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The 5 Tech Investments Your Small Business Needs

by The Business Project

No matter the size, every company needs to invest in technology to compete in today’s marketplace. You may think these products are too expensive for your small business. However, your initial investment saves you money in the long run in increased efficiency and productivity. Here are five tech tools every small business needs.

Website Security

Recent research shows that 43% of cyberattacks are against small businesses and cost an average of $200,000 to repair the damage. Unfortunately, the reason for the rising number of attacks is that most small business owners don’t think it will happen to them and, therefore, don’t invest in web security.

It’s critical you put web security tools in place to protect your company and customers. Add security software that includes firewalls and multi-factor password authentication for entry. Ensure it protects your Wi-Fi network from viruses and malware and is regularly updated to combat new threats.

Invoicing Software

Prompt payment for your goods and services is essential for the health of your small business. Invoicing software automates the process and helps you keep track of company expenses, cash flow, and accounts receivable.

These tech tools contain templates to help you make professional invoices featuring your brand and tagline. First, select from various pre-made templates available in the software. Then, customize it in brand colors with your company’s name, logo, and other essential information.

Robotics

Adding robotics to your business can dramatically improve your efficiency if you are in manufacturing or run a warehouse. A robot can help you meet customer demand for your products and help you better manage tight margins caused by rising labor costs and government regulations. Before contracting robotics companies, research their experience, rates, and reviews from previous customers.

Although the initial cost is high, the returns on productivity are higher. These robots have cameras and sensors to effectively handle materials and packages weighing up to 50 pounds. A hand made of a suction pad and multi-jointed arm functions like a human employee. However, the robot has been shown to move 800 cases an hour which speeds up the process of loading and unloading trucks or building product pallets for delivery.

Digital Communications

Communicating with your employees is crucial to the success of your small business. Companies with successful employee communication processes generally have a more efficient and engaged workforce who report higher satisfaction with their job.

With many employees working remotely, the old methods of email, posters, and in-house meetings are no longer effective. Using an employee app allows you to send timely important information to your workers no matter where they are located. This form of communication sends a corporate message instantly using the smartphone or tablet device your workers are already using. You can also add workplace tools and corporate information to the app to promote even more employee engagement.

Project Management Tool

A digital project management tool organizes your projects beyond what pen and paper or a spreadsheet can do. This software:

  • Creates projects
  • Sets a timeline with deadlines
  • Assigns tasks to team members
  • Holds everyone accountable
  • Tracks project progress

This tool also allows for document sharing and communication between project participants.

Adopting these five tech tools assists you in saving money by operating more efficiently. In addition, they also help your small business compete in today’s digital marketplace. 

Check out The Business Project for more business and tech content.

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The Business Project

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