Technology

How Important is Investing in Technology to Small Business Owners?

This infographic helps break it all down

Story by Kathryn Greene

Its fair to say that technology has become an inseparable part of our lives, revolutionizing every aspect of our existence. And the business world is no exception.

As businesses—especially small businesses—transform themselves to keep up with the 21st century, comfort and comprehension don’t always follow. Many small business owners (SBOs) wonder when is the right time to invest in new technology. After all, investing too quickly—or not quickly enough, may hurt them, or help their competitors.

According to the 500 SBOs surveyed by Brother International for the 5th annual Brother Small Business Survey, 72 percent of SBOs small businesses expect more of a return on investment from technology as opposed to hiring new employees this year. However, more than 63 percent of respondents said they frequently feel overwhelmed with the number of technologies available to run their businesses.

Technology is still viewed by many small business owners as a risky investment, with half revealing they are anxious about investing in technology too quickly, and the other half expressing concern that not investing in technology will give their competitors an advantage.

Perhaps unsurprisingly, almost half of small business owners said that mobile devices, such as smartphones and tablets, top the list of technologies they felt were necessary to run their business. Despite this, 59 percent of respondents said that they felt they did not have enough technological support.

When navigating your way through the business world, it’s important to have reliable support you can trust, but many are unsure of the resources available to them, or where to begin searching. SCORE offers free business advice at kansascity.score.org, where you can sign up for online and local workshops, find a free mentor, and download free tools.

Check out the infographic for a full breakdown of trends in the relationship between small businesses and technology.