Published on November 13th, 2018 | by Jose Vasquez0
How New Tech Increases Profitability in Startup Tech Companies
Upgrading your tech can have a powerful effect on your profitability.
For most startup tech entrepreneurs, office supplies and employee tech are a game of frugality. How can you accomplish all your needs while spending as little as possible? And how long can you make that technology work before resorting to an upgrade?
While I admire this level of frugality, and in some cases it’s warranted, you also shouldn’t ignore the massive benefits of upgrading your employees with better tech on a periodic basis.
New computers, tablets, and smartphones might cost you a few hundred to a few thousand dollars up front, but they can increase your profitability in several key ways:
- First, new tech will likely come with significantly increased computational power. Your employees will be able to complete more tasks per hour and more tasks per day, resulting in several extra hours per week of meaningful work.
- New features. New devices will also give your employees more features and more opportunities to expand their capabilities. For example, a newer, more powerful processor may allow them to upgrade to download more comprehensive, more resource-intensive apps, or may allow them to manage multiple apps at the same time. While I don’t condone multitasking, I have to admit, it’s nice to be able to keep two windows open without suffering the least bit of slowdown.
- Your employees don’t like working with decade-old technology. If they’re consistently working with computers that experience unexpected crashes or long delays between tasks, their morale is going to drop—and that means significantly reduced productivity. Upgrading them to a new device could give them a boost that lasts for months.
- Don’t forget—new technology isn’t just about making your employees work faster. It’s also about improving your overall security. Newer computers tend to be more secure than their older counterparts, and are more capable of running up-to-date software, encouraging employees to keep their apps updated (and therefore as secure as possible).
Success in entrepreneurship is all about balancing costs and benefits. If you need help taking a closer look at your company’s breakdown, contact me for a free consultation today!