBs account for 60% to 85% of employment, making them the main source of new jobs. And according to the International Labor Organization, up to 70% of GDP is reportedly contributed by SMBs. These businesses are increasingly reliant on digital technology for their operations and growth.
SMBs must be creative to succeed and prosper in a digitally connected economy given that scale and effect.
We saw that organizations that accelerated their digital technology transformation fared better than those that did not throughout the pandemic. Many claimed that focusing on tech intensity had helped them grow.
Microsoft was interested in finding out how SMBs view the realities of their companies in these entirely unknown circumstances, understanding their goals and priorities, and determining whether technology is seen as a driver for future success.
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To capture the global footprint of SMBs, Analysys Mason was hired to conduct research with more than 3,000 SMBs from ten different regions of the world.
With the Microsoft SMB Voice and Attitudes to Technology Study 2022, we are announcing our findings today.
Digital technology adoption contributes to faster growth
According to the report, roughly 70% of organizations view growth as their main motivator, and those who adopted new technologies “early” had faster and higher growth. Early adopter companies are twice as likely to have met their previous goals as well as seen faster revenue growth over the previous year. They are also four times more likely to have a high level of confidence in their future performance. Today, with geopolitical unpredictability, high inflation, and rising energy costs, businesses are focused on maintaining growth. The continued effects of COVID-19 continue to worry 51% of businesses.
Security and reliability form the foundation by digital technology
In the upcoming year, more than two-thirds of SMBs intend to boost their IT budgets while putting the following investments in the order of importance:
Eighty percent of companies anticipate a hybrid workforce for at least the next two years, and they need reliable, secure technology to help them achieve their objectives.
Partners help drive strategy and SMB growth
Although the majority of SMBs acknowledge the value of digital technology in achieving business objectives, only 16% consider it to be important. To match the appropriate technology to their business plan, however, many SMBs require partners. Nearly half of respondents pick technology partners, with 33% choosing Managed Service Providers or Cloud Solution Providers that they anticipate will aggressively offer technological solutions to accelerate companies’ business goals.
The millennial factor
41% of technological decision-making positions are held by millennials. They usually work for young businesses, and 13% of them are more inclined to believe that technology is crucial or indispensable to a company’s success. In their personal life, about one-third of millennials identify as technophiles, bringing some of their consumer tendencies into how they explore and buy technology and placing a high importance on peer reviews and ratings. In their How Millennials Work and Live survey from 2016, Gallup noted that millennials prefer meaning over financial security. As entrepreneurs, millennials incorporate these principles into their business and technological priorities.
Environmental, Social, and Governance (ESG) goals – no longer just for the enterprise
In the study, two-thirds of SMBs reported having frameworks for ESG evaluation and monitoring. The generation that is leading the way and is most likely to receive an annual report on their ESG progress is the millennial generation. In terms of priority areas, 37% said they wanted to reduce their environmental effect, 30% said they wanted to increase diversity and inclusion, and 30% said they wanted to create more jobs. The analysis shows a connection between an ESG focus and achieving business goals, with both of these characteristics being most common among early adopters.
99% of organizations throughout the world are actively looking for solutions to solve current problems and create new opportunities. The economics and way of life of billions of people worldwide are impacted by this community. They do this in order to thrive, bring innovation to their sectors, and provide value to their consumers, not just to be resilient and survive. Microsoft continues to pay attention to our SMB customers’ top concerns and learn from them.
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