Technology investment is another investment for growing your company. It’s ok to feel inadequate if you are a startup. A small company with a limited budget doesn’t have time to be investing in solutions that may not be cost-effective. An excellent example of this is comparing software. If you need a simple image editing software package to help you create materials for a flyer or online advertisement, then there’s no need to invest your money into a full-blown package like Adobe Photoshop. Instead, there are plenty of free image editing programs that give you many of the same features for a much lower (and occasionally non-existent) price tag.
The software is just one example of an investment that usually doesn’t pay off for a startup, but is there any technological upgrades that can make a big difference to your success? Let’s find out.
NECESSITIES VS LUXURY
Every business needs its technology. For instance, you can’t be an image design studio if you don’t equip your artists with the right software packages and drawing tablets. Also, you can’t be a film studio without a camera. However, this doesn’t mean that you need to buy whatever the industry standard is.
For instance, many companies that specialise in filming utilise RED cameras which are incredibly expensive cameras that are capable of shooting in 4K resolution. It completely revolutionised the way people approached filming. The company RED was well ahead of its time when they first introduced the camera in 2007. However, if all you need to do is record a short clip of a product to showcase it, why invest in something so expensive? A phone camera is all you need to shoot some essential footage that showcases a product if you’re a startup, or you could always rent a camera or even a small film crew.
But not every manager understands the needs of their company. If you’re unsure how to spend your capital to grow your business, think about a consultant. You should consider managed IT services if you’re having trouble deciding where your money should be going, or if you need professional help to teach your employees how to use a new piece of technology in your business. They can also recommend various investment opportunities to bolster your business technology, making it worth your capital.
The point is, there will always be an argument for necessity versus luxury. If a technological investment enables you to do something, then it’s worth the cost. You don’t need to invest lots of money into an industry standard solution just because it’s what your competitors use. Learn to use what you have instead of pouring money into technology that isn’t worth the cost. If you want your investments to pay off, then think frugally about how you spend your money. Collaboration.