A concise blog post from TD Web Services neatly summarizes some of the benefits and challenges of IoT for small businesses in the US. A few key takes:

IoT will bring new business models and ability to capture more data in real-time, which enables more efficient operations. Security creates a major obstacle, but so does cost - implementing IoT is not free of charge, although companies may think that all cloud services are free.

A very important issue is that small business do not use analytics efficiently. Collecting data is pointless unless it gets analysed and turned into actionable data.