71% of SMB decision-makers feel better off thanks to technological adaptations than a year ago.

For these decision-makers, technology has been essential to address persistent challenges include filing open positions (60%), offering employees flexible schedules (88%), and digitalizing.

Addressing these challenges, therefore help these organizations improve their sales, boost talent acquisition, fight rising inflation, and solve supply chain problems.

However, things were not all rosy for SMBs as 57% claimed they experienced sales decline, 69% experienced higher costs and 61% of respondents reported problems with sourcing materials.

Other findings showed that 63% of SMBs have switched to digital operations, 59% have integrated technology into recruitment and retention practices and 65% have increased their revenues through digital transformation.

SMBs have also added tech perks to address labour shortages.

While SMBs remain bullish on their growth and recovery, the use of technology is also fuelling flexibility within the sector.

The small and Midsize Business Outlook and Technology Adoption Study was conducted by Verizon Business.