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Keeping up to date with technology for your business without going bankrupt


One of the biggest challenges confronting business owners today is how to stay current with new technology without overextending themselves or even going bankrupt.Current technology seems to change almost on a daily basis leaving business owners with the ongoing dilemma of how to afford updating their systems and still stay profitable. While it is crucial for businesses to stay current with new technology in order to compete in the marketplace it is equally crucial for the same businesses to be able to make money using those technologies.If you are a business owner facing this situation here is some information you should know about keeping up to date with technology for your business without going bankrupt.


- Research your purchase carefully!Many business owners admit to being swayed by glossy sales presentations or high pressure salesman.Consider the goals of your business and carefully make the decision to purchase new technology only after you are assured that this technology purchase will help further those goals.Be informed about what others are doing in your industry but do not let competitors choices influence your decision entirely as each businesses needs concerning technology are unique to them.Do not be hesitant about shopping around comparing prices and quality in similar products.An informed and thought out purchase of new technology is always a better move than an impulsive and rushed purchase for something new.
- Consider making a second or even third generation purchase of new technology.There are two reasons for this: often times when companies release a new technology there are problems and glitches that have not been fully worked out and most importantly the price of the product is often at the highest point. Companies will release a product for initial sales and then often bring in a product for further testing and refinement and then re release the same product in a second generation market blitz. By waiting a short time before making a new technology purchase the savvy business owner can often purchase a better version of the technology at a lower price.
- Consider renting or leasing a new technology before making a final purchase.This allows you to test out a new technology before making a final purchasing commitment and sometimes large cash outlay.You will still be able to benefit fully from the new technology but at much less risk to your bottom line and most importantly profitability.It also allows you to return something much easier if you find this is not the right component to fit into your business plan.
- Consider sharing the cost of a new technology.Many small to medium sized companies often band together where applicable to share the cost of a new technology.Again this allows these companies to reap the benefits of using a new technology without tying up substantial cash or taking on overwhelming debt in order to benefit.Many trade organizations make this type of sharing available through their memberships.If this is an option for your business it is worth checking out.
- Consider a "piggy backing option".For many small companies access to new technology is just to cost prohibitive.Many small business owners are finding that through piggy backing large companies resources they are able to gain access to new technology at a much lower cost.For instance: a large manufacturing company may allow a smaller company access to new manufacturing technology during a third shift (generally nighttime hours) for a small fee.This allows the machinery to be fully used and provides tax benefits for the larger company while allowing the smaller company access to newer manufacturing technology at a fraction of purchasing cost.

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