The majority of small business owners under 40 believe embracing social media and technology can give them an advantage over big business.
A report released by Bibby Financial Services found that 83 per cent of SMB owners aged between 18-39 are using social media, compared to 56 per cent of older business owners.
Mark Cleaver of Bibby said older business owners risk being left behind if they don’t adopt some form of social media.
“Social media is increasingly being used an essential channel to boost awareness of small businesses and their brands and to reach new and existing customers. It’s also being used as a channel to recruit staff,” Cleaver said.
Surprisingly, Twitter is fourth on the list of social media tools being used by SMBs, trailing behind Facebook, LinkedIn, and even Google+, with just 21 per cent of business owners surveyed using the platform.
More than half of small business owners believe technologies such as smart phones, tablets, and the cloud, can give them an advantage over bigger business by helping boost productivity. Over 60 per cent of younger business owners intend to invest more in technology over the next year, compared to just 38 per cent of those aged over 40.
“As Generation Y gradually takes over the leadership of small and medium-sized enterprises from Generation X, many of whom will retire over the next 10 to 20 years, this will further entrench the use of technology and social media,” Cleaver said.