The failure to adopt digital technology may also be impacting on business confidence with a new survey showing SMEs without a social media presence are less confident about meeting their business goals.

The Suncorp SME vs Me Report found 43 percent of business owners who had at least 10 years in business used no online or digital tools.

In comparison, only 20 percent of SMEs with between five and 10 years in business were not yet digital savvy and just 15 percent of those with a 3-5 year tenure had not introduced any online or digital tools.

Suncorp Regional Manager Tom Troy said the survey findings showed almost three quarters of all SMEs were keeping up with digital technology, using tools such as a website, social media, a mobile app, search engine optimisation (SEO) and e-commerce platforms.

Mr Troy said around one third or SMEs were using social media with business operating for less than three years the most likely to already have a social media presence.

“Technology and digital tools are becoming increasingly important to business capabilities and offer new opportunities for SMEs to promote their businesses and engage with customers,” he said.

“Encouragingly, more than half of all the SMEs we surveyed had a basic or responsive website with those who had been in business between five and 10 years the most likely to have their own website (67 percent).

“Launching and maintaining a website is not particularly expensive and business owners should be mindful of the possible costs of not having some online presence.”

The Suncorp SME vs Me Report also compared the confidence levels of businesses using online or digital tools with those yet to adopt any digital technology.

It found SME owners who were more confident in meeting medium term goals were also more likely to use digital technology. In fact, only one quarter of SMEs with no digital presence were confident of meeting 5-year business goals.

Across all types of digital tools, SMEs with some level of digital technology were more confident of meeting business goals than not meeting them.

Mr Troy said the apparent correlation between confidence and the use of digital technology was one of the more surprising findings of the Suncorp SME vs Me Report.

“This suggests business owners are at least becoming more conscious of the need to incorporate digital technology in their operations and the challenge is to find ways to encourage greater digital take-up, especially among longer term SME owners.”