Understanding how to use technology effectively is essential when it comes to making it work for your business

There’s no doubting the fact that technology has fundamentally changed the way businesses are run. Regardless of size or industry, the digital revolution of the past two decades has transformed the business world beyond all recognition, to the point where much of our business communications, research and transactions now take place online.

And because of this, business owners are required to gain a greater understanding of technology if they want to reach greater levels of success. If you aren’t using technology in the right way for your organisation, it might be that your digital investments are doing your earnings more harm than good.

With that in mind, here are five ways your technology might be inhibiting your business growth, rather than supporting it.

You’re not investing in platforms to fit your needs

The best technology is both flexible and customisable, but if you’re investing in platforms, software and hardware that doesn’t align with what your business needs, you’re essentially spending money on nothing.

Modern offerings like cloud platforms are able to alter their storage capacities to suit your needs, meaning you don’t need to spend your whole budget on hardware you won’t use for six months when your business has grown. Choosing technology that grows and changes with your organisation.

You don’t understand it

Technology is all about innovation and efficiency, but such a fast-moving market can leave you confused about the latest and greatest features. It’s only natural for technology to baffle those business owners who don’t have a background in digital expertise, but it’s important not to invest in a programme until you’re fully aware of how it works, and how it will benefit your organisation. Failure to understand technology can limit your perspective when applying the tech to your business, potentially inhibiting growth in the long run.

You’re not adapting over time

Technology is constantly changing and upgrading, and so should your business. A successful business never stands still, and utilising platforms that upgrade with the times will serve as a good reminder that your business operations, services and products should also be updating to suit the current needs of your staff and clients.

You’re spending too much

Staying up to date with technology doesn’t mean forking out for every new development. Sometimes less is more, and the tech that is most suited to your business needs isn’t necessarily going to be the most expensive platform with all the bells and whistles. If you’re a small team of less than ten staff members, you don’t need a platform with the capacity to add hundreds of users. Similarly, if you still work full time in the office, you probably won’t need a pricey platform that’s fully tailored to remote working.

You’re making your business work for technology, instead of making technology work for your business

Remember, technology is a tool at the end of the day. You’re not there to make its life easier, it’s there to make your life easier, so take a critical eye to the available hardware, software and platforms and decide what’s actually going to add ease and value to your organisation. Work out what your priorities are in terms of growing your business. Is it cybersecurity? Marketing? Communications between remote staff? Understanding more about your business will help you understand more about how technology can support it, leading you to spend your tech budget on investments which will support your business growth in the long run.

Got a business idea you’d like to get off the ground in 2022? Get in touch with the team at TEDCO Business Support today. Give us a call on 0191 516 61 02 or drop us an email at hello@tedco.org.

What we offer

TEDCO offers one-on-one support provided by a dedicated team of business advisors and a range of pre start seminars available to clients who are taking the first steps into self-employment. This could be looking at an initial idea and developing it further, looking at how to start a business plan, business competitors, business marketing.

Are you eligible?

If you are looking to start and grow a business we’d love to hear from you. Our friendly team of experienced Business Advisors are on hand to take your call to discuss the support available.

Latest News

6 steps to creating a business plan

6 steps to creating a business plan

As the saying goes: if you fail to plan, you plan to fail Running a business isn’t something you can just wing. Ask any business owner, and they’ll tell you that owning and growing your own organisation takes a huge amount of work and careful preparation, including...

read more

Telephone

0191 516 6102

Address

TEDCO Business Support Ltd,
North East Business & Innovation Centre, Wearfield, Enterprise Park East, Sunderland,
SR5 2TA

Tedco Social

Follow us on your favourite
social media channels below:

©2022 TEDCO Business Support Ltd. All Rights Reserved. View our privacy policy Company Number: 08568533 | TEDCO Business Support Ltd | VAT No. 169 8629 44 GB. North East Business and Innovation Centre (BIC) Wearfield, Enterprise Park East, Sunderland, SR5 2TA, United Kingdom.