According to a global study of 12,000 Small and Medium-sized Businesses (SMBs) published by Sage in May, business leaders are experiencing a significant boost in productivity and satisfaction. The study reveals that the percentage of SMBs satisfied with their productivity jumped from 68% in 2022 to an impressive 78% 2023, highlighting their progress in optimising operations.
Below are 4 key findings from the study:
1. 19% said rising costs impacted the viability of their business. Having faced difficult challenges in 2022, confidence amongst SMBs globally is robust, and in many markets, higher than last year.
2. 71% are confident about the success of their business now.
3. 84% expect to be confident in 12 months’ time. SMBs are bullish about 2023 and have plans to grow, including their revenue base and their employee numbers.
4. 68% of SMBs think that the cost of business crisis is going to significantly improve in 2023.
Far from feeling defeated, SMBs have shown remarkable resilience and adaptability. The key question for the future is whether a significant number of these SMBs can not only survive but also thrive in an ever more complex economic environment.
More than half of SMBs (53%) are committed to increasing their technology investments within the next year.
The adoption of AI technologies is on the rise among SMBs. More than 1 in 5 SMBs (20%) are planning to adopt AI technologies soon, recognising the potential for growth and efficiency.
Despite the challenges faced in the past year, SMBs are resilient and adaptable. In the UK, 40% of SMBs are embracing the importance of technology in driving productivity and success.
Comment below with how you are leveraging technology and unlocking even greater achievements.