digital-small-business

Many Aussie small businesses are hesitant to adopt new technologies. Source: Unsplash/Surface.

Strategy
Joseph Lyons

Four ways to go digital as a small business

Authors
Joseph Lyons
Technology
4 minute Read

When businesses embrace all that digital technology has to offer, they amplify what’s possible. And even the smallest of steps can make the biggest difference. Simple switches to digital tools like adopting online project trackers, cloud accounting platforms, and customer service channels can radically improve productivity and revenue-earning potential. But why do many small businesses still hesitate to take up new technology?

In Xero’s One Step report, it was discovered that small businesses which readily adopt new technologies will, on average, gain 120% more in revenue and 106% higher productivity than those who don’t. Yet among Aussie small businesses, almost one in three still delay making any decision on new technology, compared to just one in five who count themselves as confident digital adopters. That’s a substantial adoption gap, and one that’s potentially costing our economy — where small businesses make up almost 98% of businesses — a considerable sum in lost opportunity.

So what is it that’s holding small businesses back?

Breaking down barriers

Using behavioural science techniques, Xero’s global research discovered three common mindsets that restrained small business owners from embracing new technology.

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