Published 7th Jan 2024

Why Technology Adoption is Important for Local Businesses

By Scott Ko @ Humble

It’s no secret that technology can really give a boost to small businesses. But, a 2021 study by Xero of over 4,200 small businesses shows that many owners are still on the fence. They’re comfortable with how things are, a bit worried about the risks of changing, and often find themselves stuck when there are too many tech options to choose from​​.

If this sounds like you, you’re not alone. 1 in 3 small business owners admit to delaying investing in technology, with only 1 in 5 owners who consider themselves ahead of the game in using new tech. This hesitation is largely mindset-related and often comes down to being unsure about changing what’s worked so far, feeling overwhelmed by too many choices, and not feeling confident enough to get the right support for new tech tools​​.

Many small business owners simply believe that their current solutions are ‘good enough’, even though new technology can help them do better. 

Small steps lead to big wins

So, how do we make tech less of a head-scratcher and more of a helping hand? It ultimately comes back to mindset and perceptions about technology. Much of the time, it’s simply taking smaller, easier steps that are relevant to your business. Instead of trying to change everything at once, it’s about celebrating the little wins and getting comfortable with digital tools bit by bit.

It’s not about being the first to adopt every new gadget or software. It’s about finding the right tools that make sense for your business. Whether it’s streamlining your invoicing, managing your customer relationships a bit better, or just making day-to-day tasks a bit easier, the right technology can work wonders.

The power of mentorship in the tech journey

Amidst all this talk about tech and change, there’s a powerful strategy that can make a world of difference: a good mentor. Having someone who’s been there, done that, can be invaluable. They can help you navigate through the tech maze, offer practical advice, and share their own experiences – both the wins and the challenges. A mentor can demystify technology, tailor their advice to your specific business needs, and even provide that much-needed nudge to try something new. 

But is it worth it in the end? Well the same Xero study found that small businesses that adopted new technology saw on average 120% higher revenue and 106% higher productivity. In other words, more money, less overheads, and more margins. And the cherry on top is that 1 in 4 business owners found that they were more enthusiastic about their running their businesses!

So, if you’re keen to give your business the boost, apply for the Digital Leap Mentoring Program today!

To read more from the Xero article: Click here.

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