Small Firms' Tech Spending Reflects Their Optimism

By Dennis McCafferty

A significant number of small-business owners—driven by increasing optimism about the economy and their own growth prospects—are investing in a broad range of tech advancements, according to a recent survey from Bank of America. The "Small-Business Owner Report" indicates that the majority of owners are upgrading their IT systems at least once a year. The majority are acquiring new tech to find better ways to accept customer payment, as well as connect to employees. They're also interested in improving their Websites while more effectively tracking inventory. In addition, technology is augmenting "their ability to serve customers, with customer interactions increasing over the past five years via email, social media and online chat," according to an introductory letter in the report from Robb Hilson, who oversees small business for Bank of America. "This change represents an exciting time for small businesses—they are evolving at a rapid pace," he said. Findings also cover survey respondents’ growing confidence with regard to revenue, staffing and other economic-related trends. More than 1,000 U.S. small-business owners took part in the research. Here's a look at key findings.

This article was originally published on 2015-12-08