The overwhelming majority of small businesses would embrace digital technology if it would help them work smarter or faster, a new study has revealed.
The finding forms part of Xero’s new research into small business attitudes to technology take-up and barriers to change.
In total, Xero, a Moore Thompson cloud accounting partner, found that almost two thirds (64 per cent) of small business owners would embrace any changes that would help them work more efficiently.
Likewise, two-thirds (66 per cent) who already use technology agree that is has given them a “competitive edge”.
Unsurprisingly, cloud accounting technology was named as the most useful tool for running a business, stealing 25 per cent of the vote. This was followed by social media for marketing (21 per cent), ecommerce (14 per cent), and Customer Relationship Management (CRM) software (eight per cent).
However, when asked about the changing nature of small business accounting and the move towards total “digitisation”, the reaction is mixed. While a third say the shift makes them feel “excited”, 22 per cent say it makes them feel left behind and a further seven per cent say it makes them feel disengaged.
Of those who feel negatively towards digitisation, the barriers include a lack of understanding (40 per cent), lack of resourcing (24 per cent), lack of time (15 per cent) and lack of trust (13 per cent).
But with the right help and support, Xero says embracing cloud technology is easy.
“Small business owners are run off their feet and often don’t have the bandwidth to stay on top of all of the new technologies,” said Matthew Prouse, Head of Industry at Xero.
“Our research found that there is a tension between small business owners being positive about the potential of technology and the barriers to adoption that stops them moving ahead. It’s a classic change management situation where we need to connect the need for change to a clear benefit they can achieve.”
He added that advisors need to work with small business owners to help them navigate the process of technology adoptions, which will ultimately provide them with “a major boost to their business on a range of measures from efficiency to time-saving and accuracy”.
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