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What happens when you don’t spend the appropriate amount of money on technology in your business? The answer is a lot of bad things, but not right away.
This is known as tech debt, which is when your business has technology that falls too far behind in model and software updates that the technology has no way of catching up.
Now don’t run away in terror before hearing an explanation! You may pat yourself on the back for saving money by not updating or maintaining the new models on your computer or other technology at your business. But if your technology fails or does not work anymore, you may lose more money and time then you believe you’re saving.
This is because, instead of slowly and methodically making updates to your business’s technology, you will have to make all technology updates and changes all at once. This will make your business have to stop and play catch up, and it will also cost more money in the long run.
Now, you probably won’t do all your updating in one sitting, making this a step-by-step process.
What does this look like? It’s really important to spend time with your IT guys in order for them to know the goals of your business. Then, when you do spend that money, you can avoid tech debt by knowing how to really get the best of your investment. This will allow your business to capitalize on the positive side of spending money on technology.
The main idea of avoiding tech debt is to keep in mind what your business could achieve if money is invested in updating and maintaining technology on a regular basis. This can be hard because different people have different ideas on what is valuable for business.
First, find someone that you trust whether it be an IT professional or a friend who knows the ins and outs of technology, and have them sit with you as you go over your business’s goals. They should be able to take these goals and line them up with the technology that your company will need or the updates that need to have happen in order for those goals to be exceeded.
Next, look at your current technology and see what the warranty says about the life of your computer or systems. This warranty came from people who know how long the tech will last and will be a good indication of when updates need to happen. For most people, you generally want to stay within 3-5 years of relevance.
If you understand what the technology is going to do for your business, then you are going to be more okay with spending that money because you will see the value in that technology and how it applies to your company’s bottom line.
Basically, take care of the things that take care of you.