The performance of Small and Medium Sized Businesses in a digital world
Deloitte analyzed a survey of more than 1,000 Small and Medium Sized Businesses (SMBs) in the U.S. and found that SMBs are aware of how important digitalization is to their business – they tend to use digital tools and observe how this use affects their business performance.
- - SMBs already make some use of digital tools – 99% of all SMBs appear to use at least one; and
- - Most SMBs observe benefits from using these tools – 85% confirm that the digital tools they are using have helped their business in some way.
The study finds that businesses with higher levels of digital engagement are more likely to exhibit a superior performance, which could include having a growing customer base and more access to customers in the U.S. and internationally, a better financial performance, more employment growth, and more innovative practices.
The study also finds that SMBs may face barriers to increasing their use of digital tools, particularly including barriers related to three themes: lack of skills and training, costs and lack of financing, and privacy and security concerns.