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The Verizon Business Fourth Annual State of Small Business Survey for 2023 provides valuable insights into the challenges and opportunities facing small and midsize businesses across the United States. This comprehensive survey, conducted by Morning Consult, involved 681 business owners and decision-makers. We encourate our readers to checkout the survey itself, but here's our Top 10 Takeaways from this survey, which sheds light on the state of small businesses in 2023.
Nearly half of small and midsize businesses are embracing artificial intelligence (AI). This technology is seen as a tool to save time and resources, particularly in areas like fraud management, supply chain operations, and order processing. However, there is a knowledge gap and cybersecurity concerns holding some businesses back.
A significant portion (43%) of small and midsize businesses are worried that AI tools may expose them to cybersecurity risks. This reflects the importance of addressing security concerns as AI adoption grows.
Among businesses that use AI, 45% report significant time efficiencies in their daily operations, allowing them to focus on core business needs. This highlights the potential benefits of AI adoption for productivity.
There has been a consistent increase in businesses investing in internet connectivity upgrades. In 2023, 53% of businesses upgraded their internet bandwidth, emphasizing the importance of reliable internet access for small and midsize businesses.
Despite technology upgrades, only one in three businesses has implemented new systems or technology for cybersecurity. This indicates a need for increased awareness and investment in cybersecurity measures.
Inflation remains a top concern for small and midsize businesses, impacting costs and employee expectations. To combat rising costs, many businesses are considering raising prices and cutting non-essential spending.
Despite economic challenges, small to midsize businesses maintain a steady outlook. Higher customer satisfaction rates and revenue compared to the previous year indicate resilience and adaptability.
As businesses gear up for the holiday season, both online and in-store traffic are key focus areas. Technology adoption, inventory management, and pricing strategies are crucial to address seasonal challenges.
Small businesses are embracing technology to address remote collaboration and labor challenges. This includes implementing new systems for remote work and providing technology to attract and retain talent.
Social media marketing is a growing priority for small and midsize businesses. Facebook, Instagram, and LinkedIn are leading platforms for promoting products and engaging with customers. Access to social media marketing resources and experts is highly valued.
The 2023 Verizon Small Business Survey reveals a dynamic landscape for small and midsize businesses. While AI adoption and technology upgrades offer efficiency gains, addressing cybersecurity concerns remains a challenge. Inflation and economic uncertainty are driving businesses to adapt their pricing and spending strategies. Overall, small businesses are demonstrating resilience and a commitment to leveraging technology and social media to thrive in an evolving business environment.
