Technology Impact on Small Business Growth

This assignment examines the profound influence of technology on the growth and success of small businesses. It investigates how technologies like social media, cloud computing, and data analytics contribute to marketing, communication, market research, sales, and innovation within small organizations. The study emphasizes the importance of technology adoption for small businesses to compete effectively in the digital age.

THE IMPACT OF DIGITAL TECHNOLOGY SUPPORTING
SMALL BUSINESS GROWTH AND INNOVATION

Table of Contents
Introduction........................................................................................................3
Task 1................................................................................................................4
LO 1 (project aims, objectives and timeframes)................................................4
P1. Project aims and objectives .......................................................................4
P2. Project management plan that covers aspects of cost, scope, time, quality,
communication, risk and resources ..................................................................4
P3. Work breakdown structure and a Gantt chart to provide timeframes and
stages for completion ........................................................................................6
Task 2 ...............................................................................................................8
LO2 Conduct small- scale research, information gathering and data collection8
P4- Carry out small-scale research by applying qualitative and quantitative
research methods appropriate for meeting project aims and objectives for the
chosen scenario. ...............................................................................................8
Task 3..............................................................................................................13
LO3 Present the project and communicate appropriate recommendations
based on meaningful conclusions drawn from the evidence findings and /or
analysis............................................................................................................13
P5 – Analyze research and data using appropriate tools and techniques for the
chosen project..................................................................................................13
P6 – Communicating appropriate recommendation as a result of research and
data analysis to draw valid and meaningful conclusions for the chosen project
.........................................................................................................................13
Task 4..............................................................................................................14
LO4 Reflect on the value gained from conducting the project and its
usefulness to support sustainable organizational performance for the chosen
project. ............................................................................................................14
P7 Reflect on the value of undertaking the research to meet stated objectives
and own learning and performance.................................................................14
Conclusion: .....................................................................................................15
References.......................................................................................................17
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Introduction
Any small size business faces multiple barriers in terms of organization growth. As a
result most of the time small business decides a target which is not sufficient for the business
growth. Management of small business considers this business strategy as low risk strategy for
business. There are certain elements which help any organization with rapid growth, considering
the era of globalization. Technology in small business is one such element which helps with
business growth. Further with the help of technology organization can implement innovation in
business in terms of product line. Implementing technology in small sized business help to
establish a position in the market, however need certain measures to avoid any project failure.
For instance, before implementing technology in business organization needs to prepare a project
plan and train employees for the best result. This report highlights impacts of technology in
business growth and innovation of Small and medium sized enterprise.
Background
In order implement digital technology, it can be stated that in-depth knowledge develop
continuously in different areas of the world. Therefore, desired results in whole research study
conduct to find useful results. Furthermore, digital technology also implement certain
measurement to highlight appropriate findings in successful manner. This research is beneficial
to target people with overall strategies and tools of digital technology.
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Task 1
LO 1 (project aims, objectives and timeframes)
P1. Project aims and objectives
This project aims to provide an in depth understanding of different impact of digital
technology supporting the small business growth and innovation.
Objectives of this project are as follows:
 To evaluate the use of technology in small business
 To analyze the impact of technology in small business supporting growth and
innovation
 To discuss the implementation process of technology in small business
P2. Project management plan that covers aspects of cost, scope, time, quality,
communication, risk and resources
A project management plan has three different aspects which includes Scope of the project,
resources and cost, which is essential for developing the project and schedule. These are three
elements which are fixed for the project development. The below table is a project management
plan which is being developed for the better growth of an organization.
Scope Cost Time Quality communic
ation
Risk Resources
This
project will
help to
enhance
the
competitiv
e
The total
cost of the
project will
be £
1500.00. It
includes
project
Total 4
months
time is
required
for
completing
the project
The quality
of the
project is
expected to
be
medium.
High
Communic
ation will
be done
over phone
and
through
internal
There are
two major
risks
associated
with the
project.
The prime
15
employees
along with
a project
manager
and one
project
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advantage
of the
organizatio
n and
reduce the
time of
performing
any
internal
task. It will
further
bring
innovation
and growth
in market.
Externally
the project
will deliver
innovative
product to
the
customer
allocation
and project
manageme
nt cost as
well.
quality
resources
are used
for the
project.
team
meeting
among the
project
developme
nt team
and the
team
manager.
Each team
member
will
communic
ate with
each other
through
email, in
case length
of
informatio
n is too
lengthy
and require
written
communic
ation.
risk is with
budget.
Allocated
budget
might not
be
sufficient
for the
entire
project as
this may
create
obstacle in
project
manageme
nt.
Another
risk is with
leaving
employees
during the
project
work.
Insufficient
resources
might
interrupt
the project
in the
middle.
coordinator
have been
allocated.
Further few
new system
have been
allocated
for the
project
work
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P3. Work breakdown structure and a Gantt chart to provide timeframes and
stages for completion
The work breakdown structure is responsible for managing team work into manageable
sections. It helps with a visual representation of the project scope and makes it simple for the
understanding for the project staff (Sussan, and Acs 2017). This work breakdown structure
suggests that a project, which is developed aiming technology implementation in small business
are divided under two tasks. The task 1 is allocation of internal resource and the task 2 is about
adopting technology. Under task one there are 4 subtasks. Each subtask aims to manage the
internal resources of the company .45% of the total work will be performed under these 4
subtask. Further under the task 2 there are two subtasks. 55% of the total work will be performed
under this 2 subtask. It is important to prepare a time frame and set milestones to accomplish this
project work.
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The above Gantt chart has been based on the 4 month timeline for this project. The
organization will perform and through market research before starting the project, hence the
project will start from August 2018. Software development will be done under the supervision of
the team, by third party vendor. Therefore maximum time has been allocated for software
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development this project time frame has been developed considering the project aim, scope and
budget.
Illustration 1: Work break down structure
Task 2
LO2 Conduct small- scale research, information gathering and data collection
P4- Carry out small-scale research by applying qualitative and quantitative
research methods appropriate for meeting project aims and
objectives for the chosen scenario.
Both quantitative and qualitative research has been done in order to gain knowledge of data from
the market about the impact of technology on small business growth and innovation. Survey
have been conducted on Foundation SP Limited which is a small company working successfully
the UK market (Vigdor et al., 2014). Research have been conducted on the internal employee
and an interview session has been conducted with the manager of the company for data
collection .Survey has been conducted over 25 employees of the company .
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Research philosophy: In context of present study, scholar has used interventionism
research philosophy. Reason for selecting the interpretative research philosophy is that it has
helped researcher in executing the investigation process in systematic manner.
Age
Options Total Number of
Respondents
Number of
respondent
Percentage
18-24 years 25 3 12%
25-34 years 25 20 80%
35-55 25 2 8%
The data from the above table indicated Foundation SP Limited has 80% of the employees
between the age group of 25-34 years. These sets of employees are responsible for the business
growth and technological innovation of the company.
Gender
Options Total Number of
Respondents
Number of
respondent
Percentage
Male 25 20 80%
Female 25 5 20%
Others 25 0 0%
This survey report suggests within the organization the ratio between male female employees is
4:1. Henceforth it is clear this company is dominated by male employees.
Question number 1: Do you think the organization have been able to successfully
implement technology within business?
Options Total Number of
respondents
Number of
respondent
Percentage
Strongly Agree 25 3 12%
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Agree 25 15 60%
Neutral 25 2 8%
Strongly Disagree 25 1 4%
Disagree 25 4 16%
Data Analysis: The above result in the table suggests that 12% of the total employee strongly
agrees to the fact that Foundation SP has been successfully implemented technology in their
small size business. While 60% of the employees only agreed to the fact but do not agreed to it
strongly. However the survey result suggests that 4% employees are still strongly disagree to the
fact that Foundation SP Limited have been able to implement technology successfully.
Question number 2: Is a change in business strategy and technological advancement has
impacted the business growth?
Options Total Number of
respondents
Number of
respondent
Percentage
Strongly Agree 25 10 40%
Agree 25 8 32%
Neutral 25 2 8%
Strongly Disagree 25 2 8%
Disagree 25 3 12%
Data analysis: It is very clear from the above data that almost 40% of the employees strongly
agree to the fact that technological advancement and change in business strategy have impacted
the business growth of the organization, followed by 32% of employee who agree to
it .Surprisingly 12% of the employees disagree to the fact that technological advancement have
impacted the business growth. In such situation it is highly recommended for the business to
discussion and collects feedback from these employees and evaluates their logic.
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Question number 3: Is it possible to bring innovation in business with the help of business
technology?
Options Total Number of
respondents
Number of
respondent
Percentage
Strongly Agree 25 20 80%
Agree 25 5 20%
Neutral 25 0 0
Strongly Disagree 25 0 0
Disagree 25 0 0
Data Analysis: 80% of the employee strongly agrees to the fact that innovation is possible
through the advancement and implementation of technology. Surprisingly no respondent
disagreed to the fact. This suggests that employees are aware of the fact the new technology can
bring change within organization in terms of innovation and they support and promote
technology within business.
Question number 4: Are you getting benefit from the new technology?
Options Total Number of
respondents
Number of
respondent
Percentage
Strongly Agree 25 15 60%
Agree 25 5 20%
Neutral 25 1 4%
Strongly Disagree 25 0 0
Disagree 25 4 16%
Data Analysis: While 60% from the respondent strongly agree to the fact that they are getting
benefit by the new technology, 16 % disagree to them. There are 4% neutral respondent who are
not sure about whether they have received any benefit or not. It is suggested for the management
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to conduct a formal meeting with employees who disagreed with the fact that they are getting
benefit from the new technology.
Qualitative analysis:
A telephonic interview has been conducted with the manager of Foundation SP limited in order
to gain internal information of the company. The manager due to time constraint had only
managed to answer 5 questions. Each question was formed to gain information from the manager
about the impact of technology in their business. Data has been taken from the interview about
what is the impact of technology in small business. Few interesting data have been received
which describe how Foundation in helping business with technological support. A brief
description of the telephonic interview session has been given below:
Post : Manager ( responsible for planning and designing)
Date : XX/XX/2017
Company name : Foundation SP Limited
Question: What are the business aspects do you think have been impacted by
technology?
Answer: Foundation SP Limited provides technological service to the customer and new
technology has assisted for better market research, sales growth and innovation with the
service. It has further helps to fulfill our passion for building network with internal and
external stakeholders.
Question: Do you think that, this business have managed sales growth in comparison to
the last year?
Foundation SP limited has been recognized as UK’s best place to work small business 2017.
This recognition says it all. There is a remarkable hike in the client base. Further the company
has been able to manage a revenue growth in the business.
Question: what do you think is the best way to introduce new technology in business?
A new technology implementation requires a well designed project plan. Internal training is
mandatory for the resources. Further there should be a contingency plan to sustain against any
risk.
Question: Do you think technology can help the business with sustainable business
growth?
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Certainly technology can help the business with sustainable business growth. Technology will
help with risk management, innovation practice, market research and customer management
and these elements are important to run a successful business.
Question: Do you have any advice for business owners who are planning to implement
new technology in business?
It is highly recommended for any small size business owner to prepare a through plan for new
technology implementation, set realistic goals and avoid temporary loss. The business might
encounter some temporary loss such as employee retention, budget limitation but the long term
profit is huge. Modern business should always be adoptive and empowering. Foundation SP
provide support to make business efficient and responsive, however this is not possible with
the intervention of technology. Technology can help any small to big size organization to a
more responsive organization by building network with internal and external stakeholders.
The above information suggests that technological implementation and advancement not only
contributed towards the business growth but also contributed for innovation and customer base
management.
Task 3
LO3 Present the project and communicate appropriate recommendations
based on meaningful conclusions drawn from the evidence findings
and /or analysis
P5 – Analyze research and data using appropriate tools and techniques for the
chosen project
In order to complete this research work primary and secondary data have been collected
from various source of information. There primary data have been collected from a small size
organization of the UK and secondary data have been collected from internet .books and
journals. Foundation Sp Limited have been taken for performing the survey , as the number of
employees are limited in the company and the growth rate is real high. Further survey has been
conducted using simple random technique method over 25 employees of the company, since
employees are the best to answer about any changes within the organization. Information which
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is being collected from the survey has been evaluated with the help of simple percentage
calculation formula. Most of the data analysis tools are complex in nature; hence it has been
avoided for the data calculation. Also budget was a major challenge. A telephonic interview has
been conducted with the manager about the current growth and innovation of the company with
the help of the technology. Information has been evaluated under ethical consideration. An no
information have been manipulated to complete the project work.
P6 – Communicating appropriate recommendation as a result of research and
data analysis to draw valid and meaningful conclusions for the
chosen project
Considering the data which is being gathered from the qualitative and quantitative interview it is
very clear that Foundation SP Limited has been able to create a an example for organization
which are looking forward to implement technology within business. As per the employee they
are simultaneously getting benefitted from the business after the implementation of technology.
Considering the entire data analysis it is recommended that a small business should implement
technology in their business according to their choice and business demand. Management need to
consider the weak part of their business. For instance, if a small business penetrates in a new
market and fails to understand the market demand and developed a product which is not suitable
for the marker type. The small business will not be able to gain the expected profit. Further it
might happen that the small business encounters business loss. In such situation it is
recommended for the small business that they should use social media and different technical
tool for evaluating the market type and complete a market research. This will help the small
business with the right product innovation and market growth.
Another recommended based on this research is, implementation process should follow four
steps, planning, developing, implementing and monitoring. Each stage of project development is
important and should be processed carefully. If an organization overlooks the planning part then
there are high chances of failure in the project. Further the project development team needs to
monitor the performance of the new technology in order to understand and evaluate the project
success.
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Training and development is essential for the internal staff to ensure each staff is aware of the
new technology and capable of using the new technology. Without proper training it might be
challenging for the staffs to achieve the desired goal.
Finally, small business organization should never take the risk of experimenting with technology.
Since the budget is limited for the business organization, the business should pre decide the
technology they are looking for (Westerman et al., 2014). After the identification of one
technology, it should be implemented organization and business should keep on updating the
business.
Task 4
LO4 Reflect on the value gained from conducting the project and its
usefulness to support sustainable organizational performance for
the chosen project.
P7 Reflect on the value of undertaking the research to meet stated objectives
and own learning and performance.
Considering the above information it can be stated that, this project has helped to justify the
impact of technology in small business growth and innovation process. Three objectives have
been developed for the project which assists to meet the aim of the project work. The aim of the
project is to understand impact of technology in small business in terms business growth and
innovation.
A through project plan have been developed in the initial stage which of the project which help
with the understanding of a project plan (Jones et al., 2014). A timeframe have been developed
which can assist to complete the project. One of the projects adjective was to understand the
benefit of technology in business. This has been address under the qualitative and quantitative
research section. Project data have been gathered from a small size company of UK which is
working constantly with the technology. An interview with the manager discuss about different
aspect which is being impacted by the use of technology. The qualitative analysis further help
with the implementation plan of technology within a small business. The data collected from
primary and secondary sources are useful to understand various impact of technology for the
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business growth. This further helped with the understanding of different way where technologies
have supported in the business.
It can be stated that, information which is being gathered from the research work are helpful for
the future business as well. This research will further help researcher to understand where and
how technology can bring change in a small size organization. This project further discusses
about various resources and risk management technique which is essential to successfully
implement technology within business (Li et al., 2016).
Conclusion:
Thus, it can be concluded from the above information small business should introduce
technology in business for market growth and innovation. Using technology like social media
can help with the marketing process, where cloud computing system will help with data sharing
and maintaining communication with internal and external stakeholders. Hence the intervention
of technology is making the business process easy for small business. The use of advanced
technology help a small business with better market research process , easy sales channel, such
as online sales and innovation in production. Bringing innovation in project is possible through
appropriate understanding of customer and competitor. Any small size organization can bring
innovation by doing an online research over the internet. Further feedback gathering is also
possible by the help of technology. Therefore it can be stated that technology will bring the
change within organization irrespective of the business size.
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References
Jones, P., Simmons, G., Packham, G., Beynon-Davies, P. and Pickernell, D., 2014. An
exploration of the attitudes and strategic responses of sole-proprietor micro-enterprises in
adopting information and communication technology. International Small Business
Journal, 32(3), pp.285-306.
Li, W., Liu, K., Belitski, M., Ghobadian, A. and O'Regan, N., 2016. e-Leadership through
strategic alignment: an empirical study of small-and medium-sized enterprises in the digital
age. Journal of Information Technology, 31(2), pp.185-206.
Sussan, F. and Acs, Z.J., 2017. The digital entrepreneurial ecosystem. Small Business
Economics, pp.1-19.
Vigdor, J.L., Ladd, H.F. and Martinez, E., 2014. Scaling the digital divide: Home computer
technology and student achievement. Economic Inquiry, 52(3), pp.1103-1119.
Westerman, G., Bonnet, D. and McAfee, A., 2014. Leading digital: Turning technology into
business transformation. Harvard Business Press.
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