Small Business Owners Adopt New Software in 2020; Increase Tech Budgets in 2021

WASHINGTON, March 9, 2021 /PRNewswire/ -- Small business owners report new software adopted last year in response to COVID-19 increased productivity (47%), improved engagement with customers (45%) and increased sales (45%), according to data gathered by SCORE and Software Advice. Nearly half of small business owners (45%) surveyed expect to increase their 2021 investment in technology.

Most small businesses (90%) converted some aspect of their business to a digital format in 2020:

• 95% of small business owners adopted online checkout; 37% found it extremely valuable and 40% found it moderately valuable.

• 93% of small business owners adopted contactless delivery/pickup; 37% found it extremely valuable and 39% found it moderately valuable.

• 92% of small business owners converted to digital team collaboration; 36% found it extremely valuable and 38% found it moderately valuable.

• 92% of small businesses converted to virtual meetings; 34% found it extremely valuable and 43% found it moderately valuable.

Many small businesses adopted new operations software in 2020:

• 40% of small business owners adopted project management software for permanent use and 19% adopted project management software for temporary use.

• 39% of small business owners adopted video conferencing for permanent use and 23% adopted video conferencing for temporary use.

• 38% of small business owners adopted business intelligence (BI), reporting or analytics software for permanent use; 22% adopted temporarily.

As a result of new software adoption, small business owners report improved productivity, increased sales, and improved customer engagement:

• 47% reported new software increased productivity.
• 45% reported improved engagement with customers.
• 45% reported increased sales.
• 42% reported reduced costs.

Nearly half of small business owners (45%) plan to increase their 2021 investment in technology.

"Small businesses that adopted new software in 2020 saw an exponential increase in sales and customer satisfaction and 2021 will be no different," says SCORE CEO Bridget Weston. "As technology continues to advance, SCORE mentors are standing by to ensure business owners have the guidance and support needed to successfully adapt and thrive."

"Now is the time for small businesses to digitize," says Software Advice Global Vice President Blake Clark. "Automating daily tasks, managing remote teams and staying engaged with customers are the types of advantages small and medium-sized businesses can experience in 2021 by identifying and adopting the right software."

Download the infographic to learn more about small business technology trends and click here to learn how technology can improve your business performance.

About SCORE

Since 1964, SCORE has helped 11 million entrepreneurs to start or grow a business. SCORE's 10,000 volunteers provide free mentoring, workshops and educational services to 1,500+ communities nationwide, creating 45,027 new businesses and 74,535 non-owner jobs in 2020 alone. Visit SCORE at www.score.org. Follow @SCOREMentors on Facebook, Instagram and LinkedIn. 

Funded [in part] through a Cooperative Agreement with the U.S. Small Business Administration.

About Software Advice

Software Advice™ helps businesses navigate the software buying journey. Industry-specific advisors guide people through the selection process and provide personalized software recommendations. Founded in 2005, Software Advice has helped over 800,000 businesses find the right software for their specific needs through 1-on-1 advice, objective research and actionable insights. Software Advice also features over 1 million verified user reviews to ensure people feel confident in their technology decisions.

Contact Information

Betsy Dougert
Vice President, External Relations
SCORE
800-634-0245 
[email protected] 

SOURCE SCORE

Related Links

http://www.score.org