November 28, 2020 is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

Articles for Entrepreneurs


Keeping Up With Technology


Small Business Technology Advice

Want to update your small business systems without killing your budget? Our small business technology advice will get you started down the right path.

Technology is a wonderful thing. Keeping up with technology . . . now that's another story.
(article continues below)

Although you can't do business without it, the cost of upgrading your technology can easily kill your company's budget. Luckily, there are ways to minimize the financial impact of technology updates, keeping your technology - and your budget - on track.

Create a Technology Plan

Boy scouts aren't the only ones who need to be prepared. When it comes to running a small business there's no substitute for being planning and preparation. Chances are you already have a business plan and financial plan, so why not add a tech plan to your repertoire?

A tech plan is a multi-year strategy to maintain and upgrade the hardware, software, and networking that is vital to the successful operation of your business. There are a lot of advantages to a tech plan, but one of ones is that you'll avoid sticker shock because you'll be able to stage your upgrades over a period of time.

Prioritize Technology Purchases

Prioritization is another useful tool in technology upgrading. Sure, it would be nice to order a new Blackberry for yourself, but if it means not being able to upgrade your accounting software then you can probably live without it. A tech plan will get the prioritization ball rolling, but maintaining a prioritization mentality - that's up to you.

Assess Needs vs. Wants

Technology is constantly changing, making it a potentially bottomless pit for your hard-earned cash. Smart business owners quickly learn difference between the technology they want and the technology they can afford. In some cases, you can't avoid buying the most up-to-date products, particularly when it comes to mission-critical software. But for non-critical technology, you can usually get by using last year's products rather than the latest and greatest gadgets on the market. It never hurts to have a wish list, but before purchasing upgrades ask yourself the hard question: Do you really need it or do you really want it?

Buy at a Discount

Once you've decided what you need to buy, the next question is where to buy it. Suppliers for specialized technology will be limited, but for your general technological needs you have a lot of options to choose from.

Ironically, one option is to use technology to buy technology. E-bay offers products from a variety of suppliers, making it easy to compare prices. It also lists used merchandise, which may be an option in a financial pinch.

Business liquidations are another solid source for technology upgrades. Unfortunately, many small businesses close their doors every day. When a business closes, it's not uncommon for them to liquidate their capital assets - including their technological assets. Although it's sad to see a business close, you might save a bundle by helping them turn their technology into cash.

Related Articles

Want to learn more about this topic? If so, you will enjoy these articles:

Networking My Office
Online Partnerships
How to Use Technology to Gain Business Advantage
Mixing iPads Into Your Business

Conversation Board

We greatly appreciate any advice you can provide on this topic. Please contribute your insights on this topic so others can benefit.

Questions, Comments, Tips, and Advice  Code Image - Please contact webmaster if you have problems seeing this image code
Problem Viewing Image
Load New Code



Additional Resources for Entrepreneurs

Search Engine Marketing

Social Marketing Optimization

Business Forms

Business in the Jungle - Business in Fiction - Negotiating

Radio Ad Costs

Newspaper Advertising Rates

City-Specific Resources for Entrepreneurs

Small Business Insurance

Global Entrepreneurship

China & Entrepreneurs