In these times of economic uncertainty, with a potential recession and rising costs, finding a way forward may seem challenging. Yet, by making savvy moves and fully embracing your tech toolkit, there’s a shot at crafting a sunnier tomorrow
CREDIT: This is an edited version of an article that originally appeared on Virgin Media O2 Business
Medium-sized businesses (11-249 employees) play a crucial role in the UK economy. They employ over 7.5 million people and turn over nearly £1.4 trillion a year. They are a huge contributor to growth, and it’s important they’re given the support they need to thrive.
Virgin Media worked with Census-wide to survey 1,000 medium business leaders to understand what role tech and connectivity play in the positive momentum of these businesses. If the research unearthed anything, it’s that technology is an essential part of what comes next.
Technology is the single biggest driver of SME business growth
An overwhelming number of respondents identified technology as a key driver of business growth. SME businesses also recognised the other benefits of technology, too, such as increasing productivity in the workplace and boosting morale.
Decision-makers recognise the power of technology and are looking to embrace digital transformation to deal with the challenges ahead. To do this, they will need the support of their IT teams and digital partners.
This is where there is more work to be done. While tech is clearly critical for growth, it was also chosen as the number one internal challenge faced by medium businesses. What’s more, nearly half of our respondents told us they wanted more support from their IT team to help drive their business ambitions forward.
Leverage potential with specialist support
IT teams know their businesses inside out. This kind of knowledge could transform what medium businesses can do with their technology, so long as these team members have the bandwidth to apply this expertise. This is where specialist support comes in.
Technology problem-solving shouldn’t be the burden of a busy IT team dealing with day-to-day issues. Instead, it could be your tech partner who is there at the end of the phone, freeing up your team’s time and helping to forge an IT strategy that powers your business’ growth.
The power of partnership
Agility, adaptability, resilience — these are the defining characteristics of medium-sized businesses. Decision-makers at these companies need partners who share these characteristics.
It’s time for leaders to expect more from their suppliers, partners, and IT teams. As we look towards an uncertain future, it’s vital businesses challenge these partners to help them overcome any obstacles in their path.
Where do leaders feel tech can support them the most?
28% of leaders say by improving efficiency
26% say improving productivity
23% say increasing revenue
23% say improving collaboration among teams
The multifaceted benefits of technology, from efficiency gains to enhanced customer engagement and innovation, position it as an indispensable ally for small and medium-sized businesses. The path to success undoubtedly lies in embracing technology, navigating the challenges with strategic IT support, and demanding more from partners.
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