Fast growth often seems an elusive concept, something a lucky few tech startups capture for a few fleeting years before slowing to smaller, incremental advances. But a report we commissioned with Deloitte, Small business, big technology: How the cloud enables rapid growth in SMBs, paints both a more complex and uplifting picture—that small and medium businesses are using cloud technology to overcome growth challenges and scale and grow faster.
The research explores the operating practices and strategies of businesses in the United States and Europe with up to 750 employees. It suggests that SMBs should move tools and applications to the cloud in order to free up time, capital and resources and to establish a platform for sustainable rapid growth. Here are a few of the key insights we discovered.
Cloud technology unlocks faster scaling and growth opportunities
85% of SMBs reported that cloud technology enables them to scale and grow faster, while 66% said that the cloud allows them to outperform against their competitors. It’s this ability to leapfrog other companies and scale rapidly that makes cloud an essential part of any small business’s strategy.
Matthew Guest, Head of Digital Strategy, EMEA, Deloitte unveils insights from fast growth organizations.
Cloud technology has a bright future
66% of companies expect to increase their use of cloud-based technology in the next three years. This is another trend prevalent amongst companies who have gone Google, who begin adopting cloud services early on in their development and, through experimentation and iteration, begin to adopt more and more cloud solutions across their business processes. Businesses using an above average number of cloud services also grow 26% faster and drive 21% more profit than those that use no cloud tools.
Watch Neil Delaney, SMB Director, Google Cloud, on what fast growth means today.
The cloud is favored by both startups and established companies
It’s not just startups that use the cloud as a tool for fast growth: 79% of relatively mature companies—those older than 5 years who are growing at less than 10% per year—believe cloud technology enables them to access new markets and revenue streams. This will become even more important as organizations adopt more digital tools in order to expand into new regions or product areas.
Fast growth in action
One business that knows firsthand the power of embracing digital technology to drive fast growth is Made.com, an online retailer that’s grown to 150 employees across four countries in just four years. Made.com has relied on G Suite from its founding days to build a culture of collaboration and innovation, and cites the cloud tools as a key driver in its ability to grow quickly and at scale. “Google Cloud” they said recently, “helps us connect, communicate and collaborate.”