In another strong sign of the ever-increasing role digital bookkeeping and other technological solutions can play in helping to power business success, new research has suggested that the UK’s small and micro businesses could miss out on a growth opportunity of around £827 billion over the coming half-decade if they are not supported to digitise.
This is the conclusion reached by a report commissioned by Mastercard from the Centre for Economics and Business Research (Cebr).
Technology has already proved a lifesaver for many firms
With the COVID-19 pandemic having already exerted pressure on UK businesses unlike any other seen in living memory, it is unsurprising to read that – as reported by Bdaily – 41% of small business owners have said their company would not have survived in the absence of digital tools.
Thankfully, there are now signs that the UK economy is emerging from the worst of the coronavirus crisis, and that many firms can turn their attentions back to longer-term growth. Sure enough, business owners have cited support using digital tools as a crucial factor in achieving their growth ambitions.
A further 47% of surveyed business owners expressed a belief that technology would become more important to the success of their company over the next five years. 45% of those polled observed that technology had already assisted them in growing their customer base, and about a third stated that technological adoption had led to a boost in turnover and profit.
But UK business owners continue to face real challenges
Unfortunately, however, even on this backdrop of digital solutions having significantly helped small firms through the COVID-19 situation, there are still clear challenges for businesses wishing to integrate such tools.
39% of small firms, for instance, said they felt overwhelmed by the amount of choice, while 32% wanted to use more digital tools, but were unsure which ones would represent the best fit for their business.
In the case of businesses owned or run by individuals from ethnic minority backgrounds, this uncertainty increases to 49%, which draws attention to the importance of the most tailored and focused support.
Is your firm tapping into the digital bookkeeping revolution?
Responsible bookkeeping may be just one aspect of how leading small businesses operate, but it is nonetheless a crucial aspect. Your own firm’s approach to its bookkeeping should be helping to power forward its growth, instead of holding back the business.
This is where Britebooks can come in, freeing up much of your time and energy to enable you to focus squarely on your core business and growth prospects.
Are you ready to benefit from top-to-bottom digital bookkeeping for your business in the 2020s? If so, our experts in Plymouth and Wellington would be delighted to hear from you.
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