vcita Data Reveals: 67% of SMBs on Edge About Economic Challenges in 2024

Financial Concerns of SMBs Heading into 2024

As we head into the new year, small and medium-sized businesses (SMBs) are primarily concerned about their financial well-being, with issues like cash flow, client acquisition, and inflation weighing heavily on their minds.

Financial Stability a Top Priority

Data from vcita, a business management platform for SMBs, reveals that 67% of SMBs consider financial aspects as their top worry for the year ahead. This underscores the importance of financial stability and technology in supporting SMBs amidst the challenges of 2024.

Cash Flow and Client Acquisition Challenges

Cash flow emerges as a significant concern for 25% of SMBs, along with attracting new clients. Additionally, rising inflation is a major worry for 17% of small business owners.

Demand for Comprehensive Financial Tools

To address these challenges, there’s a growing demand for comprehensive financial tools. Around 38% prefer all-in-one digital solutions encompassing billing, invoicing, payments, and accounting reports. Already, 49% of SMBs are utilizing digital tools to automate financial tasks, with 31% adopting AI technology for insights and content generation in marketing and client communication.

The Role of Digital Tools in Business Resilience

Itzik Levy, CEO and Founder of vcita, emphasizes the crucial role of digital tools in sustaining business resilience amidst economic headwinds. Regarding spending, 72% of SMBs invest a minimum of $1200 annually in digital tools, highlighting their reliance on digital innovations to navigate uncertainties.

Key Findings

• AI Adoption: 31% of SMBs are using AI, with reasons for non-adoption being lack of perceived benefit (31%) and understanding (30%).
• Tool Consolidation: 79% of SMBs use two or more digital tools, with 90% expressing interest in consolidating their capabilities into one tool.
• Influence of Peer Recommendations: Peer recommendations are pivotal in tool selection, with 49% valuing word of mouth and 23% influenced by Google reviews.

About vcita

vcita is an SMB tech company dedicated to aiding small and medium businesses in thriving within today’s digital landscape by equipping them with tools for managing and expanding their operations. With vcita’s solution, small businesses can efficiently handle various aspects of their daily activities and client interactions, such as scheduling, billing, payment collection, client management, email, and SMS marketing.

Introducing inTandem by vcita

inTandem by vcita is a customizable, white-label platform designed to cater to the needs of SMB service providers. It enables organizations serving SMBs to offer their clients all the essential vcita tools under their own brand. Through inTandem, partners can provide excellent service and value to their SMB customers, leading to unlocking new revenue streams, reducing churn, and increasing customer loyalty.

Global Reach and Collaborations

vcita boasts hundreds of thousands of small business users globally and collaborates with various entities such as marketing agencies, banks, financial service providers, telcos, MSPs, and fintechs. These partnerships enable vcita to deliver an innovative digital solution tailored to meet the needs of SMBs and the companies that support them.

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