Smaller business enterprise owners know that swiftly altering technologies offer good potential for profit. But with countless technologies offerings and few clear strategies to weed out gems from the fads, it is easy to get overwhelmed.
“Small company owners are masters at their craft, and one of the challenges they typically have is wearing all the other hats,” says Ken Yancey, CEO of SCORE, a compact enterprise counseling and mentorship non-profit. “They’re getting forced to make decisions about technology, timing of implementation, the impact that technologies is going to have on their technologies is going to have on their business enterprise — and the ROI it will deliver — normally devoid of a specialist to support. That creates a serious level of frustration.”
According to a recent survey by SCORE and printer maker Brother International Corporation, 63% of U.S. compact small business owners of firms with significantly less than 100 staff really feel overwhelmed by the technology selections out there to assist run their corporations. A staggering 72% of the 500 respondents said new technologies would provide a bigger ROI in 2014 than new employees, and yet half of these surveyed were torn on which was a bigger danger: investing too promptly in a potentially unsuccessful technologies, or missing out on the next large thing altogether and falling behind competitors.