Today is a great day to improve your business. The technology and resources available are better than ever and continue to change and improve every day. In the past, some of the most effective software and technology was only available to large companies that could devote large budgets, teams, and other resources to make them operate effectively. Today, even the smallest businesses can take advantage of the technology to automate, outsource, or streamline many processes that allow them to compete with competitors of all sizes.

Making the correct choices when it comes to technology can make or break a business. It is important to determine what you’re looking for before investing money and time into the implementation and operation of technology in your business. I’ve outlined 4 points to consider as you select software for your business:

1. Analyze your needs
2. Do your research
3. What is the cost? What value is provided?
4. Plan for the long-term

Analyze Your Needs

Determine the most urgent needs of your business. What is slowing your progression? In today’s marketplace, you can find solutions for almost any problem. This is why it is so important to identify the exact tasks or functions that you need the software to perform.

Make your plans based on a longer timeline and find software that can scale with you as your business grows. There are different options that serve different sectors or the market, make sure the solution you find is not too big or too small for your future.

Do Your Research

Take your time. Talk to your peers and see what other companies like yours are using. You don’t always need to blaze a new trail when finding a solution because sometimes that work has already been done for you. Don’t go with the first option, develop a list of the features that you can’t live without and don’t opt for something that doesn’t have all of them. Many options will have convenient, flashy features but don’t settle on something that doesn’t solve the main problems you’re trying to fix.

What Is The Cost?/What Is The Value?

In most cases, you get what you pay for. Making cost the number one factor when looking for a solution can lead to frustration and disappointment and ultimately cost you more in the end. That being said, you don’t always need the most expensive option. Focus on the list described in the previous step and make sure the option your considering solves all of the important problems. If the more expensive option has great features that you don’t use in your business there is no reason to pay for them. Remember, you are finding the best solution for YOUR business, not the software with the most features.

Try to estimate the VALUE the software will provide, not just the actual out-of-pocket cost. If option A will cost $1,000 per month but you believe it will increase revenue by $3,000 per month it may be better than a cheaper option B that only costs $200 per month but only increases revenue by $1,000 per month. It is important to determine the net benefit provided by the implantation of new software. Also, don’t forget the other costs besides the monthly/annual subscription that can include implementation, training, support, etc. These costs can be substantial and are very important in the ultimate decision.

Plan for the long-term

Finding and implementing technology can be costly and time-consuming so finding something that will last long term is important. Where do you see your business in 1 year? 3 years? 5 years? Will the system you’re implementing grow with you or will you need to completely change things after 1 year? Integrating new technology into your business is a big investment and should be something that will last.

We work with companies of all sizes in many different industries to help find technology that can help businesses operate more efficiently and profitably. Many of our clients use platforms like QuickBooks Online for accounting and add other applications that sync directly with this software to streamline all parts of the process. Let us at HintonBurdick work with you to find the solutions for your business!