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Technology……return on investment

With such a dazzling array of new high tech “toys” it becomes hard to resist the temptation to upgrade your current hardware or to buy new software.

If you own a software company or sell the latest in computers, your job is to convince prospects that “new” is the only way to survive. All the new bells and whistles will, so they say, increase your bottom line.

As a small business owner, your decision to buy should be based on several factors:

Will an upgrade in hardware or software help accomplish the following?

  • Streamline my office paperwork?
  • Enhance my Customer Relations process?
  • Will it increase my bottom line?
  • Will it help my own organizational process which in turn will allow me to handle more clients?
  • Will it help increase my marketing reach?

Almost every business type has specific software which has been designed to simplify and speed up their business process. Unfortunately, a few of the computers I have seen in small business offices are so old that it could not run the new software.

Like any other investment the decision to spend money has to be analyzed.

  • The first is the affordability of the purchase. If you can’t pay cash for the upgrade, will additional income be generated fast enough to cover the cost? (monthly payments)
  • I listed five things that have to be considered if a purchase is viable. Take each item and look at the time saved or dollars saved by the addition of the tech upgrade.

When all this is completed, a well informed decision can be made. Much too often I run across small businesses that are over optimistic about what a new tech “toy” will accomplish. The purchase is often an emotional decision instead of one that has been carefully thought out.

I am a strong believer in high tech tools for the small business. They can provide support and increase the efficiency, but unless the analysis is made and the cost justified, the purchase should not be made.

The greatest gap in life is the one between knowing and doing.                                 Dick Biggs

Nick J. Petra CFP     visit us at www.straegicduck.com and share your thought with me at nick@strategicduck.com

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