How to Invest in Technology During Uncertain Times
May 27, 2020
For businesses around the world, 2020 has certainly been a challenging year so far. With economic activity stalling due to enforced lockdowns and social distancing, there are enough signs to suggest a recession is on its way.
During these uncertain times, businesses are inclined to cut spending and avoid new investments, but is this always the best approach? If you are trying to decide whether to invest in technology now or freeze spending, it will help to consider these four tips:
Be strategic with your purchase decisions
Many financial planners advise that during an economic downturn, businesses should be more conservative with their spending, but this doesn’t mean you shouldn’t continue to invest in technology. It would be wise to invest in technology that will help your business adapt to the circumstances created by COVID-19.
Is your business using outdated equipment that is also essential to your day-to-day operations? Relying on PCs and network printers that were purchased three or four years ago can result in heavy costs for your business. According to a global survey, the cost to repair older PCs equals or exceeds what it would cost to purchase a new one. Businesses are spending on average $427 to fix a PC that is four years or older. The survey also reveals that small businesses that used older PCs suffered from diminished productivity and employee satisfaction due to operational and security problems with the computers. On the other hand, their competitors who use newer machines had the advantage of higher productivity and lower operating costs.
Be careful with spending but delaying necessary upgrades could have a devastating impact on your business during uncertain times.
Improve your remote work technology
Amid COVID-19, businesses that have transitioned to remote work, not only benefit from higher productivity but also great cost savings. Instead of paying thousands of dollars every month for office space and utilities, businesses can redirect their valued resources to improving remote working conditions.
A common challenge for SMBs right now is having a secure and highly functional remote work environment that is on par with their office IT system. Many SMBs still operate with legacy systems that are not designed for remote access. In addition, allowing employees to use their personal devices to access their company networks and data carries serious security risks.
It is essential that your business is looking to the right people to procure, deploy and maintain the technology that will provide an optimal experience for employees at home. The investment you make in supplying laptops, Wi-Fi budgets and remote access software to employees working from home will increase protection against cyberthreats and increase efficiency.
Take advantage of deals
The economic downturn brings a rare opportunity for SMBs looking for a good bargain on technology purchases. Every business – not just yours – is going to struggle to sell their products and services. Regardless of the size of the business, whether it’s Microsoft or the local PC store, they will all be offering discounts that you can take advantage of.
It will be easy to find deals on other useful items such as keyboards, phone and headsets, Wi-Fi extenders, routers and monitors. If you’re looking to purchase new hardware on sale, you can visit our online store here. With technology, premium items, like business laptops aren’t likely to receive significant discounts. But there will also be businesses closing down and being forced to liquidate entire fleets of recently purchased, high-end computers and printers. You can subscribe to our monthly newsletter (see button below post) to stay informed about limited-time deals from leading technology brands. With a little research, you can ensure that your business can have the latest technologies at an affordable price.
Look to Managed Service Providers
Outsourcing tech support may seem like a luxury during an economic recession. But businesses that rely on an in-house IT team must deal with the unexpected expenses of malfunctioning equipment and IT employee turnover. The subscription model offered by Managed IT Service Providers is more favourable compared to the volatility of expenses incurred by an in-house IT support team. Research shows that SMBs that use a Managed Services Provider enjoy higher efficiency, better access to expertise and greater work flexibility. By delegating IT management and cybersecurity to third party experts, you can have more time to focus your customers – something that is crucial during any recession.
With so many unknowns created by the pandemic, businesses need to be wise with how they invest in technology. Making the right investment decisions can help your business not only survive but also thrive during hard times. We hope that by applying these four tips you will be able to do just that.
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