Which business doesn’t want to be successful? Every company wants to make it to the top, from small businesses to large enterprises. But growth, steady growth, takes planned investments in every area of your business infrastructure. For small companies, seeking the help of an experienced managed IT services provider is a viable option.
The ultimate goal of any business is to make profits. You can only have profitability in your business if you have a smart investment strategy, where your technology generates more revenue than what it costs.
In today’s post, we’ll discover the top three areas that small organizations need to invest in if they want to maximize their profit margins.
Small Businesses are Directly Affected
Companies with a significant market presence only suffer from a reduction in stakeholder numbers if they spend more than they make. However, small businesses are a different story altogether.
If they do not make good profits on their investments that utilize their hard-earned money, it affects their lives personally. The danger of the business shutting down puts an employee at risk of the following, among others:
- Defaulting on monthly payments
- Failing to save for a college fund, or
- Becoming unable to afford medical treatments.
Use Your Small Budget Intelligently
Small business owners may postpone spending money on business software. That would be unwise since the cutthroat competition will leave your business in the dust unless you have a modern IT infrastructure.
It’s widely known that small businesses are working on tight budgets and cannot afford to put money into technology that will prove useless to their operations. Managed IT services providers optimize the IT operations of small and medium-sized businesses (SMBs) by guiding them on the most beneficial technologies as per their client’s requirements.
Technology Investment Recommendations
As per a market study conducted by Capterra, SMBs have chosen the following three areas where they would want to spend their money and expect to reap great rewards in return.
Let’s go through each of them in detail.
#1 – Data and Information Security Systems
Hackers have a jolly good time when they encounter a small business that has a weak or non-existent security posture. There is a large misconception that if you are an SMB, your data is not valuable to hackers. In fact, it’s more valuable since they need to put in little effort to breach your network with weak security.
Research published in USA Today shows that 60 percent of hacked SMBs are forced to shut shop within six months of a data breach. To avoid such a situation, SMBs need to implement cutting-edge cybersecurity solutions to protect their data and their clients’ data.
Working with a managed cybersecurity firm can help them leverage the power of modern security solutions like
- Security Information and Event Management (SIEM)
- Endpoint Detection and Response (EDR)
- Threat hunting
- Cybersecurity training for employees
- Cloud security and more.
Implementing cybersecurity solutions also helps your firm maintain compliance with regulations like GDPR, CCPA, NIST, PCI DSS, etc.
#2 – Cloud Computing
With a particular focus on the remote working culture, organizations need to transition to a cloud-first business model if they want to stay relevant to today’s clients.
The big three in the world of cloud computing are
- Amazon Web Services (AWS)
- Microsoft Azure
- Google Cloud Platform (GCP)
Adopting the cloud computing infrastructure for your business is the next revolution your company needs. It offers an excellent opportunity for businesses that don’t have a significant capital amount to invest but want to grow their corporation rapidly and reliably.
Some of the best features of cloud technology are
- They don’t require a large capital investment. With a subscription model of pay-as-you-go pricing, small business owners can keep their expenses in check.
- You don’t need any physical equipment to run your business operations on the cloud – everything’s virtual, seamless and secure.
- It provides the best platform for scalability. With multiple options made available by cloud service providers, you can choose the one that fits your changing business requirements.
Well-known managed IT services providers can help you choose the best cloud platform.
#3 – Finance and Accounting Software
Businesses deal with numerous client and employee accounts every day. A small mistake in accounting can seriously derail the company and result in hefty lawsuits in extreme cases.
To prevent your firm from falling into such situations, simple but comprehensive accounting software needs to be part of your IT architecture. Accounting software will handle things like accounts payable, reporting, income taxes, etc., making your operations efficient and your finance hassle-free.
With accounting software, you’ll be able to track every dollar your business handles and help you maintain a commotion-free atmosphere in your finances.
Don’t Wait Anymore! Your Competitors Are Already Doing It All!
In today’s age, state-of-the-art technology is crucial to succeeding in the highly competitive IT industry. Large enterprises are able to invest heavily in contemporary technology, but small businesses – not so much.
But they shouldn’t get disheartened! Working with an established managed IT services provider can help them offer services that rival the quality provided by enterprises. So, do some market research, and you’re ready for tomorrow’s challenges.