I often ponder how small and medium businesses view their technology. Is it an asset or expense? Here are a few indicators to help you decide.
We all like cool gadgets, bells and whistles. They’re fun. Sometimes they can provide value; however, if your business gadgets and technology do not help accelerate your business operations, you might have an expense that you can do without. With so many emerging technologies in the marketplace, only a few vendors will survive to become scalable for years to come. The remainder will fall to the wayside. Is your technology falling to the wayside?
If your technology is properly aligned with your planned business objectives, goals and strategy, your technology is an asset. Planning ensures you leverage your investment for the future and helps determine when it’s time to upgrade or replace your hardware and software. Having the ability to change directions while continuing to leverage your current assets means you have made the right decisions for your business. Microsoft Office is a good example. This product came out in the early ‘90s and is still with us today as a suite of solid business applications. My guess is it will be with us for another 20 years and most likely longer.
So, is your business technology an asset or an expense?