More Than Half of SMEs Prioritize Technology Over People

Tech Takes the Lead in London’s Small Business Scene

In a recent study from Yorkshire Bank and Expect More, a whopping 56 % of London’s small‑biz owners say that gadgets and software are more vital to their success than the people who run them. That’s the highest figure in the UK’s top ten cities and sits well above the national average of 46 %. And when it comes to high‑growth firms, a staggering 71 % swear that tech is the secret sauce behind their expansion.

What the Numbers Say

London – 61 % view technology as a growth catalyst.
Birmingham – Actually tops the chart at 64 %.
Bristol – Falls a bit behind, clocking in at 53 %.
City‑wide investment in tech: London 62 %, Birmingham 68 %, Edinburgh 60 %, least at Leicester 51 %.

Fringe fact: 41 % of London small‑biz owners care deeply about their environmental footprint—a notch shy of the national 44 %. Meanwhile, 40 % in London routinely monitor their eco‑impact, slightly below the overall average of 42 %. Man, Manchester leads the pack at a bold 56 % in this green arena.

Tech‑First, Funding‑First

When it comes to cracking the funding nut, tech‑savvy businesses feel the weight is lighter. 36 % of tech‑driven enterprises say securing growth funds is a walk in the park, versus only 19 % of their non‑tech counterparts. And a cool 90 % of tech firms have chased funding opportunities, compared to 80 % of the rest—clearly those who love tech are also laser‑focused on their next leap.

What the Rulers Think

Gavin Opperman, CYBG’s Group Banking Business Director, says: “Tech is not just a helper, it’s a game‑changer. E‑commerce opens doors to markets that were once out of reach for SMEs. Digital marketing, AI, IoT, 5G – these tools are pushing the boundaries big time.”

He’s quick to admit, however, that “people still matter.” After all, it’s the personal touch that builds lasting trust between business and customer.

Angela McClelland, co‑founder of The Extraordinary Club, agrees: “Tech gives us the productivity edge, but we shouldn’t forget the human element. Tech and people? They need to dance together. When businesses blend both, it’s a recipe for innovation and a win for investors.”