The Five Year MYOB Business Monitor Report shows use of technology in small businesses in New Zealand is on the up and up.
The report uses data from the biannual national survey, which focuses on 1,000 small and medium business operators throughout New Zealand over the five years from July 2009.
A particularly notable trend was that twice as many businesses reported revenue growth as opposed to losses, which more than reverses the trend from mid 2009.
“New Zealand’s SME sector has been on a steady climb back to growth since 2009,” says Tim Reed, MYOB CEO. “Thanks to the hard work of businesses across the country, that growth is now stable and widespread - with few businesses now experiencing losses or expecting them in the coming year.”
According to the report, technology is playing a major role in how businesses are evolving and could be contributing to the increase in revenue. The report shows the last five years have seen an unprecedented change in the use of technology by SMEs.
In particular, more and more businesses are creating an online presence, both engaging with social media and building their own website. The amount of businesses with an online presence has grown from 27 percent in 2010 to 23 percent in 2014.
Social media in particular has dramatically increased. Currently, 25 percent of local businesses now operate a social media site and 42 percent use the platform specifically for business.
Reed says an online presence can enable businesses to enjoy better relationships with customers and convert more inquiries.
“We know from the survey that businesses with an online presence […] are typically up to 30 percent more likely to earn more,” he says.
Furthermore, 52 percent of businesses in New Zealand now accept online payments.
The use of technology in the workplace has grown as well, with 39 percent of businesses using tablets daily.
Reed says the the adoption of internet services and products is a key part of the growth of New Zealand businesses over the past five years.
“New Zealanders love technology, and it is great to see over the last five years, more and more business owners have begun exploring the opportunities that a whole raft of technology tools can bring to their business," he says.