Digital Tools: The Key to Small Business Resilience in Today’s Economy
In a new survey of 2,000 U.S. small business owners and senior decision-makers (“SMB leaders”), we learned that 75% of them are using digital tools to help their business navigate tough economic conditions heading into 2023. Not surprisingly, 66% of SMB leaders say inflation is seriously impacting their ability to run their business right now, but on a more positive note, 73% also report that digital tools play a critical role in helping them operate more efficiently and save money during such economic uncertainty. A full 65% said that digital tools specifically help them battle inflation through greater efficiency.
During the COVID-19 pandemic, we termed the use of software, platforms, apps, and marketplaces (i.e., digital tools) for resilience, efficiency, and sustainability the “Digital Safety Net.” Our new research confirms that the Digital Safety Net continues to be important for SMBs as they face new challenges in today’s economy (something corroborated by independent research). An overwhelming 78% of SMB leaders say digital tools are critical for their success and growth in 2023, while 73% say digital tools give them a sense of confidence about their company. This sentiment is supported by independent research, emphasizing the lasting impact of digital tools on small businesses.