Does thinking about new tech for your small business cause you to stress out? Investing in tech can be a source of great anxiety for many business owners, and often that anxiety comes from concerns over the costs of upgrading small business tech. While cost should certainly be a factor, most businesses need some type of tech to thrive and even survive. So, how can you determine if you’re getting an ROI on business technology? Well, you can get started by answering these key small business tech questions.
How Will You Pay for Business Tech Upgrades?
Acquiring the best new tech for your small business usually requires finding the right funding option. For many business owners, that means looking outward for financial options to help pay for tech updates, especially if major upgrades will provide a major ROI. One way to fund small business updates is to apply for a small business loan.
Lending choices for small businesses include SBA loans, short-term loans, business lines of credit, and equipment financing, among others. You can use online guides to make getting started easier if you think one of these lending options may be right for your tech updates. You can also consider using a small business credit card to fund new tech and benefit from card perks and rewards.
Will Your Tech Updates Provide a Return on Investment?
Before you consider funding sources, figure out which tech changes will actually help you increase your profits and productivity enough to make the investment worthwhile. For example, some tech can generate additional profits, with low setup costs. A dropshipping business is one such update, which allows you to offer popular online products, such as clothing and electronics, to customers without having to house additional inventory.
You can also look for tech that won’t cost anything to update, like these software tools, to increase ROI for your small business updates. Free small business tech can resolve issues with various processes and elements within your company, but know that these tools typically come with limitations. You may be better off using the funding tips above to pay for tech upgrades for your small business.
How Can New Tech Make You, and Your Staff, More Productive?
Productivity can help the profitability of your small business. In fact, business experts agree that small businesses need to boost productivity and profits in order to maintain their role in the economy and maintain hopes for long-term success. So, you should come up with your own practices and tools that can boost each one, which can include tech updates.
Evaluating your productivity needs can help, but there are also productivity apps and tools that can make increasing efficiency easy, and make increasing business success effortless. You can use the ever-reliable QuickBooks to simplify accounting processes or a tool like Wunderlist to make task management less time-consuming for your small business team. These tools can solve a variety of productivity challenges for businesses and help those companies grow their overall success.
Will New Tech Help Keep Your Small Business Protected and Secured?
Keeping your small business safe means guarding against online threats. Cyberthreats for small businesses can come in many forms, but each can result in devastating losses that can eventually result in affected businesses closing their doors, according to recent stats. Which is why small business owners need to invest in cybersecurity tools that will defend their companies against potentially devastating attacks from cybercriminals and also provide peace of mind when it comes to securing private data. Because these attacks can still happen, businesses should also put time and effort into developing a data breach response plan that can minimize damage and also keep breach management within current federal regulations to avoid catastrophic legal issues that could cause those businesses to fold.
New tech doesn’t have to be unattainable for your small business. You just need to use the right questions, like the ones above, to develop the right plan for integrating tech updates into your business. Because not only can tech increase your profits and boost your productivity, but the right technology can help your small business survive and thrive for many years to come.