Technology is a permanent fixture within the world of business. You don’t need a billion dollar turnover to use technology. On the contrary, technology can ensure that your enterprise is run like a slick, well-oiled machine. But, when it comes to utilising technology in a small business, there are common mistakes that need to be avoided.
Running a business does not come easy. There are many people who think that running a business is an easy endeavour. This is not the case. You need to be focussed and ensure that you are spending cash wisely. You need to know your processes and hone your craft. Trial and error is a large part in running a business. But, you need to know how to minimise risks.
Yes, this does seem like a lot to take on board.
Realistically, you can ensure that you are using technology to its full capacity within your enterprise.
When it comes to using tech, you need to ensure that you are implementing the right things to make your business easier to manage and run. Leveraging the right kinds of tech can ensure that your venture is a profitable one. More importantly, it can boost productivity.
There are some do’s and don’ts when it comes to implementing and installing tech. You need to ensure that your investment sees a lofty ROI. Technology should serve to enhance your business and make it easier to run.
Here are some common mistakes that every entrepreneur needs to avoid when implementing the use of technology.
Create a Technological Vision
When you use technology, it needs to be fit for purpose. If you run a retail store, you need to install till software that helps you understand your inventory and sales. You need to gather sales reports and have an in-depth analysis of what lines are selling well, and which ones are not fast movers. As a marketing agency, you need to understand what technology can help your clients. Things like metrics and white papers are vital. Understanding your business is the key to implementing the right technology. Adding technology for the sake of it will not bode well for your company. Think about your needs as a business. But, think about the customer too. This will ensure that you make the right decision.
Many CEOs make the mistake of implementing the hottest new technology. They do this simply because they believe they should have it. But, not understanding how this technology can improve your processes means that you are set to lose a great deal of money. You need to have a workable technology plan in place.
Creating vision means that you weigh up the pros, cons, advantages and disadvantages of technology. You need to have a proactive stance towards the installation of technology. This ensures that it works for you and makes your business easier to handle. After all, technology should have benefits. It should not be a costly waste of time.
Think of your business plan and five-year plan. Implement a similar strategy in regards to your technological vision. This will ensure that you have the right processes in place to make your business a successful one.
Buy Technology That Suits Your Business
This may seem commonsensical. But this is one of the biggest mistakes entrepreneurs make when committing to the use of tech. When it comes to purchasing a new piece of tech, make sure that it fits the needs of your business. Don’t install new systems based on hype and buzz words. Ensure that you do your homework and make the right consumer choice.
Look at Your Current Infrastructure
Everyone is guilty of thinking that technology slots together like a jigsaw puzzle. But this is not the case. Assess your current IT infrastructure. Can it handle the installation of new tech? You need to data map your current infrastructure. Ensure that any new technologies that are added to your business enhance and compliment your existing systems. Compatibility is the key to your success. It may seem obvious, but it’s the most commonly overlooked factor for many business owners.
Money Talks
Establishing a budget is vital. Make a working income and expenditure and see how technology will make a return on investment. You need a tool that helps you manage your stock, cash flow and budgeting. But, you also need to make sure that the technology that you install will serve a purpose. If it’s just there to look good, it’s not going to make you money. You need to develop a budget and see how the implementation of new tech will serve to be profitable.
Training and Support
While having an all singing, all dancing piece of tech in your business is great, if no one knows how to use it, how is it going to be beneficial? One of the best ways to ensure that you are utilising technology is to provide training on its usage. This may mean seeking out an IT consultant. You may need to attend seminars. Whatever the need is, make sure that you are fully up to speed on how your tech works.
Making Technology Work For Everyone
One of the biggest obstacles that CEOs face is that they cannot get their staff to comply with the new tech. Stressing the importance of change in business is vital. But, you also need you ensure that you are making your staff aware of the new tech and how to use it. This comes back to training and support. Without this, your newly implemented technology program will not be a successful one. Get everyone on board. It is vital to your success.
The Final Word…
Technology can transform your business from a small business to an SME. You need to make sure that you are avoiding the common pitfalls that many entrepreneurs face. Technology can serve to be a beneficial force in your enterprise. It can aid with growth, sales and performance. It can enhance productivity for the long term. But, you need to make the right investment for it to be a successful endeavour. Ensure that you are avoiding these common mistakes and installing technology that works for you.
