This is the second article in a series about powering your small business through 12 areas of internal management.
What’s getting you through the pandemic? That’s a common topic of conversation these past few months, with answers as wide ranging as bingeing TV shows to getting outside each day to learning a new skill.
In a practical sense, technology is the real winner for getting both individuals and companies through the pandemic! Today’s technology gives each of us instant access to information and entertainment, and it has kept businesses afloat even as the bulk of workers have gone remote.
To be fair, technology has always been critical to business success, but the pandemic has made it more obvious while also introducing some new challenges. Small business owners will need to keep a special eye on this area of internal management, as it can deliver plenty of benefits even while incurring some major expenses.
First, let’s get a sense of what is included in this area. Technology refers to the computers, the software, and the hardware your business needs to succeed. Functioning technology is the foundation of your day-to-day business activities. This is how you complete your tasks, crunch numbers, and connect to the world.
However your business uses it, technology is a nonnegotiable business investment. Your strategy will need to drive how much you invest, however—and when you do it. While necessary, these are often bigger expenses in terms of cash and time. You’ll want to balance the ROI when considering the purchase of new tech to make sure the benefits outweigh the associated costs.
The challenge for small business owners is knowing what’s necessary for business success and what can wait. We see this struggle all the time with our clients! Because we focus on small business owners, each day we see the connection between that visionary, entrepreneurial spirit and the excitement about new technology and tools. Business owners are natural early adopters. So we help our clients make wise decisions that truly give their business an advantage. Technology has lots of potential to deliver that advantage, but it has to be harnessed for your business’s good.
Are you ready to bring this area of internal management into line with your financial management goals? Officeheads is ready to help! We give entrepreneurs and creatives the financial tools, processes, and team needed to move their business ahead of the competition and onto solid financial footing. Reach out today to learn how we can get started.