The author suggests that SMBs can level the playing field with larger businesses by investing in digital tools, such as reliable high-speed networks, cloud-based productivity tools, and enterprise-grade videoconferencing. The article also mentions the trend of SMBs optimizing their expenses by using SaaS tools from a single vendor and the potential for this to extend beyond finance into other SaaS applications. The author concludes by stating that despite the financial pressures, SMBs can nimbly cut costs and efficiently undertake operational recalibrations by employing sophisticated digital tools.
Key takeaways:
- Small and midsize businesses (SMBs) make up 90% of all businesses worldwide and 99% in the U.S., accounting for over 40% of U.S. economic activity and creating close to 2 million new jobs every year.
- Despite the rising inflation and increased costs, SMBs have the opportunity to make rapid strategic recalibrations in their businesses much faster than large enterprises.
- SMBs must focus on the four C's of business strategy—connectivity, cloud, collaboration and cybersecurity, and are increasingly investing in reliable high-speed networks and cloud-based productivity tools.
- More businesses will move beyond simple curiosity about artificial intelligence (AI) and find ways to implement AI solutions to enhance their ability to manage fraud, rationalize their supply chain operations and recruit the right personnel.