There are more than 5.5 million SMEs in the UK. Whilst theseorganisations sit across many different sectors – from finance firms to dog groomers – they all have one thing in common. They all rely on technology to keep their businesses running smoothly.
But what happens when these systems stumble?
TalkTalk Business spoke to 250 small businesses owners across a range of sectors to reveal their top 10 biggest tech stresses:
1. Slow internet or connectivity issues – 33%
2. High costs associated with upgrading or replacing outdated technology – 25%
3. Technical glitches or system failures that disrupt business operations
4. Employee training and education on how to use technology effectively – 19%
5. Cybersecurity threats – 17%
6. Difficulty keeping up with new technologies and trends in the industry – 17%
7. Compatibility issues between different software or hardware systems – 15%
8. Lack of support or resources to manage technology effectively – 14%
9. Issues between cloud-based services like downtime or security concerns – 11%
10. Inadequate backup and recovery plans for data loss or systems failures – 7%
It’s no surprise the top issue faced by business owners is Wi-Fi connectivity issues, with one third of UK SMEs (33%) experiencing Wi-Fi problems in the last year. TalkTalk Business also found that 74% of SMEs rely on Wi-Fi to run their businesses every single day, with other key tech being accounting software (63%), Cloud-based storage (48%), video conferencing (48%) and card readers/payment tools (44%).
1 in 4 (25%) of SMEs in the UK are struggling with the high costs when upgrading or replacing outdated technology. This high cost is most felt in the healthcare industry, with 50% of businesses facing budget issues with upgrading or replacing tech.
SMEs are also struggling to keep up to date with the latest technology trends, as 22% of SMEs feel like they’re lagging behind their competition.
With SMEs becoming so reliant on technology, our research also showed that 23% experienced technical glitches or system failures in the last 12 months that have disrupted business operations.
The research also revealed that despite cyber security threats continuing to be a problem, with 17% experiencing a cyber security related problem in the last year, over half (58%) of SMEs aren’t using any form of cyber security software.
The survey found that on average, technology glitches and failures cost SMEs over £3,100 a year. For 7% of SMEs the cost is up to £9,999 a year.
Paul Ducklin, Senior Product Manager at TalkTalk Business providedhis top tech tips for SMEs in 2024. Here’s a snippet of the tips discussing cyber security:
“Cyber criminal techniques are getting more sophisticated and cyber attacks more common, so SMEs have to be vigilant. Robust password policies and multi-factor authentication are essential and will protect your sensitive data. And ensuring you have the latest software and firmware updates will safeguard against the latest cyber threats.
“It’s also important that your people are aware of the risk of phishing scams and vulnerabilities that depend on human error, so educate your employees to reduce this risk.”
To uncover the rest of the tips and the full survey results, visit https://business.talktalk.co.uk/small-business-technology-stress