In this day and age, it can feel like you have to have the very latest and greatest in technology to keep up – especially in business. For entrepreneurs who are just starting off, this can be a pretty intimidating prospect. After all, you don’t have an endless budget to throw toward technology that may or may not pay off.
However, some tech investments really do make sense and should be part of your startup budget. Summit Success wants to help you figure out which types of technology are right for you so you can invest wisely. Here’s a look at three of the most essential tech tools that will save your business money down the road:
Financial Organization Tools
The first piece of technology that’s absolutely worth the investment is the right payroll software. Managing employee payments isn’t a simple process, and requires a ton of organizational skills. You need to be able to access employee data, calculate paychecks including taxes, manage deposits, and more. Plus, you need to be able to easily convert that information into relevant data come tax time.
Look for a program that offers as many of these functions in one spot as possible in order to cut costs and make your job easier. Jumping between programs to keep everything straight is a hassle you don’t need, especially if that adds up to spending more on the software to begin with. A full-feature program may seem pricey, but it will save you a ton in hassle, time, and energy – not to mention, can prevent you from stumbling into costly mistakes along the way.
Of course, getting paid on time has a direct effect on operations, so choose invoicing software that can help you keep accurate books and get paid faster. Your invoicing software should be user-friendly for your customers, with an interface that allows customers to pay online through the invoice. Look for an invoicing system that alerts you the moment customers view and pay invoices, and which offers scheduled invoices for recurring payments.
Strong Cyber Security
Many small businesses put off or even avoid investing in cyber security because they think they won’t be a target. In reality, however, HG.org Legal Resources notes that you’re more likely to wind up the victim of a malicious cyber attack than you might think. Cyber criminals know that large targets are likely to have extremely secure, hard-to-crack systems. Small businesses may wind up with a smaller payload, but they’re far more likely to have lax cyber security practices.
The simplest investment you can make on this front is finding an off-site, cloud-based solution for running daily backups on your data. Ransomware is one of the most common types of attacks – criminals hold your data for ransom and, in the process of paying to get it back, you may drain most or even all of your company budget. If you have well-secured, 24-hour backups, however, ransomware significantly loses power – after all, why would you pay for data you can access through a backup from the night before? It’s a simple and effective foil – just make sure you cover all your bases.
The Right Online Presence
We’re more connected than ever, and Themeisle points out that the simple fact is that businesses without a website are at a distinct disadvantage in today’s market. However, simply having a website isn’t really enough, either. Your site should be functional; it should reflect your brand; and it should funnel customers toward your product or service. This way it serves as a conversion point, turning visitors into clients and boosting your business’s profits.
Unless you have a background in web design, it may be best to look into hiring a pro to handle this part of your business process. Creating a website is trickier than it might seem, even if you’re using one of the popular web builders. If you do decide to DIY things, hiring a usability tester afterward may be a wise investment. They can go through your site and catch any little issues like broken or missing links that may be hard to notice on your own.
You don’t have to spend tons of money chasing the latest technology. However, it is important to make sure you give yourself the basic tech foundation necessary to compete in today’s world. We hope this article helps you come up with a tech plan that suits your company’s needs.
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