According to the analysis, when small businesses use technology, there are tangible economic benefits.
Small businesses using technology platforms They perform better than their peersThey look to the future with more optimism. The US Chamber of Commerce has released a new nationwide survey and economic analysis that measures the impact of technology platforms on small businesses and the economy. (Note that in the USA, small businesses also include companies that may be large companies in our country.)
Analysis by Teneo finds that different technology platforms not only play a critical role in helping small businesses launch, operate and grow their businesses – and weather economic disruptions – but also in ensuring that small businesses that fully embrace technology, compete better than their peers and have a more insight into Optimistic for the future.
“Despite historical inflation and two quarters of negative economic growth, small businesses have proven resilient time and time again, thanks in part to technology platforms such as digital advertising, business software, and delivery apps that improve operational efficiency and customer service,” said Jordan Crenshaw, Vice President of the American Chamber’s Technology Sharing Center: “Better Access.”
According to the analysis, when small businesses use technology, there are tangible economic benefits. Small businesses that use technology platforms maintain or directly support more than 99.8 million jobs in the United States and contribute $17.7 trillion to the economy annually.
Today, 93 percent of small business owners report that they use at least one technology platform to run their business, and the average owner uses three different platforms. 85 percent of them reported that technology platforms helped them start and run their businesses, and 94 percent said technology helped them run their businesses more efficiently.
86 percent of small business owners in the United States believe technology platforms have helped their business survive during COVID-19, and 87 percent say technology has helped them thrive under difficult circumstances.
Small businesses that integrate multiple technology platforms into their operations are likely to see growth in sales, profits, and employment since 2020. Among those using at least 6 technology platforms, 84 percent saw an increase in profits, an 82 percent increase in sales, and an increase in sales. in employment at 74 percent, which is significantly higher than those who use only one platform or not at all.
In addition to the economic benefits, small business owners also see personal advantages. Nearly nine-tenths (88%) of small business owners say that using technology platforms helps them find more fun in running their business, and 80% agree that it helps them spend more time outside of their business with their families.
When it comes to the future, 89 percent of small businesses are very or somewhat optimistic, and this belief is reinforced by their use of technology. Small businesses with the highest adoption rate of technology (6 platforms or more) are twice as likely to be extremely optimistic than those with the lowest adoption rate (0-1 platforms). Small businesses that use a wide range of technologies expect faster growth over the next two to three years in everything from customer acquisition to sales and hiring to profits than businesses that use less technology.
as a result of Most small businesses plan to continue investing in technology: 83 percent say they will increase the use of technology platforms across their businesses in the next two to three years, and 63 percent plan to use more advanced technologies, from artificial intelligence to virtual reality.
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