With the rapid advancement of technology occurring each and every day, there are some things that will affect small businesses more nowadays than in previous decades. One of the biggest thorns in the side of SMEs is the expansion of the global market, and the beginning of competition with overseas companies who may be able to provide products or services cheaper in the long run. After all, many people are keen to save money wherever they can. According to the Oxford Economics study 'SMEs: Equipped to Compete', only a quarter of the 2,100 SME's surveyed do not generate income outside of their own country. Of course, this is facilitated by the adoption of new and improved small business software, which can help it's users to facilitate a streamlined operation that is capable of being monitored and adjusted at all times. The report also details that the adoption of new and improved software is the biggest challenge being faced today, with investment in administrative, social media and other technology becoming an increasingly important factor for many SMEs surveyed to consider. For example, by utilising the latest accounting software such as the CashManager range from Accomplish, a business can remain on top of their financial health and cashflow at all times - allowing for fast adaptation and reaction to changes in their business model or market. Furthermore, working closely with other local SMEs can help to remain on the cutting edge of innovation. Remaining flexible and keeping a close eye on local customer needs can help you to achieve a faster change and turnaround than a larger, international company. The name of the game has changed from offering a service, to offering a service faster and more efficiently than your competitors. Striking up a balance between international growth and local sustainability is an important factor to consider when trying to successfully create and grow a business.