Almost three quarters of UK entrepreneurs admit that inadequate management of technology is reducing profitability in their business.

According to a study of 400 small business leaders by cloud provider Zunicore, ‘security of data’ is cited by 40 percent of respondents as being their biggest IT challenge, closely followed by ‘capital cost’ at 33 percent, with only 9 percent stating that the right technology is helping them to win business.

Cloud technologies are equally problematic for the majority of small business decision makers. Only 8 percent claim they have extensively taken advantage of cloud computing. Security concerns are putting off 33 percent, while problems with speed and performance when accessing the cloud are issues for 28 percent. A quarter admit to being unclear about the benefits of cloud, with 21 percent being concerned about being locked into long-term contracts.

Noel Elliott, managing director of property inventory services company The Inventory Crew, which participated in the survey says, ‘Our business is heavily dependent on the use of tablets as a hardware device. It is imperative that our clients receive accurate, comprehensive information and smart technology enables us to provide that in a fast and efficient manner reducing our carbon footprint and saving us and our clients money.

‘Technology is not the future, it is the present and I’m old enough to remember the first fax and the first mobile phones! We must always drive for the best technology to remain competitive in the marketplace.’

Sally Lynskey, CEO of Business Solent, which represents over 200 businesses in the Solent region adds, ‘It’s crucial for business to buy into the latest technology to help their companies to compete in the modern age. Businesses should look to technology partners who can support them with the latest digital breakthroughs to stay innovative.’