How To Choose The Right Technology For Your Small Business
Running a small business means keeping a close eye on cash flow. Technology is vital to most businesses, but when it comes to choosing which tech to bring into your business, you have to give it careful thought to strike the right balance between cost-effectiveness and how appropriate it is for your business.
Start with your business strategy
Rather than start buying equipment to meet your immediate needs, take the time to match up your business strategy with your current and future IT needs. If you work with an IT services provider, then you should involve them at this early stage.
By doing this, you’ll be able to ensure that whatever you’re buying doesn’t just meet your immediate needs but your future needs too. In the long run, you will save money as you aren’t rebuying technology as you scale up.
The people doing the jobs are often best placed to let you know what software and equipment they need to do the job well. Be sure to ask employees before embarking on any large tech buy so that you have the right input into the decision.
Do a cost/benefit analysis
Don’t just throw money at the latest shiny tech out there. Before buying anything, analyze the benefit it will have on the business. If the costs outweigh the benefits of having the technology, then look for a cheaper solution.
Integration with existing systems
Whether you’re buying software or hardware, it must integrate with your existing tech stack. Having siloed systems can cause productivity headaches and make unnecessary work. You’re also missing out on the analytics and reporting efficiency it’s possible to get with integrated systems.
For instance, you can increase your productivity through Employer of Record Services. These services allow you to focus on the core of your business while they take care of payroll and recruitment globally.
Look for constant improvement
Don’t just replace like for like or keep buying the same things. Chances are, you’re missing out on essential updates in functionality and technology. When purchasing equipment or choosing software, it should always be an improvement on what you’re currently using.
Ask for recommendations
It’s always a good idea to find out what other businesses in your industry are using and take note of best practices. If you search online, you will usually find some case studies online or companies that specialize in providing equipment and software to your industry.
How likely will you need support for the technology solution once it is delivered? Do you have in-house capabilities to conduct upgrades or troubleshooting, or will this need to be done via a third party? All of this needs to be considered and budgeted for when choosing your solution.
Choosing the right tech is extremely important for businesses of any size, but when you’re running a small business, then you have to ensure that your budget is being used wisely and that everything you buy is adding to the business in a meaningful way.
Building your tech stack in line with your business strategy makes you less likely to under or over-spec what you need.