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Recent report shows that technology investment has helped small businesses grow

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A recent report carried out by the Federation of Small Businesses (FSB) has stated how small firms are using technology to create new jobs and grow their business.

The FSB and Intellect report, surveyed 2,200 people from small firms, asking them to discuss how they have invested in technology and how they have benefitted from this.

According to the findings, on average, small firms have spent around £3,500 on technology in the last year.

Of those surveyed, 85% of small businesses identified investment in new technologies as a key driver for business growth and 62% said that it had a positive impact on how they communicate with existing customers, with 53% saying that it has helped to target new customers.

However, many small businesses have said that there is a lack of support and guidance out there to help them with investment and growth.

Mike Cherry, National Policy Chairman, Federation of Small Businesses, explained, “In order for small businesses to maximise the opportunities that technology presents, we needed to build the understanding and skills of both the management and the workforce.

“What is obvious is that the amount invested doesn’t need to break the bank, and that something as simple as improving the back office technology can have a positive impact on operations. “We need to see action from the Government and LEPs (Local Enterprise Partnerships) to help small firms take steps to invest and grow. This action must provide practical help to improve skills – while businesses say financial incentives would help, we believe that more micro measures would just add to the confusion for small firms. I am delighted that we are working with Intellect on such an important topic.”

Julian David, Director General, Intellect added, “We live in an entrepreneurial age – with start ups and small businesses thriving against a difficult economic backdrop. This research clearly highlights the return on investing in technology for small businesses – both in terms of commercial growth but also in terms of driving innovation.”

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