Useful technology for your business

One of the most daunting tasks for any business owner is deciding what technology is essential to continue to run and develop their business.The answer to this question can be extremely important as business owners who do not have the latest technology find themselves left behind in their industry while other business owners who overextend themselves with every new technology may find themselves swimming in debt and unable to operate their business at all.The savvy business owner will carefully plan and research each technology purchase, for their specific business.If you are a business owner wondering if the latest technology is for you and your business begin by asking yourself the following questions:

1. What is the main mission of my business? While this may seem oversimplified many business owners lose this perspective in the day to day operations of their business.By knowing exactly what your business is and what you want to accomplish you will have a clearer picture of all the resources you need to accomplish your goals.Do not be distracted by the latest in technology or what your competitor may be doing as those are factors to consider later in the planning process.
2. What are the bare essentials I need to run my business?Begin planning for your business by listing the essentials.What will you need to manufacture your product or produce your chosen good or service?What can you not do without?If you are unable to produce your goods or services without a particular piece of technology it must be on this list.
3. What is the time of my business worth?While every business owner is looking to save money the forward thinking business owner is also looking to save time. The old adage is true that time equals money.If a new piece of technology whether it is a computer billing software program or a digital camera will save your business time it is worth doing a cost comparison to consider integrating the technology into your business.
4. What are my competitors doing?After considering all the above factors now is the time to consider what your major competitors are doing in regards to the technology they are using.If the mainstream competition of your industry is using a particular type of technology now is the time to consider integrating it into your business.Businesses that have staying power will continue to evolve and adapt to use the latest in technology.
5. Is this technology worth the cost?While many technologies on the market are cost efficient to install and begin using many simply are not.If you are a large company and can easily absorb the cost of installation, training and integration to existing systems this will not be such a concern.Small to medium sized companies will have to make this a major point of discussion before integrating new technology into their everyday systems.Keep in mind that while many new technologies will improve productivity over the long run there will be a bubble of time as staff is trained that productivity may be decreased in the short term.
6. Are there alternative ways for my company to use the new technology?If you have determined that your company can benefit from new technology before purchasing be sure and look at alternative ways to give your company access.Many small companies are sharing access and therefore cost to new technologies.Other technologies are available for leasing or for use on off shift times from larger companies.By becoming resourceful in your decision making you may be able to gain access to new technology without overextending your business resources.