As a small business owner, it is understandable that you may feel overwhelmed by the numerous technological solutions and advancements popping up daily. It’s no secret that technology holds one of the keys to unlocking business productivity and success. But with an endless supply of options, how do you determine which ones are right for your business? Considering that settling for the wrong tech solutions can be detrimental to your business, here are some ways to identify the right technology for your business.
- Identify the key challenges confronting your business
Your goal should not be to invest in tech solutions simply because it makes your business look modern, as that’ll only mean throwing money down the drain. You want technology to solve key issues in your business, especially issues that affect your business’s ability to be more productive or increase sales.
In order to do this, you must identify your business’s weak points and how best tech can help solve them. Once done, you can determine what tech options can offer the solutions you need. For example, if you’ve realized spending time handling various tax issues is eating into your daily business schedule, you can consider outsourcing your 1099-misc forms and other tax forms reporting tasks to a reputable service provider.
- What tech solutions do you already have?
It would also help if you conducted a tech inventory of your business as it stands. What tech options are you already using? What solutions are they offering? Are they making the right impact on your business? Do they need updating, or do you have to replace them entirely?
Once you conduct your tech inventory, group your findings into three main categories – good, bad, and requiring improvement.
Doing this will give you a better idea of your strengths and weaknesses regarding your existing tech option. You’ll also know what you need to get rid of, upgrade, and invest in.
- Consider the evolving capabilities
It wouldn’t be financially wise to invest in a technological solution that won’t stand the test of time. While you’re considering the present needs of your business, it is also necessary to think about the evolving capabilities of the tech solution you want and how it will continue to prove relevant in the future.
Your business technology must be able to meet the ever-evolving nature of the business world. Beyond that, you should also consider options designed to be scalable to meet any growing changes in customer demands.
- Calculate the cost of implementation
Before you introduce any new tech solution to your business, you might want to consider how much it will cost your business to implement it. Will you need to upskill your staff to be able to use it? How much will it cost, and how long will the training last? Will you need to outsource it to an IT company? What are the costs involved? These and other questions will help you determine the implementation cost.