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SMEs need new technology to take advantage of UK economic growth

Small and medium sized businesses [SMBs] are in pole position to benefit from the UK’s economic recovery just so long as technological advancements in IT systems and networks are sufficient.

Related: Millions of UK SMEs vulnerable to ransomware attack

Cloud computing specialists Qubic are of the belief that the country’s SMEs aren’t taking enough of an advantage of technology and that it could stunt their growth if it continues.

“Technology is crucial in helping businesses expand. Hosted solutions deliver ultimate flexibility and can help SMEs reach their full potential by relieving employees of time-consuming commitments,” stated Chris Papa, MD of Qubic. “We recognise that tying-up capital by investing in hardware and software is particularly difficult for businesses that have been hurt by the decline of the UK’s economy. A hosted solution can help companies build their confidence and help them to expand”

It was forecast by the International Monetary Fund earlier this year that the UK economy will see growth of 2.4 per cent in 2014 and that was higher than its early projection of just 1.9 per cent growth.

“In order for SMEs to develop, it is imperative they have the proper provision in place. The correct systems willsupport the business as it grows, making it their day-to-day operations efficient. They need not worry about maintenance or troubleshooting as the system is hosted off-site and can be managed by a team of experienced professionals,” Papa added.

SME growth is continually being championed in the UK with one British entrepreneur urging the Bank of England to do more to encourage investment in both SMEs and UK startups so that they stay in the UK.

Related: Entrepreneur calls for Bank of England tax breaks for startups and SMEs

Dan Wagner, CEO of Powa Technologies, stated back in August that Capital Gains Tax should be abolished for SMEs and startups as well as various tax incentives put into place in order to encourage those types of companies to drive the economy.