SCORE Survey Finds Increase in Small Business Tech Budgets for 2021
Score Tech Survey

SCORE Survey Finds Increase in Small Business Tech Budgets for 2021

There’s no doubt that the year 2020 changed small businesses in a number of ways. Not only were many businesses impacted directly by temporary closures as well as physical accommodations in their stores but several also found themselves needing to invest in new technologies that would allow them to adjust to the changing landscape. On that note, a new survey from SCORE found that an overwhelming percentage of businesses updated at least some aspect of their operations last year.

According to SCORE’s survey, 90% of small businesses adopted some new form of digitization last year. The most common example is online checkout, which 95% of those who did implement new digital options utilized. That was followed closely by contactless delivery and pickup (93%). Meanwhile, several small businesses also changed their team dynamic using digital offerings, with 92% converting to digital team collaboration and virtual meetings.

As for how these new technologies have impacted their businesses, 37% of those who had embraced online checkout found it to be extremely valuable with another 40% saying the feature was moderately valuable. The responses for contactless delivery were nearly identical, although the “moderately valuable” response was slightly lower at 39%. Elsewhere, 47% of respondents said that recently-adopted software had increased productivity, while 45% said that software upgrades had improved customer engagement. More importantly, 45% reported increased sales and 42% cited reduced costs as benefits of new software integrations.

In addition to business owners converting many of their systems in 2020, many are also planning to increase their technology budgets for 2021. Specifically, 45% of respondents said they intended to spend more on tech needs this year. Meanwhile, another 37% say their budget will be in line with 2020’s.

Commenting on the survey results, SCORE CEO Bridget Weston stated, “Small businesses that adopted new software in 2020 saw an exponential increase in sales and customer satisfaction and 2021 will be no different. 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.” Additionally, Software Advice Global VP Blake Clark underscores the importance of these new technologies, saying, “Now is the time for small businesses to digitize. 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.”

While the need for such tech upgrades to be made is never a welcome expense, the silver lining is that these investments may continue to help small businesses prosper in ways that weren’t previously made possible. That said, a big part of success with new technologies is utilizing them in a way that makes sense for your business. With that in mind, surely many small businesses across the nation will be testing and adjusting their updated operations as life hopefully returns to normal.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...