by: Cody McBride

When you are launching a small business, you are accounting for every penny you invest, making decisions about what qualifies as “key” expenditures to ensure you start on a financially solvent footing. For some startups, tech investments can feel a bit out of reach or even “nonessential” in the early days. However, it is wise to consider the ramifications of not having something like internet security, or a website to drive traffic to your business. While you will save money in the short-term, it could cost a lot more to reverse direction in the long run. Financial Potion presents a guide to helping business owners decide what types of tech they should invest in.

What Falls Under the Tech Umbrella

Technology is a wide-ranging term, especially since tech is built into so many elements of our personal and professional lives. Realistically, both a high-end coffee maker and a full-scale cybersecurity system fall into the “tech” category.

Start with the basic “must-haves.” You and your employees will all need, at minimum, smartphones, computers (desktop or laptop), high-speed internet connection, and basic computer software, like word processing, spreadsheet, and presentation programs. You will also need project management and tracking software, company email, and an engaging and professional website with features specific to your line of business. Other optional, but very helpful and affordable types of tech include printers, scanners, a company intranet, or an automated email marketing distribution system.

The software packages and services available for small businesses also allow you to automate different parts of your day-to-day operation. For example, there are small biz software apps that can help you tackle things like payroll. Not only can these apps run payroll for you automatically, but many also provide employees with same-day direct deposit. All this tech-related automation means you can focus your energy on other aspects of your business that require attention.

Cyber Technology

Cyber technology falls into the category of tech that, while somewhat pricey, is essential – consider what would happen if a hacker got into your network and the type of problems it would create. Think of lost or compromised data, leakage of sensitive client info, or your proprietary corporate intellectual property. As many as half of all small and medium-sized businesses have experienced a cyber threat. Not only is cybersecurity a necessity from a financial standpoint, but from a reputational one as well. When you invest in cybersecurity, concurrently teach staffers best practices on how company equipment is used, how data is stored and shared, and how to ensure they are protecting the company and its clients from data breaches.

Industry-Specific Tech

Depending on the type of industry you’re in, there are other worthwhile tech investments that will keep you organized, help you save time and money, and, according to BizTech, can help improve the customer experience. For example, if you are a distribution company, inventory management and order tracking software packages are helpful. If you’re located in a remote or higher-crime area, high-tech security cameras are a necessity. Online retailers benefit from shopping cart features, automated returns, and digitized customer service bots. Companies with high call rates might find they save human time by utilizing a responsive high-tech phone system that allows for call routing, information processing, and telephone transactions.

It can be hard to justify expenses when you’re operating on a shoestring budget, but consider this: investments that save you time and money, protect your business from cybercriminals, make you look professional, and help drive traffic to your business, will all be profitable investments.

Tech Investments Can Pay Big Dividends

You don’t need to invest in everything at once however making a priority list can help you plan for your future. In terms of marketing, always look to video first as a medium.

Financial Potion offers high-quality video marketing solutions for businesses. We can help you reach customers in a more effective way. To learn more about our services, call (480) 999-5511 or text (240) 422-4154.

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