Verizon tech solutions are helping small and midsize businesses grow in Raleigh

This article was written by our sponsor, Verizon

From increasing costs to supply chain issues, small businesses have endured many challenges in the aftermath of the pandemic. However, 2023 could be a tipping point year when small and midsize businesses can finally achieve business growth. In the 3rd Annual State of Small Business Survey from Verizon Business, we heard from over 600 small and midsize businesses.

The results show that many small and medium size businesses are using technology and other resources to seize new business opportunities. Mark Tina, Vice President of Business Sales, Verizon, provides more context behind the numbers.

What’s the biggest takeaway from the 3rd Annual State of Small Business Survey?

There are actually a few big takeaways from our latest survey, but the main one would have to be just how important technology has become to enabling small and midsize business success. Digital tools and technologies have really helped them adapt and grow, and it’s exciting to see how our customers are using these tools to innovate and scale their businesses. Of course, just as they’re coming out of the pandemic, they have faced a new set of obstacles, mainly things like inflation, finding good labor and dealing with the supply chain.

How are small and midsize businesses feeling about the economy?

There is an overwhelming sense of concern. 89% of small businesses are concerned about the state of the U.S. economy. Many of them also cited increased costs (78%), nearly half (46%) reported declining sales, more than half (56%) are concerned about maintaining inventory levels amid supply chain disruptions, more than four in five (82%) worry about the effects of rising inflation on their business, and more than a quarter (27%) are withdrawing from cash reserves. These impacts have been particularly hard for the hospitality industry, which includes businesses like restaurants and bars, that are particularly affected by supply chain and cash flow disruptions. Part of our role at Verizon Business is helping businesses navigate these challenges and it is not a responsibility we take lightly.

How can small businesses grow in 2023?

We’re seeing incredible success for small businesses that have embraced technology to reach customers where they are and grow. In fact, the survey showed that 56% of small and midsize business decision makers are confident that they will be in a better spot a year from now than they are today – and that’s largely due to ongoing technology investments. I think one area to watch here is some lingering concern about cybersecurity risks like viruses and ransomware, as small businesses are leveraging digital tools and platforms more than ever.

The advanced network and technology offerings we offer at Verizon Business help our small business customers do more, and I’m excited to see how we can continue to help them thrive in the future. A good example of companies that are benefitting from new technologies is AlphaBEST Education, a nonprofit headquartered in Lewisville, North Carolina. A leading provider of before- and after-school enrichment programs across the country, they are using advanced Verizon internet technologies including 5G, video conferencing unified communications, and cybersecurity protection to reach their students across the 16 states they serve.

What else can small businesses be doing to move the needle on growth and profitability?

Verizon Business offers free online courses with its Digital Ready platform to give small businesses the personalized tools and resources to succeed in today's digital world. It’s clear that technology is leading the way no matter what happens in the overall economy. The survey showed that 61% have implemented digital tools and technologies over the past two years to change their processes and improve customer experiences. And half of respondents say they have no plans to cut their planned technology investments due to rising inflation concerns. Another revealing stat is how connectivity technology upgrades were driven by revenue. The survey showed that 53% of businesses who have added to their tech stack were motivated by the potential to better connect with existing customers, and 48% were motivated by driving customer acquisition. To me, these stats all add up to one big endorsement of the power of technology to help small businesses grow.

What’s a key differentiator for Verizon Business? What do SMBs get when they do business with Verizon instead of their competitors?

Our Technical Services Organization (TSO) is a key differentiator for the Verizon Business customer experience and a game changer for our customers. With TSO, we’re able to create customized tech solutions with a personalized, simplified and dedicated approach for small businesses. This can range from advice on everything from on-site networks to fixed wireless access to cybersecurity. The TSO includes a team of solutions architects, product specialists, engineers, industry specialists, and technical experts that provide businesses with 24/7 guidance and a full service, plug and play approach to tech solutions at every step of the customer journey. TSO services are part of the total value provided by Verizon for our customers and there is no additional charge for these professional services. To learn more about how Verizon Business can help your business, visit https://www.verizon.com/business/.

This article was written by our sponsor, Verizon