In the past year, data has discovered that there are some trends in what small and medium sized businesses in tech do to keep up with changes in our economy, specifically facing the ongoing pandemic. These factors have created a tough environment within the global economy, but the tech sector has proven to be able to handle the obstacles and remain resilient. Although it was not an easy process to navigate, all tech SMB’s had a boost in revenue, mostly due to their successful transition to remote work and its growing need in other businesses. Recent data has revealed a few trends in the tech SMB’s sector, while they still push through our unpredictable economy challenges.
The first trend found was that technology businesses lead the way when it comes to flexible working conditions, not surprisingly. 53% of tech SMB’s have offered flexible working arrangements. Along with this, 60% of tech SMB’s state their employees expect to able to work remotely in todays world. Tech SMB’s were the first to lead the way of the remote/ hybrid environment shift, and long-term remote implementation. Many employees now expect to have the opportunity to work remotely when need be, permanently, or receive safety precautious when working in-person.
The second trend is centered toward the tech SMB’s confidence for future business plans. Since the start of the pandemic, tech SMB’s managed the change in work and prepared for future circumstances, and continue to do so. This confidence is much higher among other business sectors. Tech SMB’s quickly learned how to handle their business operations and urgent situations online through calls, remote services, and ecommerce software. Data shows 89% of tech SMB’s state the shifts they have made to business operations will in fact benefit their long-term business plans. Another 86% have created scenario plans to prepare for future economy challenges.
The final trend data has confirmed discovered that the technology SMB industry are leveraging business technologies more than others, which was expected. 81% of tech SMB’s have a CRM in place. Data finds that they have invested in more technology than others to improve business agility (71%) and increase data security (70%) over other industries (58% and 50%).
All in all, the small and medium sized technology businesses, have remained resilient through our unpredictable and challenging global economy within the past couple years. Apart from other industries, they have built trends in efficiently leading the way for remote work, preparing for unpredictable changes in order to feel good about their present and future operations, and bringing in more technology (leveraging CRM’s) into their everyday lifestyle. Their investments were to mainly improve business agility and strengthen data security, whereas other industries were less inclined to accomplish those items. The tech industry has come out strong through the pandemic in the past couple years, overall increasing revenue, and likely continuing with these trends in the future.