The cliche that you have to spend money to make money is, unfortunately, true. But, if you spend it right, most necessary business IT investments pay for themselves. This is true for every facet of your business, including technology.
The more business you do, the more technology you will likely want in place to manage and automate your data and processes, the more your IT costs will, naturally, increase. With that said, below are 4 IT investments to make as your business grows.
Good data management is essential not only for organizational purposes but also for cybersecurity. Failing to address both as you grow represents significant financial cost and potentially even ruin, which is why it makes sense to carefully consider your options.
Once you hit the growth stage, the cloud storage offered to you by the various applications and software you use may not be enough. Many growing enterprises look to companies like TRG Datacenters to manage their data risks and needs. Data centers offer robust protection against data theft, misuse as well as unforeseen events like natural disasters and fires.
Digital Security Fortification
When you hit the growth stage, you are going to want to consider additional cybersecurity measures to make sure your and your client’s sensitive data is well-protected. In addition to the aforementioned data management option, growing businesses should also consider things like VPNs, more cutting edge firewalls and antivirus software.
Ransomware attacks are becoming the new norm, where hackers infiltrate networks and/or encrypt data and then extort the business owners, charging large amounts of money for access. The bigger you get, the more of a target you become and the more money you should be investing in mitigating these risks.
Business IT investments tend to grow with the size of your customer base. It is common for growing businesses to add new facets to their business model, attracting new clients and people with diverse shopping and buying habits. For most customers who visit your business’ website, the shopping and buying experience is almost as important as the product or service you are offering.
Marketing automation software, which is often sold by vendors as a SaaS or Software as a Service, is something to carefully consider as your customer base not only expands but grows in diversity. A one-size-fits-all approach to marketing and user experience likely won’t cut it once you hit that growth stage.
Another thing to keep in mind as your business hits its stride is what your digital marketing strategy will need to look like to keep the momentum going. Many small businesses have good early success with Google Ads, social media advertising and other PPC methods. These are always viable strategies, especially when you have a product or service for which you want immediate visibility (e.g., a holiday promotion), but they are not scalable or cost-effective long term.
A growing business with a good product or service and a solid business model should start thinking about investing in professional SEO. Professional SEO will help you build content and links to your site that will keep you relevant and highly ranked on the search engine results pages, ensuring a steady flow of organic traffic throughout the life of your business.
The growth stage is when most businesses start to see their long-term potential and come up with strategic plans for ensuring sustained success. Part of that planning involves reinvesting initial success back into the business and putting the necessary infrastructure and processes in place that will allow you to continue to streamline your business and remain profitable.
These business IT investments can quickly add up, so prudence and research are key, but the above 4 areas should be among your chief considerations when taking your business through its growth and onto its scale cycle.