8 Signs A Small Business Needs a New Technology Plan

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The average company spends 7% of its revenue on IT and technology solutions. Depending on the amount of revenue an organization pulls in, that 7% figure could mean millions of dollars in expenditures.

Just because you're spending big money on executing a technology plan though doesn't mean that you're getting the results you should be.

We've seen many businesses, particularly SMBs, invest thousands in technology plans that do more to keep their workflows in the past than catapult them into the future.

If you're unsure as to whether or not your technology plan needs an overhaul, keep reading. In this post, we share a few tell-tale signs that it may be time to reassess your technology plan approach. 

8 Signs Your Company Needs A Better Technology Plan

1. Your Market Is Getting Increasingly Competitive

As competition grows in your market, so should the sophistication of your technology plan.

In the cases we've seen, competitors picking up traction are largely able to do so because they've streamlined their workflows through the adoption of tech. By doing the same, you can stay ahead of the pack or increase your ranking against those that are outpacing you.

Industry consultants can be helpful in understanding which kinds of technology solutions may be emboldening competition so you can get a sense of what you might like to adopt for yourself.

2. IT Costs Are High but You're Underwhelmed by Solutions

As we alluded to in this post's intro, high IT spending does not mean high-level solutions. When you look at your business expenses, are you falling near the 7% IT spending threshold? If you are, do you feel like your technology solutions are on the cutting-edge, or do you wish they were doing more for you?

If you're in the latter camp, you need to reassess your technology plan to make sure the money you're investing is going into buckets that are meaningful to your business.

Small business IT services can help advise on which technological investments can provide the most bang for your buck, per your company's unique needs.

3. You've Been Working With the Same Software for Years

The cloud-based application market has exploded over the last decade. That explosion has created conditions where, for many business needs, multiple solutions can do a fabulous job of helping you accomplish whatever tasks are important to your team.

Given the competitive nature of the software market, you should be reassessing the tools you use every 5 years. Chances are, there's a tool that does a better job at a lower price than the one you're using.

4. Excel Is a Go-To Solution

There is perhaps no sign more obvious that you need a new technology plan than when your team always seems to be working in Microsoft Excel.

Sure, Excel is an extraordinarily versatile tool. The amount of manual effort it takes to manage information in the software, however, is cost-prohibitive.

Talk to an IT consultant about the tasks you manage in Excel to see if there's a streamlined, cloud-based application that executes those functions better. Chances are, there is.

5. Your Team Has Expanded

A bigger team means needing smarter solutions. If you try to shoehorn your growing team into the same solutions you leveraged when you had a smaller footprint, you'll almost certainly hurt your company's productivity.

When looking for new technology solutions to accommodate your growing team, keep collaboration at the forefront of your mind. Tools that enable team members to seamlessly share and collectively contribute to documents and activities will go a long way for you.

6. Backup Data Storage Is a Foreign Concept

If we asked you to describe your primary and secondary data storage solutions, could you? If you can't, you're setting yourself up for disaster.

Data breaches and losses happen every day. Businesses that don't have backup storage in their technology plans may find it impossible to recover from either of those adverse events.

Put data security at the top of your technology plan and do what you can to incorporate both on-site and offsite measures into your final solution.

7. Working Remotely Is a Serious Challenge

Many businesses have been faced with the new challenge of having to work remotely. This challenge, for some, was an easy one to acclimate to given technology they had in place.

For others, working remotely has been difficult if not impossible.

Experts have been saying for years that every company should have a work from home plan in place. Now that your company may have to have one, are you impressed by what you've come up with?

If you're not, there are technology solutions for you that can add to the seamlessness of coping with today's unique environment.

8. Automation Isn't a Concept You're Familiar With

Automation is one of the primary ways businesses save money. Whether it's having applications automatically sync rather than hiring a temp to move data or it's having meetings automatically transcribe to text rather than hiring a typist, by leveraging automation, you can make your team leaner and meaner.

Talk to an automation professional to bring you up to speed on which automation solutions might best support you.

Adopting 1 or 2 solutions could save you thousands of dollars per year on your SMB technology plan.

Changing Courses on Your Technology Plan May Revolutionize Your Company

The technology plan you use as your guide to the future can have massive implications on your business' success. Therein lies the importance of auditing your company's technology approach and coming up with a new plan, as-needed.

We hope we've helped you move towards a brighter future with our advice and welcome you to read more about tech and other business concerns in our digital publication. Visit the Tech section of the Bootstrap Business Blog right now to learn more about technology planning.

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