Today’s day and age technology is constantly changing, and the next best thing is always around the corner. How do you make sure you are buying the best technology for your business in your specific industry but not purchase something that isn’t truly needed? Ask yourself these six questions:
- “What Will the Return on Investment (ROI) Be?”
One of your main concerns will be stretching your dollar. Consider while you are thinking of investing your money in “The Next Big Thing (TNBT)”, how many people will this technology help?, How often can this technology be used?, How much will it cost now and what are the costs moving forward? Is this collaborative? Asking yourself this with each next big thing will help evaluate your ROI.
- “Will My Insurance Change?”
Make sure to check your insurance coverage. Every new introduction into a business carries some risk. There is a learning curve that will be sure to slow things down and muddle the accuracy and efficiency. Check to see if your insurance covers those things, if not, look into professional liability insurance and read into risk management.
- “Will This Help My Business Grow?”
If marketing is doing its job correctly, TNBT will be stuck in your head. You will need to stop, and evaluate how it will be moving your business forward and in what area: Wanting to communicate more effectively? Wanting to be more productive? Wanting processes to be more streamlined? Whatever you invest your money in should be accomplishing one of your goals. Conversely, technology can cost you more money as you add on enhancements to complete tasks, create breaches in security, and provide you with even more distractions.
- “How Much Will It Really Cost Me?”
As mentioned before, it is important you understand the gravity of the costs of implementing this technology. You may be tricked by the one-time sticker price up front, but keep in mind there are maintenance costs that may not be readily seen. It is not only important that you can afford it now, but that you can continue to afford it in the future.
- “Do I Really Need This Now?”
Being caught up in the excitement of a new product is natural. You see this technology and think of the areas it can be implemented and how your business could be on the cutting edge. Stop and think. Is this technology something that can be implemented and change things in your business today? Has this been properly tested? Have the bugs been worked out of it? The chances are the answer is, “no”. This is the right time to sit back, observe the reviews, and save towards finding the right technology for YOUR business.
- “Do I Want It Because It’s Cool or Because It’s Actually Useful for My Business?”
This has been touched on a few times; it is important you are buying the new technology that will be used by your employees and supported by management. If neither are particularly interested, that was money wasted. Just because a module may have an excess of special features does not mean that is what is right for your company. Look at what would be useful, and move forward, ignoring the flashy extras.
I know when I’m considering new technology, I reach out to my IT company to discuss with my contact. He knows way more than I do and can give me his perspective. So I recommend you get a technology professional’s opinion on anything you are considering for your business. If you don’t have one you can ask for their advice, reach out to me at 310-534-5577 or [email protected] and I will give you the information for mine. He’ll be glad to assist you!
