High-tech investments have become the expectation for modern businesses rather than an exception to the rule. That said, such expectations aren’t doing many favors for companies struggling to keep themselves in the black.
There’s no denying the importance of having up-to-date tech on deck for your business. For starters, the benefits of being a tech-savvy business include…
- Increased productivity as your network is less prone to lag-time and IT hiccups
- Streamlined communication as your team is constantly connected and able to get in touch
- Keeping up appearances with your competition: while appearances shouldn’t be everything when it comes to your business, it certainly pays to look the part
But how do you reap the benefits of proper tech without blowing out your budget? Consider the following four steps for starters.
Rethink Your Equipment
Simply put, there’s no requirement that says you absolutely must “buy new” in regard to your tech, is there? From finding an Arista reseller for your network needs to purchasing used tablets or laptops for your team, refurbished and secondhand tech often runs just as well as new at a fraction of the cost. Rather than gamble on unreliable or budget brands, buying refurbished equipment gives you the assurance of quality minus a massive price tag.
Be Ready to Drop Your Subscription Services
Especially if you’re dealing with marketing platforms and software, try to cut back on as many month-to-month subscription services as you possibly can. Such services add up over time and can often be replaced by a combination of freeware and one-time purchases.
For example, assess whether or not it makes sense to pay for your email automation for a flat fee or if you should shop around for a service that allows you to pay based on the size of your list. Many marketers make the mistake of paying for bloated features that they don’t actually use which results in money down the drain.
Simply put, comb through your paid subscriptions and make sure that you’re not paying for enterprise services on a small business budget.
This may seem like a drastic tip, but one of the smartest and quickest ways to bring your costs down is to downsize your physical workspace. Consider roles that can be eliminated or done by remote workers and freelancers rather than full-time employees taking up your tech budget. We’re not saying that you should immediately downsize or fire half of your team, but it’s worth noting that many businesses today operate efficiently with a remote team.
Stick to Your Budget
Okay, this piece of advice may seem like a total no-brainer but it’s still something that many business owners tend to screw up. It’s only natural to become tempted by the shiny new toys of tech as they come out; however, you absolutely must assess wants versus needs and stay disciplined. Before making any sort of tech purchase, make sure to sleep on it for a few days and talk it over with your team before spending a dime.
Proper tech is an essential aspect of any business today and oftentimes isn’t cheap. By keeping these tips in mind, you can keep costs down and adopt a more frugal mindset when it comes to your company’s tech.