8 Technology Mistakes Your Business Should Avoid | Fora Financial Blog
8 Technology Mistakes Your Business Should Avoid
June 19, 2018

8 Technology Mistakes Your Business Should Avoid

When running a small business, it’s crucial that you establish competitive advantages over your competitors. One way to do this is to properly use technology to protect your business, optimize processes, and market your products or services, to name a few examples. Unfortunately, many small businesses fail to properly utilize and implement the appropriate technologies, which can affect their operations.

In this post, we’ll list eight technology mistakes that you could be making, and will provide advice on how to fix these issues.

The Top 8 Technology Mistakes to Avoid

1. Not Taking Security Seriously

Businesses across the U.S. have suffered security breaches and had their confidential consumer data become exposed. Even worse, 74 percent of hack victims don’t know how the breach occurred, making it difficult for them to avoid the same misfortune in the future.

Hacks can be caused by careless employees, weak passwords, phishing traps, and other vulnerabilities. Notably, 90 percent of all security breaches can be attributed to human error and 63 percent are specifically the result of weak or lost passwords.

If your business’s technology is hacked, you could risk losing customers and dealing with financial issues. Moving forward, we suggest having security a top priority. You won’t regret investing in security, and it could save you future headaches that come with a hack!

2. Delaying Software Updates

It’s easy to forget about updating business software; and it might be something that you keep delaying because it’s time-consuming or costly. You might assume that ignoring software updates won’t negatively affect your business, but that’s where you’re wrong. If you don’t update your software, you could miss out on improved performance, new features, and increased security, among other benefits. Plus, using outdated software could increase the chances that your business’s technology is able to be hacked, so you should make this a priority.

3. Ignoring Upcoming Trends

To ensure that you stand out from competitors, it’s imperative that you follow the latest business technology trends.  For example, did you know that over half of all web traffic comes from mobile devices? This means that your customers are more likely to visit your website using a mobile device rather than a traditional computer. So, if you have an out-of-date, desktop-only optimized website, you’re missing out on major opportunities!

A mobile-optimized desktop is just one example of a technology trend that you should consider. We also suggest researching trends related to social media, accounting software, advanced point of sale (POS) systems, and other advancements. Ultimately, if you ignore these trends, you risk falling behind your more proactive competitors!

4. Forgetting to Train Employees

Some of your employees will simply “get” technology. Perhaps they’re well-versed in the technology you use because they learned about it at a previous job, or they’re simply intuitive when it comes to operate gadgets and software. However, many employees will require a helping hand, and it’s important that your entire staff know how to use the technologies needed for their job functions.

When employees are hired, they should receive thorough technology training. This way, you can lessen the likelihood that employees makes technology mistakes, and you’ll be able to improve overall productivity.

5. Not Creating Reliable Backups

If your business’s data is securely stored, you might believe that there’s no need for a backup. That’s where you’re wrong! You should back up as much of your company’s data as possible. This includes your website, invoices, bills, documents, and employee data, just to name a few examples. This may seem redundant, but if your data is damaged or compromised, it could be costly (and potentially impossible) to retrieve it.

6. Rushing into Purchases

Understandably, you probably want to make technology-related purchases as quickly as possible, so that you can focus on earning sales and being productive. Due to this, you might rush out to buy laptops, software, or other needed technology. Although there may be an urgency, we suggest taking time to compare prices before making a big purchase. You could find a more affordable option, or one that has better features, increased customer support, and other perks that you want to take advantage of.

7. Buying Bargain Equipment

Although it’s important to try and save money, you shouldn’t cut corners when it comes to business technology. Before you purchase the cheapest equipment or software available, you should ensure that it’ll suit your needs not just today, but also in the future. If you buy a cheap computer and it goes obsolete within a year or two, you’re going to have to spend more money to replace it. On the other hand, if you’d bought a higher end computer, you likely wouldn’t need to make another purchase and would’ve saved money in the long run.

8. Not Utilizing Tech Support

As a business owner, you might be tempted to handle everything yourself. Although we respect your independence, it can be foolish to try and handle complicated technology matters on your own. Instead, we suggest leaving it the professionals! You can either hire IT employees to handle these matters, or contact IT support teams that work for the software or other technology companies that you partner with. Overall, it’s better to rely on professionals with technology knowledge than to try and handle complicated matters on your own.

Conclusion: Technology is Both a Threat and an Opportunity

Technology can be an asset for your company, but if used incorrectly, it can also be a detriment. By implementing the right technologies with a thoughtful, targeted strategy, you’ll be able to increase efficiency and productivity. However, if you approach technology passively or simply ignore it all together, you’re going to face problems and risk falling behind your competition.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].