More than half of small business owners would now rather invest in their businesses than stockpile cash, according to new data from a survey conducted by Brother International Corporation. It’s an 18 percent change in favor of investing since 2010, the multi-billion dollar office technology business reports.
The survey, conducted in February by Wakefield Research among 500 U.S. small business owners of companies with less than 100 employees, reveals that stress about the economy has also decreased. While 58 percent of owners reported being super stressed out about the economy in 2013, this year only 42 percent of survey respondents did.
“Our survey shows that a majority of small businesses see a light at the end of the tunnel and are willing to invest in technology solutions to increase productivity and capitalize on new technology trends,” said John Wandishin, Vice President of Marketing for Brother.
Forty-one percent of respondents said they would like to spend money on tech purchases or upgrades if they increase their revenues by five percent or more this year. Those purchases would include cloud technologies, tools for taking advantage of the Internet of Things, and technologies for accepting mobile payments.
Among the 62 percent of survey respondents who already use the cloud, 95 percent said they found it to be beneficial to their company, and 69 percent cited the benefit of easier access, storage, and analysis of data. More than one third said the cloud has helped them save money.
Given the opportunity to perform a tech “makeover,” 38 percent of survey respondents said they would replace their current laptops, 20 percent would upgrade their mobile devices, and 13 percent would change their desk phones.