Despite the touch economic climate, over 60% of firms in the UK envisage some growth in their businesses this year. According to research results, optimism is abundant among small business owners with only 5% expressing some pessimism.
According to the research, technology is the main reason why these firms are expecting some growth. Technology is being viewed as the conduit through which businesses can streamline their operations thereby reducing costs and increasing output. 80% of the respondents have adopted technologies that are proving to be the tipping point of the success of their businesses.
Commissioned by the Talk Talk Business, and conducted by the Institute of Chartered accountants of England and Wales, the report, named Geared for Growth, contains the findings gathered from several UK companies. 52% of the respondents claimed that there were signs of growth within their enterprises, and another 10% said that their primary goal, for the year, was achieving substantial growth in their businesses.
A trend emerged, whereby ambitious companies were found to be embracing the theory, that technology would increase their bottom line while those less ambitious, ignored the role of technology in their businesses. The ambitious businesses were aghast when suggestions were made that the growth could be due to a lucky stroke.
According to Charles Bligh, of Talk Talk Business, the results of the research indicated a strong correlation between the use of technology and the expected growth of a business. Access to affordable technology is crucial to the success of any business in the UK, since it would serve to reduce the operating costs of the business. Any small business that did not have an internet presence was missing out on an opportunity that was valued at £18.8 billion per annum.
The report also showed that a skills gap was contributing to this situation since few people had the requisite know-how to implement modern technology in their businesses. The economy of today relies a lot on technology and only companies with technologically-skilled staff would experience the expected growth.