Today I’m sharing a guest post by Gloria Martinez. Gloria is a writer from WomenLed.org, a website aimed at celebrating women’s achievements in the workplace.
In the competitive world of business, technology can make the difference between achieving success or falling short of your goals. Every company requires some quality tech, whether that might be an e-commerce website, communication tools, or software that enhances productivity.
Of course, investing in the latest technology can be difficult when your business is on a budget. Here are some technologies your company should consider, and some ways to afford them.
Why Invest in Tech?
According to Forbes, “all companies should invest in tech.” Your business is probably on a budget, especially if you’re a startup or other small company. However, you might be surprised at how affordable modern technology can be. Overhead costs are typically low, and several low-cost or free services are readily available to businesses.
In addition to saving money, your company might even make money thanks to the right tech. Take cloud-based software, for example. Cloud computing, including Software-as-a-Service (SaaS), continues to be a reliable option for many businesses. Amazon has emerged as one of the leading players in the cloud computing industry, ZDNet reports, thanks in large part to its successful Amazon Web Services (AWS) platform.
Statista recently found that nearly 40 percent of chief information officers from around the world said their companies experienced “improved agility” after switching to the cloud. With results like that, cloud services are just one example of how modern technology can boost your bottom line.
Funding Tech Upgrades
After determining that a particular technology can help your business hit target goals, the next step is to decide how you’ll pay for it. Although many tools are free or low-cost, some technologies come with a hefty price tag. How can your business afford the tech it needs without going over budget? Here are a few tips.
- Your organization doesn’t need all the latest, fancy gadgets. To reduce temptation, start by prioritizing the technologies you need. Determine whether a tool is a must-have for achieving your business goals. What’s the ROI? Will you lose money by not investing in it? If not, it’s probably a nice-to-have.
- Shop around. Once you’ve determined which technologies you need, do your research. Compare different products, considering their pricing and features. Make a strategic business decision about which product meets your needs.
- Secure funding. Depending upon your budget, it might be beneficial to secure outside funding for your chosen technology. Look into small business lending options like bank loans, crowdfunding, and business lines of credit to help cover tech costs
There are countless business technologies out there. Below are some must-haves for any modern company, both big and small.
A Capable Smartphone
Today’s business owners shouldn’t be without a high-performing smartphone because you likely need to be in constant communication with employees, customers, and distributors. On top of that, your smartphone will allow you to run business-related apps, including those for inventory, invoicing, and payroll. If your current phone can’t handle these tasks, it’s time for an upgrade. There are many powerful phones available which offer tons of capability and speed, including the latest iPhone 11 models which have a super-fast chip, long battery life, and wireless charging. For Android users, the Samsung Galaxy S10 Plus features fast performance and an immersive display.
A Mobile-Friendly Website
Every business needs a website. Thanks to the convenience of smartphones, most people surf the web from a mobile device these days. Within a few years, it’s predicted that nearly three-quarters of people will access the internet exclusively using mobile devices.
To make sure your website looks professional and works as expected, whether on desktop or mobile, consider investing in a CSS developer. CSS is short for cascading style sheets, a type of computer coding language that controls your site’s colors, fonts, layouts, and styles. Rather than trying to code CSS yourself, a professional developer can design and code the site for you. By leaving the coding to the pros, you’ll ensure your site looks great on screens of all sizes.
The future of retail real estate is uncertain. Many brick-and-mortar businesses have closed their doors, unable to compete with rising rent prices or the popularity of online shopping. Meanwhile, dropshipping has recently emerged as a modern business model that might be able to survive the commercial real estate bubble.
The dropshipping model involves businesses selling products from third parties, who ship the items directly to the customers. Because the business website acts as a middle man, there’s no inventory to track or store. Overhead costs are typically low, it’s easy to get started, and your business can offer a wide variety of products from wholesalers and manufacturers.
Work with Data Recovery Specialists
Last but not least, having a plan in place for a data breach or data loss is crucial for small businesses since they have become the ideal target for cybercriminals. While an ounce of prevention can go a long way, there may come a time when your business falls victim to a phishing or email scam that can result in significant data loss, which will include your customers’ valuable information. Plan ahead now to work with IT recovery specialists, whether it’s to be proactive and put a plan in place or to immediately address data loss so your business can mitigate any fallout and stay on track. This is absolutely a tech investment you should make a priority.
With the right technology, your business can maintain loyal customers and employees. Modern tech is essential for business-related tasks, whether you’re selling products online or finding more productive ways to collaborate on teams. By carefully researching technologies ahead of time, you can invest in tech that supports your business strategies. Do some research and raise some funds so that your company has the tech it needs for success.
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