2022 was a turbulent year for SMBs—and this turbulence is continuing into 2023. Even as many challenges resulting from the COVID-19 pandemic recede, others, including inflation and recession, have become top SMB concerns.
Amidst this ongoing uncertainty, SMB Group examines U.S. SMBs’ challenges and priorities for 2023 in our SMB Business and Technology Priorities for 2023 survey. In our new, free eBook, sponsored by Amazon and Dell Technologies, we share key highlights from this study, fielded in November 2022. In the study, This study surveyed 743 SMB decision-makers and influencers in SMBs (1-999 employees) and mid-market (1,000-2,500 employees) to understand their:
- Business outlook, concerns, and priorities.
- Plans to support business priorities with technology investments.
- Attitudes about the role and value of technology in their businesses, and challenges for technology adoption.
In our eBook, we share key findings from the study, including:
- Concerns about inflation and recession dominate for SMBs, considerably overshadowing other worries about events beyond their control. These concerns have deflated SMB optimism about revenue performance—which had been steadily rising since the COVID-19 pandemic first struck. Heading into 2023, just 41% of SMBs forecast that revenues would rise, while 45% expected revenues to remain flat.
- While SMBs are always cost-conscious. for the first time in several years, they rank controlling and reducing costs as their top business challenge. Customer issues—attracting new business, improving satisfaction, and keeping up with changing expectations–underscore the growth challenges that SMBs currently face.
- Inflation and recessionary pressures are dampening SMB tech spending: only 36% plan to increase technology spending in 2023. Economic concerns and a shortage of IT staff and expertise—especially in smaller companies—will make SMBs more selective about their technology investments in 2023 than they have been in the last few years.
- Industry-specific functionality is becoming an increasingly important factor for SMBs that are shopping for new business solutions, with 70% rating it as extremely or somewhat important.
These are just a few of the findings and insights from this study. The full table of contents is below, and you can click here to read the full eBook.
SMB Group provides technology vendors with complete research results, advisory, and content services to help drive successful strategies to engage with SMBs. If you’d like to learn more about these services, and how we can help support your path forward, please contact Lisa Lincoln, Director of Client Services at lisa.lincoln70@smb-gr.com.
© SMB Group 2023