5 Quick Tips for Spending Wisely on Business Technology
1. Think usage, not ownership.
Paying in full to own technology saddles you with a rapidly depreciating asset. By leasing it, you pay less for more capability, with no asset management hassles.
2. Put your resources where your money is.
What are your most profitable products and services? Concentrate your technology investments there to drive revenue that allows you to upgrade other areas later.
3. Spend enough, but not too much.
Business tech tends to fall into four broad categories: low end, low middle, high middle and high end. Your best value is very often high middle.
4. Don’t move too fast, but don’t move too slowly, either.
Think twice about bleeding-edge technology, which makes you pay a premium to be a beta tester. Wait until the hype dies down a little to get a clearer picture of the technology’s value to your business.
5. Picture it old while it’s still new.
It’s hard to think about replacements for shiny new tech you just got. But it will happen. What’s your upgrade plan? If you lease, do your terms make it easy to upgrade? If you pay to own, do you have ready access to the secondary market to recoup some of your investment?
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