Using technology in your daily operations should increase customer satisfaction and result in increased revenue streams. What is the return on your current technology investment(s)? What is the return on investment after upgrading your current technology? It’s okay, if you don’t know.
Technology has become so easily accessible that we never think of what it costs us if the technology we rely on in our daily business operations malfunctions or becomes outdated.
Are you faced with an unexpected technology cost in your daily operations and have no clue how to overcome it?
Well, here’s why:
Reason #4: Lack of Professional Support Increases the Cost of Purchasing, Controlling and Evaluating Technology.
Using technology in your business requires intentional focus on improving your customers’ experience. Your ability to master the use of technology in your daily operations directly impacts the three areas we discussed in our previous emails:
Making the right hiring decisions using legal selection practices
Managing business processes based on the voice of the customer
Focusing your marketing strategy on your customers’ expectations
Business owners are no strangers to the challenge of maintaining productivity and efficiency, so things are operating smoothly on a daily basis. There is no doubt technology plays a major role in this. The most common technology costs among small businesses today are hidden costs, data protection costs, and disaster recovery costs.
How can we make sure we don’t lose money daily in our operations due to purchasing or upgrading our technology?
There are hidden costs before and after software is purchased. Develop a written technology plan that addresses these costs, along with the long-term benefits of the technology, how it integrates with your overall business processes, and whether to capitalize or expense IT equipment or software training.
A good business practice is to secure your customers’ information. You are liable for any breach in confidentiality, and your insurance company will ask questions about customer security if a claim is filed. Your customers put a lot of faith in you, and you want to maintain their trust by keeping their information secure. The same privacy laws might not apply to every small business, but it’s also very important to be aware of the regulations for data protection in your industry should you ever experience a data breach.
Be sure to include disaster recovery procedures in your plan. According to FEMA, between 40-60% of small businesses that suffer a disaster never reopen their doors, and 90% of small businesses that do not reopen within five days of the catastrophe fail within a year. Was anyone expecting the coronavirus pandemic or hurricane Katrina? When there is an unfortunate event like a pandemic or natural disaster that is out of your control, you’ll be glad you had a recovery procedure in place. In the event that a disaster does occur, you will be able to handle it calmly and purposefully while getting your business back up and running as soon as possible. A great way to start preparing for unknown circumstances is by backing up all data to many different sources (e.g., laptops, servers, tablets, cell phones, etc.).
The planning phase is crucial and requires your patience and commitment as the business owner. Take action now to prepare for technology costs, so you can avoid losing money unexpectedly later in your daily operations.
Access our FREE Operations Starter Kit to begin developing a written technology plan for your business.
If you want professional support to help you put a technology plan in place for your business, attend Vendor Boot Camp©.