2016 could be the year of digital for SMEs

Moreover, the Business Barometer also shows that similar numbers of SMEs are planning investments in marketing (17%), the development of new products and services (18%) and skills (22%). In each case, a digital focus is likely to be an important part of the process.

“SMEs are progressively realising that failing to invest in digital technologies could result in them being left behind by competitors or new entrants to their industries,” warned David Thomson, CEO, Close Brothers Invoice Finance. “They need to start seeing digital as an opportunity to acquire new customers, grow market share and move into new areas – but also to enable efficiencies that will reduce costs.”

However, while SMEs are increasingly anxious to secure these benefits, a number of obstacles stand in their way: Data privacy and cyber security are becoming ever more challenging – as well as being able to fund digital investments.

“Firms need support from a broad range of organisations as they work towards incorporating digital into the day-to-day running of the business,” added Thomson. “Appropriate funding will be a crucial part of that support required to invest in new technology – from  accounting software to more efficient machinery - and we believe alternative finance solutions, such as invoice finance, are key to providing a bespoke and flexible option that works in line with each individual business’s objectives.”