The world is constantly changing, and technology is at the forefront. Knowing how your business can leverage technology and drive advancement is an art form that every entrepreneur needs to use to their advantage. Not every tech advancement needs to be incorporated into your business model, but rather it should be the starting point of your decision matrix. The internet has changed business drastically since its inception and knowing how to use the application of technology in business can make or break you. Having systems and processes set in place for your business model should be the foundation of every successful endeavor. Aligning your mission, employees, and setting goals for the future is what every entrepreneur needs to be established to become profitable. Then you can implement certain technological advancements as a part of your business rather than the other way around. Knowing when and where to use these to your advantage is the key to scalability and growth. We’ll cover the main principles needed to recognize where technology helps business and where it hinders it.

Not every tech advancement needs to be incorporated into your business model, but rather it should be the starting point of your decision matrix. The internet has changed business drastically since its inception and knowing how to use it can make or break you. Having systems and processes set in place for your business model should be the foundation of every successful endeavor. Aligning your mission, employees, and setting goals for the future is what every entrepreneur needs to be established to become profitable. Then you can implement certain technological advancements as a part of your business rather than the other way around. Knowing when and where to use these to your advantage is the key to scalability and growth. We’ll cover the main principles needed to recognize where technology helps business and where it hinders it.

Having systems and processes set in place for your business model should be the foundation of every successful endeavor. Aligning your mission, employees, and setting goals for the future is what every entrepreneur needs to be established to become profitable. Then you can implement certain technological advancements as a part of your business rather than the other way around. Knowing when and where to use these to your advantage is the key to scalability and growth. We’ll cover the main principles needed to recognize where technology helps business and where it hinders it.

Then you can implement certain technological advancements as a part of your business rather than the other way around. Knowing when and where to use these to your advantage is the key to scalability and growth. We’ll cover the main principles needed to recognize where technology helps business and where it hinders it.

1. Does this technology fall in line with our business goals?

Every leader must know where they are, where they’re going, and their plan of attack. Not every new advancement needs to be implemented. To make technology productive in a transformation you must ask yourself, does this technology fit with our business concept. If yes, then adopt it and utilize it for growth. If not move on and do things the way you have. There is no reason to buy into a new tech idea if it does not coincide with your market or product. It’s like having a full-time snow plow on standby, but you live in Georgia. The best companies have a solid footing on what makes their market tick and what doesn’t. Being adaptable is great for business but knowing when to shift and what direction takes skill and patience. You must have to foresight to anticipate a change in the right direction rather than chasing every new tech idea. The best businesses watch technological advancements and study their uses and value. Before you buy into any new system, you must have a solid foundation of knowledge on how it’s used and where. This is when you should determine if it’s necessary for growth or not. These are the question you should be asking yourself to make the decision easier. Do we need it, where will we use it, and how will it be implemented it? Sifting through these question should give you an excellent baseline to stand on and make the decision process simple.

Being adaptable is great for business but knowing when to shift and what direction takes skill and patience. You must have the foresight to anticipate change in the right direction rather than chasing every new tech idea.

The best businesses watch technological advancements and study their uses and value. Before you buy into any new system, you must have a solid foundation of knowledge on how it’s used and where. This is when you should determine if it’s necessary for growth or not. These are the question you should be asking yourself to make the decision easier. Do we need it, where will we use it, and how will it be implemented it? Sifting through these question should give you an excellent baseline to stand on and make the decision process simple.

2. Is our business ready for it?

Scalability is the name of the game when it comes to business. Adjusting fire too quickly can hinder growth and make you stagnant. For example, when you shop for clothes you buy them so that they fit today and not years from now, otherwise you may have clothes that are too tight or too big. How much sense does that make?

Using business software that fits you right now and the immediate future is what you should look at. Jumping the gun too quickly can end up in a catastrophe, and you could be chasing the leader.

Every entrepreneur should have a checklist that they follow to see where new changes need to be made and what remains to be done immediately. Using a mobile card reader when you run a food truck makes perfect sense since, its light, mobile and gets the job done.

Buying cash registers and barcode scanners doesn’t. Maybe years down the road when you open up a restaurant and have items for sale but at the moment hold back until you reach that point.

Now, this sounds silly and impractical, but this is the type of thinking you should use when making decisions about adopting new technology.

3. Will it be profitable?

Cash is king when it comes to startups, and this is what usually makes or breaks new and upcoming businesses. Most run out of money or mismanage it in a way that they can’t recover from.

Balancing your business needs and making sure that it fits the bottom line is paramount. After all the banks and electric companies only accept dollars and not IOU’s.

Strategic business planning should be the mechanism that drives change and profitability should be the catalyst. If it doesn’t make dollars, it doesn’t make sense.

Although some tech ideas can make things more convenient and easier doesn’t necessarily mean you need it. I’ve seen too many up, and coming companies mismanage their resources and misappropriate cash flow in the wrong areas that would eventually become their downfall.

As an entrepreneur, you must make calculated decisions to ensure that your profit margins are positive and have the potential to be consistent before you make any moves.

Applying tech to certain areas and holding up on others can be the best decision you can make. Don’t wear yourself thin when it comes to costly changes that have the potential for failure. These are the questions you must answer before you make any decisions regarding new technology in business. How much will it cost, when can we recoup our investment, when will we become profitable, and is it sustainable? If you don’t know, you should sit back and do more research.

As an entrepreneur, and a son of an entrepreneur I’ve seen and made several mistakes. Having the patience and temperament to hold back on certain decisions and implement others is critical to growth and success. Business technology applications are essential for young up and coming startups and knowing when to utilize them is more important. Ensure your future is a bright by developing decisions based on the basis that your business is what drives technological change and watch the fruits of your labor.

Posted by Victor Figueroa

Hi, I'm Victor Figueroa and I love growth and personal development. I strive to be better than yesterday and my mission is to help inspire everyone to reach their full potential. Let's grow together as we travel through this changing world in search of health, wealth, and happiness.

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