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SMB Operational Costs

Goals

To understand how much a U.S. small businesses spend annually on average for operational services such as payment systems, HR, marketing services, etc, in order to create a marketplace for services for SMBs. We aim also to confirm or update old research stating an average yearly spend of about $2500 for small businesses on marketing, protection (including insurance, and cyber security), finance & payments, and identity verification, and to understand which services or solutions are critical for SMBs, and those that are more convenience or a luxury.

Early Findings

  • KeyBank research revealed that 24% of SMB's state that operating costs are their greatest business concern.
  • According to a study from ADP, 1.5 million small businesses spend billions on managing their human resources.
  • The amount small companies spend on cybersecurity is usually connected to their IT budget, based on size and infrastructure. The amount that companies pay varies, from an additional 5.6% to 20% of their total IT spend. As an example, a company with 40 employees that pays $3,000 per month to an IT service provider would have a cybersecurity budget between $168 and $600 per month.
  • This website contains a graph that shows the top 10 SMB business issues of 2018, the top 10 IT priorities for SMBs in 2018, and the top 10 IT issues for SMBs in the same year.
  • Some of the top 10 SMB business issues of 2018 included reducing operational costs at number 1, improving workplace productivity at number 2, and improving the quality of products and processes at number 3.
  • According to research, almost every small business owner and business experiences cash flow problems at some point, but through the use of online invoice software and better systems that budget finances, effective cash flow management can be achieved.
  • With about half of all cyberattacks targeting small businesses and 68% of SMB's experiencing a cyberattack in the last 12 months, security is a major concern for SMB's.
  • Major businesses such as Target for example can deal with financial hits for years and withstand them, though a small or mid-sized business (SMB) that has had a cyber security breach often does not do as well, with National Cyber Security Alliance research finding that after a data breach, 25% of SMBs filed bankruptcy and 10% completely closed their business.
  • In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.

Proposed next steps:

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