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News Now

CU System
Small businesses to increase tech spending in 08
MADISON, Wis. (12/26/07)--Sixty percent of small businesses surveyed plan to increase their technology spending in 2008, and credit unions serving small business members may want to monitor this trend. According to an online customer survey conducted by communications provider RingCentral Inc., based in Redwood City, Calif., only 6% plan to decrease their tech spending, while 31% hope to maintain their current spending level (Business Wire Dec. 18). That means small businesses may look for financing for personal computers (PCs) and upgrades, to address data security issues, to enhance their communications capabilities, and to manage their systems. Credit unions can stand at the ready to offer the loans for such projects. Small businesses' spending will focus on PCs (57%) and communications service. Small businesses surveyed considered these communications technologies the most important for their business:
* E-mail, 81%; * Mobile phone, 77%; * Business phone, 69%; and * Website, 61%.
More than one-third of small businesses surveyed plan to invest in phone systems, smart-phones and Voice-over-Internet Protocol (VoIP) technologies.
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