3 technology trends for small businesses

When people think of technological innovators, they do not usually think of small businesses. However, Australian companies have shown an aptitude for adapting technology to their business plan. Actions such as attaining an ITIL certification can give owners the knowledge they need to get ahead of their competitors. 

78 per cent of Australian small businesses are positive about growth opportunities on the horizon.

A recent survey by KPMG found that 78 per cent of Australian small businesses are positive about growth opportunities on the horizon. The bi-annual Family Business Survey 2015 was undertaken by KPMG Australia and Family Business Australia.

Respondents were also interested in the impact new technology will have on their business. Over 50 per cent of the respondents agreed that technological change was having a positive effect on their organisation's operations.

Head of KPMG Australia's Family Business Practice Bill Noye said that the survey indicated that Australian businesses were keeping a track of innovation and multiplicity in the tech industry, which is a good economic health indicator.

"Embracing disruptive technologies and keeping up with rapid change, together with entrepreneurship, the willingness to take risks, delegate authority and proactively seek new ideas and opportunities, are all important attributes for developing a sustainable competitive advantage which technology can help to harness," he said.

With technology being such an important driver of small business growth prospects, here are three technology trends that may impact small businesses in Australia.

1) Mobile technology

As mobile technology continues to develop at an exceptional rate, small businesses will need to adapt to stay ahead of the curve.

According to a 2015 study by The Boston Consulting Group, the 25 per cent of SMEs that utilise mobile technology extensively can expect to have their revenues grow approximately two times quicker and develop new job opportunities eight times faster than the other 75 per cent who do not.

If you want your business to grow, get on board the mobile technology train.

Is your small business safe? Is your small business safe?

2) Network security

As much a technology has made are lives and business dealings better, it has also exposed us to greater risk of crime, specifically cybercrime.

According to a 2011 study by Symantec, 40 per cent of all cyberattacks targeted SME that employ fewer than 500 people.

Small businesses need to be aware of cybercrime. One way to do this is by participating in information security training, which can help you understand some of the key concepts that may safeguard your business from threats.

3) Business intelligence

In the past, business intelligence software was the prerogative of large companies. However, in recent years, there has been an increase in affordable business intelligence tools.

These typically provide support for a quicker and more informative decision-making process, which translates into a critical advantage for small businesses.

To find discover how technology can better help your business, talk to ALC Training today.