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Will tech upgrades stretch small to medium-sized businesses (SMBs) too thin? Staying competitive often means investing in modern tools, but the price tags can shrink your budget and get in the way of your dreams. Keep reading and see how you can balance progress with practicality.
A Widespread Consensus Among SMBs
The e-commerce platform Shopify recently surveyed SMBs, and nearly all (96%) of them agree that technology will serve as a catalyst for reaching new markets in the next 12 months. Unfortunately, the hurdles make many doubt their next steps.
High-tech costs for small businesses (44%) are the primary roadblock. Many vendors design their products with larger enterprises in mind, and SMBs feel left behind. Companies also feel concerned about ROI uncertainty (33%), because when you're operating with limited resources, the outcome always needs to justify the investment.
A similar study from AInvest highlights how skill gaps also exacerbate skepticism. One in five of SMB finance teams believes that inadequate training prevents them from adopting specialized technology like digital twins.
What High-Cost Technologies Are SMBs Considering?
Even with these barriers, the worthwhile rewards are too significant to ignore. SMBs are currently eyeing the following technologies:
Artificial Intelligence (AI)
43% of SMBs see AI as the most helpful for global expansion, and it's not hard to see why. It's an incredibly versatile tool that can enrich various areas of your operations.
AI-powered chatbots, for example, handle inquiries around the clock to lighten a customer service team's load. When more complex concerns arise, they can escalate them to a human agent seamlessly.
Machine learning is another subset of AI that processes big amounts of data in seconds and turns them into digestible insights. Executives and managers can spot trends, finetune strategies, and make informed choices faster than ever before.
Digital Marketing Tools
The digital transformation of many industries opens up new marketing possibilities, from social media blitzes to analytics-driven email campaigns. Digital marketing tools (38%) emerged as a key area of investment despite the high-tech costs for small businesses. Some popular options include:
- Social media management platforms
- Email marketing software with automation features
- Customer relationship management (CRM) tools
- Enterprise-level customer data platforms (CDPs)
E-Commerce Platforms
SMBs are also eyeing e-commerce platforms (36%) because they enhance the ability to reach customers and make it easier to sell products online. They provide tools for website creation, inventory management, and payment processing.
By reaching wider audiences and enabling 24/7 sales, these platforms help businesses grow sustainably in today's digital-first world.
Successful Technology Adoption Despite Cost Barriers
SMBs can still reap the worthwhile advantages of modern tools by starting with more accessible options:
- Scalable cloud computing solutions: Instead of trying to make your budget fit a rigid tech stack, why not focus on ones that grow with your business? This approach eliminates unnecessary costs and maximizes operational efficiency.
- Collaboration platforms: Adopt budget-friendly tools that enable seamless teamwork, regardless of location.
- Task automation: Simpler forms of machine learning can automate time-consuming processes, such as invoicing or inventory management.
By making smart choices and prioritizing efficiency, you can avoid high-tech costs for small businesses. Start small, think big, and scale sustainably.
