It’s often hard to tell whether your company really needs the latest tech tool or you’re just trying to keep up with the Joneses. Before you invest in anything, ask five questions:
1. Where are we lagging? Survey your managers and employees about what they need to do their jobs better. Also question industry colleagues about their favorite upgrades.
2. What must the solution do for us? Once you have a general idea of your needs, get specific. List the “must-have” features of a necessary upgrade.
3. What’s the total cost of ownership? Consider all associated expenses, not just the purchase price. Installation, maintenance (including updates and patches), support and repair expenses will all inflate the cost of ownership.
4. Can we actually use this technology? Typically, new technology means employee training. Can someone on staff lead this process or will you need to budget for an outside consultant?
5. Will this purchase boost our bottom line? Ultimately, weigh the technology’s total costs against the potential savings or new revenues it could generate. Don’t forget to look into tax incentives for technology investments.
There’s nothing worse than a technology “solution” that doesn’t solve anything. Let us help you assess your needs, set a reasonable budget and execute the purchase. We’re a phone call or email away.
Broyles & Company CPAs, LLC