Small Business & Technology
April 8th, 2010
Copyright © 2010 Integrated Profitability TM
Small Businesses and technology have a deep, symbiotic relationship.
Historically, most technologies have started out as the quintessential small business—stories abound of inventions spending their first years in garages. Many, if not most, of the technologies that are at the core of the modern world, the knowledge economy, and Information Technology (IT) itself, had such humble beginnings.
Technology is also one of the tools that will allow small businesses to grow into much larger businesses. On the flip side, technology can also be a “barrier to entry” if it is essential to the business but is too expensive. Or, if the technology is changing so fast that only larger, better capitalized competitors can afford to stay in the game.
And then, technology is one of those sea-change triggers that might make your current products, services, business model, or entire business obsolete in a very short period of time.
Technology is a double-edged sword. It can either assure your long-term success, or it can push you toward failure.
● What kind of technology is your small business using?
These need to be aligned with separate business functions e.g., operations/production, sales, customer service, human resources, finance.
● What technology choices do you have?
The market offers many alternatives. For profitability reporting, these range from “shoe box & paper” to software packages to full-blown integrated profitability.
● How much does your technology cost?
Nothing is free. Everything has a cost, whether it be dollars, time, effort.
● How well does your technology fulfill the role for which it is employed?
With change happening all the time, new products are always appearing—usually including new features and functionalities that improve the handling of some difficult, tedious, or ineffective process. When and how to you change?
And finally,
● What resources are available to help you with your technology decisions?
Where do you go, or whom do you talk to, when you need input on which technology to use for a business activity?
Once the “Equity-Capital” series is completed, the world of technology holds much promise.
Bill
William A. Stong
Email: william.a.stong@gmail.com
SBF&P # 60
Telephone: 925-202-6244
Copyright © 2010 Integrated Profitability TM
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