Small businesses and the self-employed are likely to earn more with more frequent technology and IT use, according to research from Trinity Business School.
In a study accepted for publication in the Journal of Business Research, a team from Trinity Business School found that in 25% of cases, earnings of the self-employed and small businesses rose in line with their technology use.
More established entrepreneurs were also found to be more reluctant in switching to new technology, and late adopters saw a reduction in earnings as a result. The results of the research are more significant in the light of the rapid shift to digital technology as a result of the coronavirus pandemic.
Professor Andrew Burke, Dean of Trinity Business School and Chair of Business Studies and researcher on the study, said:
For years now, digital skills have been needed to participate in today’s modern societies and to improve one’s economic situation. But, taking into account the current pandemic, our findings have clear implications for what is, and will continue to be, the ‘new normal’ in business. It will become more important than ever before to adjust quickly to digital ways of working.”
Researchers also found that it was possible for small business owners to have too much of a good thing. According to the team from Trinity, solo self-employed workers who were overly reliant on ICT failed to leave time to maintain networks of visit clients, and made recommendations to allocate a proportion of their time to offline working.