Although digital adoption is accelerating among South African small businesses, more than two-thirds (67%) admit to struggling to source the right tech talent required to implement their digital strategies.
This is according to the fourth annual State of Small Business reportby global small business platform Xero, in partnership with World Wide Worx. The research is based on responses from 400 small business owners and 200 accountants in SA.
According to the report, virtually every small business in South Africa has adopted some form of technology they now rely on, with 97% saying they invested in new technologies in 2019.
Adoption of cloud accounting technology leapt from 13% in 2017 to 61% in 2020, indicating that more than half of small businesses can now manage their finances remotely.
Over half (53%) of businesses found that adopting technology resulted in ‘somewhat big’ or ‘big’ increases to their profitability. Despite this, many