Data and technology drives everything from product development to the hiring process in today’s fast-paced business world, but even small businesses can benefit from big tech. Don’t let limited resources stand in the way of your ambitions; use these tips to build an effective and efficient data and tech infrastructure for your company without spending too much money or time along the way.
Focus on what matters
When your business doesn’t have much of a budget, it’s crucial to start by focusing on what really matters for your business and brand. Are you trying to get new customers? Do you want them to buy more? If so, start there. Look for ways where technology can help streamline and simplify those processes—and do them as cheaply as possible. For example, you may find that your business sells better through social media, in which case utilise the free tools available to boost your business’s presence on the channels that work, saving your budget for other areas where it can be used more efficiently and appropriately.
Ask yourself questions
What are you going to use to manage your CRM? Is it cheaper to use an online tool, or more cost-effective to build something in-house? What do your employees need from their tech and will it help them with productivity? If not, is it worth paying for? If you’re not sure, don’t worry—most small businesses won’t have all the answers at the point of start-up, but revisit the queries regularly and assess the technology you have versus what your business and employees need.
Try new things (and learn from them)
Just because it’s new doesn’t mean it’s necessarily worth paying for. We recommend trying a variety of technologies, and then if you like them (and they serve a real need for your business), go ahead and make an investment. Likewise, if you don’t like them (or feel that they add no value), cut your losses and save some money.