Exploring the Role of IT-Driven Financial Tools in Enabling Small Business Resilience and Expansion

Abstract

With small businesses now facing untold challenges, the integration of IT-powered financial tools has become critical for resilience and growth. How Technologies like Digital Payment Platforms, Accounting Software, and Data Analytics Help Small Businesses Navigate Economic Challenges This study focuses on the role of technologies like digital payment platforms, accounting software, and data analytics in helping small businesses adapt to economic changes, enhance financial management, and promote sustainable development. Using a mixed-methods approach, the study collected data from 30 small business owners from various sectors, including structured surveys along with in-depth interviews to gather quantitative and qualitative insights.
The results found that 65% of respondents had seen cash flow management greatly improved by using digital financial tools and 50% said they had seen a percentage increase in revenue growth. In addition to this, the respondents also pointed to some key barriers that prevent breeding of widespread adoption, such as limited IT literacy (30%) and concerns regarding cybersecurity (25%). These findings highlight the transformative promise of IT-based tools, while highlighting the need for deliberate intervention to mitigate adoption barriers.
This study also shows that IT-led financial technologies are a fundamental tool set for developing small businesses in a way that will provide them with some comfort if economic disruptions occur and also with efficient scaling capabilities. It further provides recommendations including customized training on digital literacy, greater access to affordable tools and increased cybersecurity that will help overcome barriers associated with adopting IT tools and will help open the door of a competitive market environment for small businesses.