Upon going through this list of not more than five pieces of tech recommended for start-ups to budget for, you might get the feeling that there are more than just five. True enough, but that’s only because as is the case with the technology that exists today, it’s no longer just about singular gadgets and gizmos which indicatively work in complete isolation. Systems are integrated, “speaking” to and communication with each other for effective operation, such as how the IoT (Internet of Things) is indicated to be the impending tech of the future. With integrated software becoming one of the most sought after tools for most businesses, it’s no surprise that most entrepreneurs and large corporations recommend using HRIS software for your business to ensure everything runs smoothly. This is just one of the many pieces of software you can use, so read on to learn more about other types.
That said, here are five of the most important pieces of technology every startup should make sure to have a budget for:
Accounting and Bookkeeping Software Upgrades
This is one of the many areas in which the so-called “Freemium” sales model is deployed. Accounting and bookkeeping software is usually integrated into something like the banking services offered by your bank, starting you off on the free plan. However, as your business grows, the likelihood is that you’ll need greater capacity as far as this nifty software goes. What you’ll find is that you will be required to start paying for the additional capacity you’ll need, by which time you’re already almost entirely dependent on that software with which you started out on a free plan.
IT & Networking Infrastructure and Security
Thanks to the general development of the technology industry in a direction which appears to be aimed at assisting the remote working drive, we have technology such as cloud computing at our disposal. As a result, the IT and Networking infrastructure every startup requires can in a sense be outsourced, or used as an out-the-box solution/service. The same can be said of the associated security which is required. These do indeed need to be budgeted for as well, because no startup in this day and age can even hope to survive without it.
Virtual Office and Remote Working Technology
This is where most start-ups seem to get it wrong in a sense, focussing on the wrong things. Sure, you need to have a budget which covers the technology required to power up and manage a remote working setup, but exactly what you invest in will depend on the area of business your start-up will be active in. You might not need huge server storage capacity, for instance, in which case something like a business phone system service would be all you really need.
Green Power Supply and Management Tech
When start-ups scale they get hit with all manner of unforeseen challenges, one of which is compliance with the emerging energy regulations that are admittedly yet to be formalised. At start-up level though, all you really need to worry about is technology that monitors your energy consumption, as this makes for one of the elements which add to your operational costs. You might later be in for some rebates, discounts, etc.
Scalable Financial Management Systems
Finally, as with the accounting and bookkeeping software, start-ups need to budget for financial management systems that are scalable. An example is making provision for something like a merchants account with your online payment processor as opposed to something like a straight-forward business account. In the long run, you will save on unnecessary expenditure on the likes of transaction fees.