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![]() 48% of businesses surveyed began offering new products and services to adapt to changing consumer needs in the past year.ĭiscrepancies in small business owners’ 2022 expectations. Consistent with 2021, a majority of small and midsize business decision makers consider the following a risk to their business this year: viruses (55%), malware and ransomware (54%), sensitive data vulnerabilities (51%), password theft (51%), and spam and phishing (50%). Nearly half (48%) of technology additions made by small and midsize businesses initially were to drive customer acquisition, and 53% of businesses who have added to their tech stack invested to better connect with existing customers.Ĭybersecurity concerns linger. Compared to cutting spending on operational investments (39%) and employee events (59%), only 29% have already cut or plan to cut technology investments in the next six months.Ĭonnectivity technology upgrades driven by revenue. Technology investments the last to be cut. However, 80% of businesses surveyed haven’t laid off employees, and 87% haven’t reduced their employees’ wages. More than 82% of respondents express inflation worry, and, compared to the two previous years, respondents this time are more likely to be concerned about their own financial security (72% in Aug. Nearly half (44%) of small and midsize business decision makers are concerned about supply chain issues affecting holiday season sales and approximately one in three (35%) are worried about economic hardships and inflation impacting their sales. Inflation and supply chain issues remain top concerns. “We are committed to providing our small business customers with a suite of integrated tools that will give them the technological edge they need to succeed.” Key findings: “While there has been a tightening of the belt by businesses of all sizes, they have also seen the benefit of continued innovation and technology investment to drive sales, employee engagement, and improved customer experience,” said Aparna Khurjekar, Chief Revenue Officer, Business Markets and SaaS, at Verizon Business. Other areas of concern include cybersecurity and businesses’ outlook for the 2022 holiday season. Despite this, businesses remain upbeat regarding their future, with 56% of small and midsize businesses believing they will be better a year from now than they are today. With responses from more than 600 small and midsize businesses, the data shows that challenges such as inflation, labor and the U.S. Verizon Business today released findings from its third annual State of Small Business Survey, conducted by Morning Consult. Sixty-one percent of small businesses have adopted new tools and technologies over the past two years to improve customer experienceīASKING RIDGE, N.J. More than half say spam, viruses and password theft pose a cybersecurity threat Small Business Days: $500+ off a Verizon Business Unlimited Pro 2.0 Plan and a free 5G phone with a qualifying trade in
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