Does your small business have all the technology it needs to take on the challenge of the future? In other words, do you have a top-notch website, the right computer system, simple payment systems, and other tech solutions that will allow you to be competitive in your market niche?
If not, check out the five ways that successful companies deal with their technology challenges. You’ll probably be surprised that bringing your organization’s tech up to date is less costly than you suspected.
Here’s an overview of the five key ways small businesses can stay ahead of the innovation curve, compete effectively and earn healthy profits.
Know What You Need
Spend time making an honest assessment of your company’s tech needs. Do you have enough computers? Are they secure? What about alarm systems and fire prevention devices?
Does your staff use laptops or desktop computers? What does the corporate website look like? Is it fully functional and configured for small screens?
Does the site’s shopping cart accept multiple payment types? Finally, are your financial people ready for an audit? What kinds of preparation have you made to defend against a cyber-attack?
Those are just a few of the questions you should ask in order to get a feeling for what’s needed in terms of technology. After pondering all the areas that need improvement and upgrading, you’ll then need to think about how to pay for it all.
Don’t Skimp on Website Design
Company owners who think they’re saving money by skimping on website design are fooling themselves. This is one tech area where it really pays to spend more, especially if you can find a top-notch local designer who comes with references and work samples.
For the majority of your customers and potential customers, your corporate website is their first impression of your organization. Make it a good one.
Consider a Personal Loan
Many sole proprietors take out personal loans to pay for business expenses. That’s because the huge majority of first-time owners have not yet established credit in the name of the business.
Personal loans are a smart way, however, to get up and running. Not only will you get an affordable, low interest rate, but you’ll have access to enough cash to begin bringing in profits. That way, most or all of the cost of the loan can be offset.
Use Audit Software Regularly
Audit software is cheap and can help entrepreneurs avoid common, costly tax errors. Whoever does your accounting chores will probably have access to one or more of these sophisticated apps, but be sure to ask them to run it at least on a quarterly basis.
If you do the books yourself and need a program that does comprehensive audits, consider buying one or leasing one for a single use. The cost is minimal.
Allow Several Payment Methods
A recent survey by a major ad agency revealed that online merchants who offer multiple payment methods sell more than merchants that only accept credit cards.
Enabling pay services like PayPal and Payoneer along with crypto-currency, debit cards, and discount cards can mean an instant increase in sales.