Of all the SMBs we surveyed, 21% said using the right technologies is a most important challenge. On the small business side, 17% of those surveyed are struggling with using their tech, while 33% of midsize businesses reported the same difficulty.
For midsize businesses, technology is far and away the biggest only hurdle we asked them about. We dug in to establish what it is about technology that makes this such a challenge.
When asked about exact challenges facing businesses planning to invest in new tech, over half said that basically identifying the right technology is a problem. Midsize businesses also commonly cited security concerns (54%) and compatibility with existing systems (50%).
Where to start: When faced with new competition, businesses cover two options. They can either alter their offering—features, price, and service—to meet the challenge presented by the latest entrant, or they can pivot.
Nature provides a great model of how a company can survive with increased competitive pressure by shifting its niche. The competitive exclusion standard says that species can’t peacefully coexist if they both need the same resources.
Employing data protection and security events was cited by 16% of surveyed businesses as a significant challenge. just the once again, midsize businesses were more worried about the impact of security systems than small businesses.
Security was the following most noted challenge for midsize businesses—behind choosing the right technologies—with 26% of 200 respondents calling it out.
What is also interesting about our survey data is which challenges little and midsize businesses reported less frequently as potentially hindering their business goals.
For example, only 8% of small businesses and 12% of midsize businesses cited having partial access to cash as a challenge. Perhaps a tad ironically, members of the banking and financial services selling and of the government indicated that limited access to cash is a challenge to success their business goals (at 14% and 25%, respectively).
Similarly, just 6% of small businesses and 13% of midsize businesses cited a lack of marketing capabilities as a problem. This makes sense, considering that CRM software was reported by 77% of 699 SMBs respondents as the largest part critical technology for businesses.
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