Hey there folks, check out this fascinating data I stumbled upon! Seems like 45% of small businesses are all about that AI life, using it to free up time for their core operations. This info comes from the fourth annual State of Small Business Survey conducted by those good folks over at Verizon Business, in collaboration with Morning Consult. They gathered responses from 681 small and midsize businesses all across the country, and let me tell you, the results are eye-opening.
Now, it’s no surprise that small businesses are hungry for more connectivity to meet their demands. They’re even exploring the possibilities of emerging technologies like artificial intelligence. But here’s the kicker – as their reliance on technology grows, concerns about cybersecurity start creeping in. It’s like a love-hate relationship, ya know?
But let’s dive into the juicy bits of this survey. First up, we got more than a third of small and midsize businesses believing that AI can help overcome the struggles caused by labor shortages. They see the potential in using AI for smoother order processing, inventory management, and even supply chain operations. Smart move, if you ask me.
However, not everyone is sold on AI just yet. There’s a fair share of skepticism out there, with almost half of these businesses worried about integrating AI solutions and the cybersecurity risks that may come with it. Can’t blame ’em for being cautious though, cybersecurity is a big deal.
Now, let’s talk tech upgrades. In 2020, around 27% of small and midsize companies decided it was time to give their internet connection some love and upgrade that bandwidth. And you know what? The economic shutdown we all went through played a huge role in that decision. But get this, even after things started reopening, businesses kept on upgrading. In 2021, it was 52%, 2022 it climbed to 51%, and in 2023 we’re looking at 53%. Clearly, businesses of all sizes are getting more and more dependent on the digital world.
Now let’s tackle another issue – cybersecurity. It seems like some small and midsize businesses aren’t quite keeping up with their investments in cybersecurity compared to their tech upgrades. Only one in three has implemented new security systems, and a whopping 45% don’t offer any cybersecurity training to their employees. That’s a red flag right there.
Speaking of red flags, inflation is definitely on their minds. A whooping 81% of respondents are concerned about the impact inflation will have on their biz. No surprise, really, ’cause costs have been on the rise. And guess what? Lots of businesses have had to raise their prices or plan on doing so. They’re also cutting back on non-essential expenses. Yet, despite these concerns, 63% of business owners are actually expecting increased demand during the holiday season. Gotta love that optimism!
But hey, let’s not forget the fun stuff. Verizon is hosting their Small Business Days from October 16th to the 22nd. You don’t wanna miss out on the special discounts, free “tech check,” and top-notch business advice. Their Small Business Experts will be ready and waiting to evaluate your specific tech needs and come up with a tailor-made solution just for you. They got everything from communications and connectivity to security covered. And let me tell you about the sweet deals they’re offering this week. You can score a free select 5G Phone when you switch to Verizon with a new line and data plan. No trade-in required, folks! For wireless internet, you can save a whopping $100 a month when you switch to the LTE Business Internet 50 Mbps plan, or if you’re feeling fancy, switch to the 5G Business Internet 200 Mbps self-set up plan for only $69 a month (that’s a savings of $30 a month for 24 whole months). Talk about a bargain!
If that’s not enough, Verizon’s got something else up their sleeve called Verizon Small Business Digital Ready. It’s an awesome free online platform where small businesses can access over 40 courses, get mentorship opportunities with industry experts, attend networking events, and even engage in one-on-one expert coaching. It’s all about supporting small businesses and helping them thrive in the digital economy. Kudos to Verizon for stepping up!
Alrighty, folks! That’s all the info I got for you today. Don’t forget to share your insights with us at sghosh@martechseries.com. Stay curious and keep hustlin’!
