How 5 High Value Technology Changes Put Small & Midsized Businesses on the Path to Recovery

Posted on Jan 27, 2021 in Jeff Nolte's Blog

Mitel surveyed more than 750 North American SMBs and shared insights about the business and technology impacts of COVID-19 and the outlook for SMBs amid the evolving crisis.

Although the majority said they have been negatively impacted, one-third have accelerated their adoption of technology solutions due to the pandemic, and 40{3b3c2c4b05237dc71f8c61646acc7a492c4f8efec63bbc3e74b96e7bbaa7bece} are maintaining investments at their previously planned levels. Only one in four are tightening their technology purse strings.

This underscores just how essential technology is to growing businesses, especially as they tune into new customer preferences, behaviors and expectations.

Top Five Changes Rated “Extremely Valuable” by SMBs

  • Adding “no-touch” payments
  • Creating virtual service offerings to replace physical ones
  • Increasing use of digital sales channels
  • Renegotiating vendor contracts
  • Developing new products and services

Some Good News after Technology Adoption

SMBs that have accelerated their technology adoption and investments are 36{3b3c2c4b05237dc71f8c61646acc7a492c4f8efec63bbc3e74b96e7bbaa7bece} more likely to forecast that their revenues will rise over the next 6 months than SMBs that decelerated their plans. SMBs that hit the brakes are 66{3b3c2c4b05237dc71f8c61646acc7a492c4f8efec63bbc3e74b96e7bbaa7bece} more likely to forecast sliding revenues.

For assistance with your technology planning, CTS offers a full portfolio of communications systems and apps that can help you overcome your challenges to grow your business. Contact us today at 800.787.4848 or jnolte@ctsmd.us.