According to our recent Local Pulse Report™, 35% of US small businesses plan to increase investments in technology over the next twelve months. Up 17% from 2019, business owners plan more investments in cloud-based software to help manage various aspects of their businesses, customer relationship management tools, and online scheduling systems.
When asked about the main drivers for the increase in investments, 55% of business owners stated they want to upgrade their technology to save time, followed by 40% to increase capabilities, and 28% to reduce overall costs.
The study also revealed that businesses that have already invested in technology are more willing to spend [...]
We recently attended a conference session with Karen Mills, former head of the US Small Business Administration, and during her presentation, she spoke of the challenges lenders face when trying to decide which small businesses get approved for loans. To paraphrase her — Small businesses come in many different sizes, industries, etc., and a lot of times it’s hard to see how much money they are making. So, ultimately businesses owners are led down a long process that eventually ends with the owner having to give personal guarantees to secure debt. She stated this process is one of the biggest challenges to small business growth.
Recent data from our Local Pulse Report™ shows [...]