As the year approaches its close, are you wondering how other small or midsize businesses like yours are planning to grow? Bill.com surveyed our business payments network members across the U.S. to find out. We asked about their general business sentiment and how they plan to invest in and grow their businesses in the new year.
We are delighted to report continued optimism going into 2019, with businesses reporting that they believe now is a great time to invest for business growth. Specifically, SMBs anticipate increased investments in cloud technologies and an expansion of their customer and vendor base across U.S. borders.
SMBs think now is the time to invest in their business
83 percent of SMBs think now is a good time to invest in their businesses noting technology, talent and growth overseas as areas of interest.
71 percent of respondents indicated that they will increase their investment in cloud-based technologies in the coming year.
Efficiency, profitability and gaining competitive advantage are at the center of these businesses’ strengthened commitment to expanding their use of technology.
Marketing software was listed as the highest area of cloud-based technology investment (by 53 percent of respondents), followed by sales software (39 percent) and payments software (25 percent).
SMBs are planning to grow their business outside of the U.S.
Bill.com found these businesses are planning to grow both their customer footprint (46 percent) and vendor relationships (41 percent) outside of the U.S. in the coming year.
Again, technology is a driver of this evolution, with 70 percent of SMBs agreeing that technology is key in sourcing and managing vendors abroad.
To support planned growth domestically and internationally, 64 percent of small and midsize organizations think that now is a good time to add permanent W-2 employees, while 74 percent say now is a good time to hire contractors.