Even the smallest business needs to master digital technology to stay competitive in today’s business environment. That means owners must become familiar with trends like high-speed 5G internet and the personalized customer experience.
As more business moves online, it’s also important for small businesses to improve cyber security to keep a step ahead of the latest threats. This is particularly true in environments where employees may be working with sensitive information on the same computers where their kids are playing online games or doing homework.
For insight into the trends that matter for 2023, Crain’s spoke with Wendy Taccetta, senior vice president – small business – and channel chief at Verizon Business.
What are key trends small business owners should be aware of with regard to technology?
Technology has the power to transform small businesses. According to our recent State of Small Business survey, most small businesses are more confident about the future as a result of the tech investments they made (56%) over the past two years.
Yet how do small business owners know where to invest? There are three key trends small businesses should pay attention to.
First, Verizon will be offering nationwide 5G Ultra Wideband nationwide by the end of March. This means small businesses have greater access to connectivity solutions including Fixed Wireless Access, which enables fixed broadband access without the need for cables. So, setting up better connectivity or new locations just got a lot easier.
Second, there is a growing trend for a personalized customer experience. From automated solutions to AI-assisted customer journeys, small businesses should continue to examine the customer experience they are providing. For example, our survey found that 53% of businesses who have added to their tech stack invested to better connect with existing customers.
Third, is cybersecurity. As threats continue to grow, small businesses are not exempt. Indeed, our annual Data Breach Investigations Report found that for small businesses, 69% of threats are external—and that the threat continues to grow. So small businesses need to invest in cybersecurity training and solutions to ensure they minimize risk.
How can small businesses use technology to grow revenue in 2023?
Small businesses can leverage technology in many different ways, but a focus on customers should come first. As mentioned before, over half (53%) of small businesses invested to better connect with existing customers, which drives revenue. Further, nearly half (48%) of small businesses made technology acquisitions last year to drive customer acquisition.
The key is to find the right technology that will enhance and differentiate the customer experience. Examples include automated kiosks for customers to transact, POS systems enabling things such as curbside pick-up and maximizing digital signage which is especially important for businesses such as retail and restaurants needing to drive foot traffic in-store.
What are the best ways for small business owners in NYC to improve operations? How can small business owners use technology to become more efficient, particularly if they are short-staffed?
Since the pandemic, flexibility to work from anywhere is a trend that has forced companies to modify their talent retention practices and make themselves more attractive to potential employees. Indeed, small and medium business owners view flexible schedules (74%) as equally important as health insurance (74%) for attracting and retaining talent at their business.
So it’s unsurprising that we’re seeing small business owners turning to technology to overcome labor shortage issues. For example, in the past year, 30% have implemented new systems or technology to compensate for a shortage of workers and allow for more efficient working: this is why we’ve seen the growth in collaboration platforms such as BlueJeans and One Talk .
Additionally, having best-in-class connectivity on-premise powers efficient operations and creates a better experience for employees and customers—this is especially important for small businesses such as coffee shops and restaurants which can maximize customer time in-store through guest Wi-Fi.
What are some of the biggest mistakes you see small business owners in NYC making in their technology investments and budgeting?
The biggest mistake is not investing and adapting at the same pace that your competitors and customers are. There is no one size fits all, but understanding and applying the tools and technologies that can drive your business is critical. Our business experts across the New York metro area work with small business customers across every industry, finding the right solution for each type of business.
You mentioned C.S as a key trend earlier, could you provide more details about cyber security? What are some of the most important considerations for 2023 for small business owners?
As more and more employees are working from home they are often working with highly-sensitive information on the same network that their children are on social media and playing video games. Having a dedicated network to conduct business from home is why we’ve seen a growth in our Business Internet offering.
In fact, according to our survey, 51% of small businesses either added or upgraded their internet connection over the past year. And with these upgraded networks comes a need for upgraded security as from the same survey 44% have added or upgraded network security services and 29% have invested in cybersecurity training for employees.
Many small business owners are intimidated by technology. What are some of the low-hanging fruit in terms of improving how their office functions, technologically speaking?
Strong connectivity as the backbone on which to build your business and cybersecurity solutions are the fundamentals all small businesses should consider.
Yet beyond that, it’s true that technology can seem intimidating: knowing how to choose between different solutions and figuring out how to invest. Which is why at Verizon we set up our Technical Services Organization (TSO) consisting of solutions architects, product specialists, engineers, industry specialists, and technical experts that provide businesses with guidance and a full service, plug and play approach to tech solutions – for free. This personalized, simplified and dedicated approach is a key differentiator for the Verizon Business customer experience and helps businesses get over the initial hurdle of where to start with technology.
You mentioned Business Internet—why are you so excited about this?
The reason I’m so excited is that Business Internet transforms the way businesses serve their customers – bringing Enterprise level service to businesses of all shapes and sizes. Business Internet is an agile alternative to cable internet and includes self-setup and professional installation options, multiple pricing and service options, unlimited data, and a 10-year price guarantee.
That’s the how, but the crucial thing is that it lets your business deliver a personalized experience whether the customer is in front of you or across the country.
Business Internet is changing what it means to be connected and we’re ensuring business owners have more, quality broadband choices with LTE/5G Business Internet around the country.
