Businesses in all industries rely very heavily on technology to power their operation. Technology is evolving at an astonishing rate at the moment, which means that the vast majority of businesses are operating on old tech which could be holding the company back. The majority of startups operate on the most basic technology in order to keep costs down and, while this is a smart idea initially, it is important to upgrade once you have found some success and stability. There are many areas to invest in, and it will depend on your particular industry, but read on for a few technology upgrades worth investing in for startups.
1. Accounting Software
There is no area more important than accounts, so you need to make sure that this is an area which is completely accurate with no mistakes. Hiring an accountant can be costly, which is why it is a smart move to invest in highly rated accounting software. This will help you to monitor expenses and profit which will help you to make intelligent business decisions while also ensuring that taxes are filed correctly and on time. Over 80% of startups fail because of cash flow problems, so it is vital that you stay on top of your accounting.
2. Security Technology
Startups are often targeted by criminals because they know that there is unlikely to be high-quality security technology in place, but expensive equipment/machinery onsite. Additionally, cybersecurity is a major threat to small businesses with new threats constantly being developed so this is another key area to invest in. This security technology should include:
- CCTV cameras
- Intruder alarms
- Keycode entry
- Antivirus software
- Cybersecurity solutions
3. Cloud-Based Software
Cloud-based collaboration software is a fantastic upgrade, particularly if you have employees that work remotely (as is often the case with startups). Cloud-based collaboration software enables multiple people to collaborate and share documents, no matter where they are, which can provide a significant boost to productivity.
4. Network Solutions
In today’s digital world, it is important that every modern-day business looks into network solutions which are secure and help a business to achieve its goals. Hybrid networks from experts like Masergy are based on business requirements and are customizable by design to optimize your company performance.
5. Customer Database
No matter what industry you are in, it is vital that you take care of your customers in order to develop brand reputation and for customer retention. This can be a challenge for startups when you start to get more and more customers which is why it is worth upgrading to a customer database solution. This will allow you to track and manage details about every customer so that you can provide a tailored experience to their specific needs.
These are just a few areas that any startup could invest in to further their operation. Startups often operate on the core basics to keep costs low, but this is not ideal once you begin to find success. There is some amazing technology and software to invest in which could take your company to the next level and the above are all smart investments to make.
Community manager at Visual Contenting. Jacqueline loves to talk about social media trends, new technology and how they help businesses accelerate their marketing efforts.
