Small Business Owners Re-Think Technology Usage as They Navigate Tough Economy

The latest Wells Fargo/Gallup Small Business Index shows that small business owners are re-evaluating their use of technology in the current phase of uncertain economy.

Over half of respondents (58%) reported that they have delayed technology purchases due to the economy, including purchases of new computers (60%), new hardware (56%) and new software (56%). Only thirteen percent of them reported to be accelerating purchases in order to cut costs or build efficiencies.

However, they did not abandon usage of technology at all. In fact above Half of respondents (50%) report having a website, and half (50%) report accepting credit cards, both up from 2007 ( when the questions were last surveyed – 44%, and 46% respectively).
Some small business owners (29% of respondents) are also exploring new avenues of technology, like social networking sites, for personal or business use. Among those who do use social networking sites:

  • 45% use them to market or promote business and products
  • 48% to connect with customers
  • 44% to build an online reputation
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