The DFK Wavelength 2018 Survey results are out, with this year’s survey asking business owners across numerous industries about the current challenges they face. This year’s results revealed an increasing concern around cyber security, a shift towards the adoption and implementation of digital technologies and recognition of the opportunities that they present.
The adoption of digital technologies varies greatly within the small business sector due to the diversity in small business activity, attitudes, business stages and motivations. The more digitally mature business is using digital technologies to drive productivity and customer value through the use of online platforms, cloud computing and automated supply chain management. While the effective use of digital technologies is only one element in the success of a business, it is evident from the survey results that with the increasing rate of digital adoption, the issue of cyber security is a double-edged sword.
The future steps for business owners revealed that 59% of survey respondents did not have an exit strategy or succession plan in place, and of those business owners with a plan in place, just over half were revising it annually to keep it current and relevant. The adoption of digital technology can help business owners to enhance and protect business value when it is time to exit via data capture and analysis and opening up access to international networks and markets.
Download the key highlights of the 2018 Wavelength survey findings here: