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  • Writer's pictureComputer Chip

6 Technology Investments for Small Businesses That Pay for Themselves

Small business owners need to accomplish a lot with limited resources. Technology can help small business owners get more done with less. These six upgrades are investments that pay for themselves.

1. Cybersecurity Tools

According to research, almost half of all cyberattacks are made against small businesses. Cybercriminals often target small businesses because their systems usually aren't as robustly protected as larger companies. Start by hiring the cybersecurity professionals of Computer Chip to remove any malware or viruses you have and assess your vulnerabilities.

Next, add hardware and software to protect your systems against any vulnerabilities you have. Finally, make sure you are regularly updating your security systems and protocols to keep up with the changing cyber threat environment.

2. Project Management Software

Project management tools can make it easier to efficiently manage your projects. Trello helps you organize your projects by color coding. It also makes it easy to collaborate with your team in real time. Zoho Projects is a cloud-based app that you can use to plan projects, manage resources, automate tasks, collaborate with remote workers, and assign work.

3. Time Tracking

Accurate time tracking is critical for ensuring employees are paid correctly and avoiding any legal issues with employee pay. Time tracking apps can make it simple to track your employee's time worked without having to use a manual time clock system.

Some apps integrate with your payroll, project management, and other software, which can save you time on data entry. Most can be used either through a web browser or on a mobile device. Some apps also have scheduling features that allow you to efficiently create and distribute your employees' work schedules.

4. Consider Free Software

If you are working with a tight budget, there are a variety of high-quality free tools you can use for functions such as bookkeeping, project management, payroll, time tracking, and video conferencing. For example, you can use an online invoice generator to create customizable electronic invoices from pre-made templates. Choose the template you like, then add your photos, text, and logo. The best online invoice template will let you download your invoice in the format you prefer.

5. Automated Data Backup

Your business's data is one of your most valuable assets. Without regular backups, a system failure, cyberattack, or natural disaster could cost you valuable information. Automated data backups take the work out of backing up your data by allowing you to set your preferences and the frequency of backups and let the software handle the rest.

6. Modern Point of Sale System

The way people shop is changing and point of sale systems must change with it. Experts predict that by 2025, 75% of all sales will be cashless. This means that POS systems designed primarily to handle cash transactions with outdated processing equipment for debit, credit, and other electronic payment methods may hold your company back.

In particular, your POS system should support the ability to pay with mobile wallets, digital loyalty programs, and touchless payments. Modern POS systems also integrate with inventory, bookkeeping, and other systems to eliminate the need to manually enter information from the POS system into other applications.

Upgrading the technology your business uses can be a significant investment. However, some types of technology can pay for themselves through increased efficiency and other benefits.

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