UK SMBs spend up to £3 million a year on technology upgrades

UK SMBs are shelling out huge amounts of money on upgrading their technology every year, potentially hindering investment elsewhere, new figures have claimed. A report from American Express and the Center for Economics and Business Research (CEBR) found that on average, SMBs spend roughly £200,000 each year on new technologies. Their spending has a range from £225,000 (micro-businesses with less than nine employees) to £3 million, for SMBs with 50+ employees. On average, about a fifth of the company’s expenditure goes on new technology. The biggest cut, roughly a quarter, goes on hiring new people. "Running a business can be an expensive… [Continue Reading]