If you’re running a business, sooner or later you’re going to have to think about technology. These days, if a business doesn’t have a website, it may as well not exist! While some tech can be the thing that saves a business, it’s important to make sure you’re not wasting your precious capital. Here are four rules to remember when investing in business tech.
Never Rush The Decision
When the business is just starting out, you’re going to have a lot on your plate, and sourcing tech can easily get buried under all the more pressing things. This can push some business owners into rushing decisions so that they can get back to more urgent tasks. Do not make this mistake! Making a bad decision when investing in technology will haunt you indefinitely, and it pays off massively to take your time weighing up the pros and cons of each option. When investing in technology, try to get as close to a perfect fit for your business as possible.
Only Invest When There’s A Tangible Reason
It sounds obvious, but this is one piece of advice that seems to slip many entrepreneur’s minds. Going back to our last point, it can be very easy to over-react when investing in technology, and buy software or equipment that isn’t necessary or appropriate for the business. Consider the size and complexity of your business, and spend your money wisely. If you’re holding a lot of sensitive customer data, go ahead and invest in an identity verifier for your website. If you’re planning to maintain a large and powerful social media presence, get some scheduling software. As long as there’s a solid, tangible reason for acquiring a certain piece of tech, then you’ve got nothing to worry about. Just make sure you’re looking past all the marketing hype!
Don’t Try To Keep Up
Occasionally, you’ll need to update your business’s technology, but you need to be pragmatic about this. Upgrades and updates can get expensive depending on the tech in question, and as a small business, you need to be very smart with your money. Technology is racing ahead faster than it ever has before, but that doesn’t mean that it’s always a good investment to keep up with the latest new features. Don’t put off modernization entirely, but don’t think that you’re falling behind just because you’re not using the hottest new thing.
Be Open Minded To Disruption
Any business that fails to adapt to the market is lost. Yes, it’s possible to make a bad call and integrate technology that’s more of a burden than a benefit, but you can’t let a phobia of disruption get in the way of progress. There are countless technologies on the market that can offer great long-term benefits, but will cause some degree of disruption when they’re first introduced to the business. Things will slow down and your employees will be out of their comfort zone, but as long as you’ve made your choice wisely, you’ll always come out on top.