After a year that turned all notions of business as usual upside down, small and medium businesses (SMBs) and midmarket companies are more than ready to put COVID-19 in the rearview mirror. As we move ahead and hopefully past the pandemic, however, surviving businesses are still dealing with many unknowns.
What will revert to the “before times” in terms of customer, employee and business norms? What behaviors and expectations will remain from the pandemic long after it is over? What new changes are in store?
SMB Group’s 2021 SMB Technology Directions for a Changing World Survey Study examines how SMBs are reshaping their business and technology strategies for what comes next. In February 2021, we surveyed 761 North America SMB (1-1,000 employee) decision-makers and influencers and mid-market (1,000-2,500 employee) organizations. (For the sake of brevity, we refer to the entire sample as SMBs).
In our new, free eBook, sponsored by Acumatica, Dell Technologies and Xero, we share key highlights from the study about SMB business health, new initiatives, technology investment priorities, and more. For instance:
- Business rebounded for many SMBs by the end of 2020. When we surveyed SMBs in July 2020, more than half said that their average monthly revenues had decreased after the pandemic hit, and only 15% said revenues had increased. But, many SMBs rebounded as 2020 progressed: 43% reported 2020 revenues exceeded 2019 revenues, just over one-third managed to break even, and only 20% suffered a year-over-year decline. However, SMB performance varied greatly by company size and industry.
- Most SMBs are optimistic about 2021. Looking ahead, SMBs are optimisitc about thier business prospects for 2021, although again, sentiments vary by size size and intdustry.
- The top three drivers for SMBs to invest in new technology center on people. SMBs rank improving employee productivity, keeping up with changing customer demands, and improving external collaboration with customers, partners and suppliers as the top drivers for investing in technology solutions.
- 50% of SMBs have established a digital transformation strategy and are executing on it. The overwhelming majority of SMBs that have started their digital transformation journey are taking a cloud first approach when it comes to selecting new applications, while those that are holding off are much less inclined to do so.
These are just a few of the findings and insights from this study. 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 2020
Source: Laurie McCabe’s Blog