Maximize the Financial Impact of Tech on Your Small Business

As a small business owner, you know how to stretch a dollar. Just as you probably wear many hats— from sales to marketing to human resources— you need your technology to perform multiple services as well. Getting the most out of your technology not only saves you time, but it also saves you money.

You don’t have all the time in the world to research the best tech for your budget, so we’ve put together these top tech tips just for small business owners who want to maximize the impact of their software and investments— on their business, customers and bottom line.

Put Some Heavy-Lifting into Your Website

Long gone are the days of highway billboards and magazine ads, though there are many benefits of print marketing in some industries. For the rest of us, however, digital is king and your website is your business card, marketing brochure and shopping cart all rolled into one. That’s why it is essential you have a website that:

• Works well and looks attractive on desktop and mobile platforms.
• Allows customers to complete a transaction in as few clicks as possible.
• Tells the story of your business and why it offers something no other business can.
• Creates an easy-to-navigate and seamless e-commerce experience.

Your website is the foundation to the success of your business, even more so if you do not have a brick-and-mortar building. There are many website building and hosting platforms out there, but WordPress is considered the leader. If you don’t have the time or experience to devote to building your web presence, hiring a developer can get the job done quickly and professionally.

When you’re reviewing candidates, keep in mind that freelance WordPress developers who hit the mark should have a mastery of all web development fundamentals (HTML, JavaScript, CSS, etc.) and they should understand the entire ecosystem of this specific content management system. The right developer will be able to enhance your website and take it to the next level, giving your online presence a significant boost. Be sure to budget accordingly: prepare to pay anywhere from $30 to $150 an hour. By thinking intentionally about the timeline, quality of work and complexity of your project before hiring a freelancer, you’ll have a better sense of what you can expect to pay for this investment.

Capitalize on Your Credit Options

Tech is one of many smart and sound investments you need to make as a small business owner. Other investments, like marketing, packaging, customer service and finance can often impact— and be impacted by— your tech decisions. Finance, especially credit, is one of them. If you make smart investments, your technology choices can end up paying for themselves over time. However, you will likely have to provide the start-up cash. Here are some small business lending options to consider:

• Business lines of credit: A bank or lender loans you an amount of money you can draw from when you need it. In a nutshell, think of business lines of credit like a bank account filled with a predetermined amount that you can withdraw when you need it, but will ultimately have to pay it back with interest.
• SBA loans: The Small Business Association (SBA) doesn’t provide loans, but it will help new businesses find and secure the right loans for their needs. You may want to put up some collateral, like your home, in order to land a lower interest rate. Unsecured loans are available, too.
• Invoice financing: Small businesses can sell their invoices to third parties who will pay a percentage of the full amount up front. When the invoice is paid, it goes directly to the third party. While this means your company can lose out on the full payment, it does enable you to get a quick cash flow when you need it.

Get Creative about Outsourcing IT

Every company can benefit from a qualified, dedicated full-time IT employee, but not every company can afford one. This is especially true for many small businesses. Having someone around to help you troubleshoot software errors, manage digital customer data, update and upgrade platforms and create processes for improving workflow can boost your customer experience, not to mention reduce your own stress. However, if your bottom line cannot stretch enough to cover one, consider these options instead:

• Take IT classes at your local community college to learn the ropes of small business tech.
• Hire a part-time IT college student who is ready to apply the principles they are learning in school. Be ready to offer them a flexible work schedule.
• Contract with a freelance IT professional. You can hire them on a retainer or pay an hourly rate for the work you need.

Starting a small business is taking a major leap of faith. The financial and technological instability can be stressful. It’s important you educate yourself, surround your company with qualified, trusted professionals, and take small, progressive steps toward building your brand.