Small business challenges

Technology

Which industries lack knowledge and understanding of digital payments?

Digital payments are nothing new. However, the sheer choice of products now available can be overwhelming as technology advances.

Over a third (34%) of businesses say they lack confidence in using online banking for their business, while more than a fifth (21%) do not fully understand digital payment systems such as POS and chip and pin machines.

Over a fifth of businesses admit that a lack of knowledge around online banking and finances is a concern for them in 2022.

In small businesses, the person who organises payment providers and does the accounts may also be the creative force behind the business.

Platforms and providers that cater to the needs of small businesses by providing simple, friendly customer support can really help to demystify this vital area.

Engineering and manufacturing

Property and construction

Beauty and wellbeing

Which technological adaptations implemented for the pandemic will you continue into 2022?

Over a quarter of companies have embraced technology to help their businesses survive (and even thrive) during the past year, but not all have done so without finding challenges.

These range from cyber security (a key concern for 27% of businesses) to a lack of knowledge around online marketing (33%). Keeping up with rapidly moving technology demands time, knowledge, and financial investment.

Industries most concerned about a lack of online marketing and social media knowledge

A fifth of SME owners started selling through social media in 2021. However, a fifth stated that they would like to start doing so but, lack the knowledge to unleash the full potential of online marketing and social media.

Hospitality and events

Insurance and pensions

Information technology

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