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Most SMBs are still optimistic about their business future

(Image credit: Image Credit: MNBB Studio / Shutterstock)

Despite all the hardships and challenges small and medium-sized businesses (SMB) experienced last year with the Covid-19 pandemic, most of them are still optimistic about the future.

A new report from Xerox polled 1,200 business decision-makers for its State and Fate of Small and Medium Business report and found that almost two-thirds (64 percent) expect to come out of the pandemic stronger than ever before. 

At the heart of this newfound confidence lies technology. Many SMBs have deployed new, advanced technology solutions which helped them not only navigate through the lockdown, but gave them a vision of a more efficient future.

Four in five (80 percent) consider the ability to automate tasks and processes key to surviving the pandemic, and 85 percent said they were as reliant on communication technology, remote IT support and security hardware/software as never before.

Many have increased their reliance on workflow technologies, digitized paperwork, and tightened up on their cybersecurity. For two-thirds (65 percent), remote IT support was a major pain point, however, which is why 74 percent expect further investments this year.

“Small and medium businesses are the foundation of the economy and are critical for sustained economic growth,” said Joanne Collins Smee, Chief Commercial, SMB and Channels Officer at Xerox. “They need technologies designed specifically for them with local service and support from experts who understand their unique business needs.”