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Lack of new IT investment ‘holds back small businesses’

Many small businesses are being held back from growing by a lack of investment in technology, a new survey has suggested.

The Virgin Media study of the small and medium-sized enterprise (SME) sector found a quarter of them do not expect to see any growth in the next six months.

While the poll identified various issues from a lack of business advice to poor knowledge of the assistance government services can provide, it also noted a lack of investment in tech.

Just one in five have said investment in digital training is part of their plans for the next five years.

Virgin Media Business spokesman Mike Smith said SMEs “should be the fuel of our economy powered by simple, flexible technology, but we feel that industry and the government need to look at ways it can provide more support and direct assistance”.

He noted the digital economy in the UK accounts for eight per cent of gross domestic product, but warned that without more investment this advantage would be lost.

Last month, Gartner vice president Allie Young similarly warned that companies will fall behind if they fail to embrace the challenges and opportunities of the digital age.

From:: https://www.ontrack.com/uk/company/press-room/data-recovery-news/lack-of-new-it-investment-holds-back-small-businesses364.aspx

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