Supplies

Small firms slam one-size-fits-all telecoms and banking services

David Craik | 26 March 2018 | 6 years ago

Many small business owners believed they had been treated as regular consumers
Small UK business owners have blamed telecoms giants and the big banks for failing to help them take advantage of the digital revolution and boost growth.

In the ‘sMEs: Smallish Misunderstood Enterprises? study, from design and innovation consultancy Adaptive Lab, 95 per cent of small company owners said they now rely on technology in some way to run their business, with 53 per cent declaring technology as central to their business proposition.

However, 59 per cent slammed current offerings from service providers as one-size-fits-all? with little tailoring to their business needs.

In categories including telecoms, banking and insurance, 40 per cent of business owners saw little difference between consumer and small business services except for the initial expense.

Business owners criticised telecoms and banking providers for poor digital products and services ranging from business banking to mobile services.

Over half of respondents felt big corporate service providers treated all small firms the same and 56 per cent stated they didnt trust big corporations to understand the challenges of running a small business.

Owners said service providers paid lip service to wanting to help without genuine conviction or action.

Open banking could create a wealth of opportunities for small business owners find out what it means:

Survey respondents said they were more willing to pay for services that free up their time to focus on their business. Just over half 55 per cent stated they would definitely pay more and a further 34 per cent said they would consider it.

The more complex the business or the more the ambitious the business owner, the more willing they were to pay.

working with business service providers we saw the same thing time and time again. Most service providers approach the SME segment as a homogeneous community, ignoring their diversity and unique needs, said Chris Moisan, principal at Adaptive Lab.

is the definition of an SME still fit for purpose? The small and medium business sector is a mighty force in our economy. The opportunities are huge for any business willing to rethink their approach and reimagine services for SMEs, so we wanted to better understand the issues and scope of possibilities for both sides.

Despite these concerns the SMEs in the survey said they were feeling ambitious. Indeed over 71 per cent are aiming for growth in the next three years.

Topic

Supplies

Related Topics

If cruelty-free is the future,  how can your business embrace it?
27 February 2019

If cruelty-free is the future, how can your business embrace it?

Read More →
Employers urged by staff to protect the environment better
6 December 2018

Employers urged by staff to protect the environment better

Read More →
Global crackdown on harmful emissions drives surge in green energy patents
2 October 2018

Global crackdown on harmful emissions drives surge in green energy patents

Read More →
Business owners send cyber security message to negligent suppliers
25 September 2018

Business owners send cyber security message to negligent suppliers

Read More →
Poor broadband coverage threatens digital tax transition for rural micro businesses
22 August 2018

Poor broadband coverage threatens digital tax transition for rural micro businesses

Read More →
5 signs your micro business needs to switch energy suppliers
21 August 2018

5 signs your micro business needs to switch energy suppliers

Read More →

If you enjoy reading our articles,
why not sign up for our newsletter?

We commit to just delivering high-quality material that is specially crafted for our audience.

Join Our Newsletter