Is a Digital Divide Keeping Some Small Business Owners from Achieving Success?

A new report shows that a growing digital divide is currently plaguing small business owners in America, showing that while technology is changing the way the world does business, its advances are outpacing the modern entrepreneur, creating a severe competitive disadvantage among small business owners who fail to keep up.

The report, from online digital payment company Bill.com, draws upon survey data collected on current and aspiring business owners.

“The accelerating curve of technology is changing the entrepreneurship and small business ownership in ways we never expected. In addition to the ambition, creativity, and drive, today’s small business owners must also keep up with the latest technology to maintain a competitive edge,” said René Lacerte, CEO of Bill.com. “As the world transitions to digital, Bill.com is on a mission to ensure no small business gets left behind.”

In a nationwide survey on the state of small business in America, Bill.com found that entrepreneurship is alive and well in the United States. According to the survey of current and aspiring business owners, 90 percent reported that entrepreneurship is still a part of the American dream. Additionally, the study found that entrepreneurs have become the new celebrities. When asked to rank entrepreneurs against athletes, actors, and actresses, 88 percent of respondents said they are more impressed by successful business owners.

In addition to assessing the state of entrepreneurship in America, the report also examines the role of technology in today’s small business operations. According the survey, while 77 percent of small business owners believe cloud technologies can help them run a better business, less than half are actually using it. The survey and report also surface the leading barriers to adoption. While the top two barriers are cost and security, 40 percent of respondents believe failing to understand the latest technology is a growing issue that is severely hindering small businesses from harnessing their full potential.

A champion of small business, Bill.com is committed to understanding the challenges that affect small business owners’ overall performance and day-to-day operations. As the first company to focus on automating the back office payables and receivables functions while seamlessly integrating with accounting software, Bill.com is increasing productivity and reducing the operating costs for small business owners so they can get back to running the business they love.

The full report is available online.