All startups have to make decisions early on about where they are going to invest their money. The old adage goes that you need to spend money to make money, and while this doesn’t actually have to be the case, putting the right investments into your company can certainly make a big difference to your success.
Perhaps the most crucial area when deciding on your spending plans is the tech that you are going to invest in. Technology is so crucial to how modern businesses run and with so many options available it can definitely feel like a minefield.
In this article, we will take a look at the best tech investments any startup can make and examine what small companies can do to help them grow and maximise their profits.
Team communications
As more of the workforce begins to consider remote working as the new normal, it becomes necessary for startups to invest in the kind of technology that allows teams of remote workers to flourish. Perhaps the most important example of this is finding high-quality team communications software that will make it quick and easy for everyone in the business to talk.
Many well-known communications software providers offer a free version, but it is definitely worth upgrading to the business option in order to get the most out of the tool. After all, this is now a key part of the way that your team works together.
Cybersecurity
Unfortunately, many startups make the mistake of failing to invest in their cybersecurity. It can seem like overkill – after all, who is going to target a business that is only just starting out? However, this is missing a major aspect of the tactics of cybercriminals, which is that they will inevitably look for the weakest targets and the easiest options. If your business lacks key cybersecurity features, you could be a sitting duck.
It is worth pointing out here that cybercrime is no joke. In fact, 60% of small businesses that suffer a data breach are out of business within six months. When just a single successful attack is enough to put you out of business for good, it doesn’t make any sense for you to sit back and simply hope that no one tries to attack you.
Jira
If your startup does anything technical, you are probably going to want to get involved with Jira. Jira is a fantastically useful tool for development teams as it allows them to track, control, and report their work. This is agile task management that simply makes it easier for teams to collaborate and get things done.
Working with Jira generally means working with Jira professionals who understand the system. However, if you are going to be hiring Jira-skilled staff, it is extremely effective to make the most of it by already having the task management software in place.
Workflow automation
It is no surprise that many startups have to make decisions around their budget. As such it generally makes sense to consider tools and tech investments that offer a good return on their investment. With an eye on this, it is a great idea to opt for workflow automation software.
Workflow automation can relate to any kind of task automation. This can be extremely useful, especially in a small business setting as the more tasks that you can automate, the more time you can free up for your staff, and you can avoid hiring more staff.
Customer relationship management
Another piece of software that is sometimes overlooked by startups is that of customer relationship management (CRM). You might think that this kind of tool is only useful for large businesses with a wide range of clients but it can actually be vital for startups too. The software has a variety of uses and it can be very good practice as your business grows to already have a strong customer relationship setup.
A good CRM can track a wide range of different issues surrounding customer relationships, including customer segmentation, customer success lifecycle development and customer feedback, among others.
Data collection and analysis
Data collection and analysis are becoming an increasingly important part of successful company management for startups. This kind of work not only helps the business to make the case for investments and bank loans, but it also allows the company to show off its success to those who might be interested in working with or even buying the company.
It won’t be the right choice for every business, but for those who are looking at accelerating their growth and need to impress investors and other companies, it can be an ideal solution.
There is no silver bullet when it comes to tech investment, and ultimately, the right choice for what to invest in will be unique to your business. It is always advisable to seek professional advice on what your company needs for growth.
