What’s your view of IT investment as a small business owner? For many, it’s a love-hate relationship. You love having the latest tech to power the next product, idea or service, but don’t like having to find large sums of money from your bottom line to fund it.
You’re not alone. According to 2018 research from Techaisle, while 79 per cent of small and medium-sized business owners say that IT is either very important or critical to their business, 37 per cent say they see IT as an unwanted cost, not as a source of innovation and profit. What’s more, 42 per cent of small business owners believe the complexity of IT and other technological issues are becoming more acute.
With the right approach, IT investment is an opportunity to make your business more efficient. Small businesses can then use the money they save through these initiatives to reinvest in innovation and boost growth. In addition, the research indicates there are multiple ways to find savings.
See how vendor financing can help your IT budget go further.
Investments in analytics can improve efficiency
No business can reduce its costs without having deep insight into its operations. Analytics tools provide an overview into finance, operations, processes and utilisation, and can be integrated with existing cloud-based or on-premises software. 61 per cent of small businesses surveyed say they use analytics to reduce costs, which came through improved processes, better monitoring of operations and increased productivity.
Managed IT services can mean a lean IT staffing structure
More than 54 per cent of small and medium-sized businesses say they save money with managed IT services. They can achieve more by paying dedicated experts to manage their IT environment day-to-day, while in-house staff refocus efforts on growth initiatives. The suppliers of these services must also adhere to service level agreements, often with penalties if these aren’t met, meaning that users get guaranteed performance levels.
Collaboration tools fuel productivity growth
Collaboration technologies continue to improve communications and help people share more easily than ever. Whether it’s with real-time document sharing and group messaging, video conferencing or digital whiteboards, 42 per cent of small businesses are saving money by reducing time spent on everyday tasks and meetings.
Read how the Italian company Del Brenta gained 10x efficiency using collaboration tools.
Moving to the cloud reduces IT costs
One of the main advantages of using the cloud is reduced costs. By only paying for what you consume, you avoid the expense of having resources sitting idle. 39 per cent of small businesses say they save money with cloud, but "mature adopters" have an even greater advantage. According to the research, they are 5 times more likely to reduce business process costs with the cloud than those that are “passive followers” and 11 times more likely to reduce IT costs.
Spread the cost of your IT budget
It’s clear that investing in key areas of technology can benefit small businesses, but coping with budget demands means it can be difficult to find the capital to fund these cost-cutting projects.
Small and medium sized businesses have options when it comes to funding new projects, including vendor financing. Plans like easylease 0%* could be a great fit for companies who are thinking strategically about how to invest in their IT solutions. You can read more about why you should lease your IT solutions in our blog.
The easylease 0%* plan was developed specifically for SMB customers, enabling them to save budget for other business needs while they spread the cost of IT over time in predictable monthly payments. Companies can get the latest technology and pay over 36 months with no interest.
IT investment can boost a small businesses and assist in increasing both their top and bottom lines. Now, with easy access to financing, that investment has even less impact on the balance sheet, so small businesses can deploy the technology that will help them compete.
Find out more about flexible payment options for your business.
All data in this article is based on SMB surveys conducted by Techaisle, 2018.
* Financing products provided by independent third party financiers. Terms and conditions may apply.