“Insufficient storage available”, we all dread to see this message popping up right before taking a picture or installing a new app. Limited storage on Android device is frustrating to say the least. But it doesn’t have to be if you know how to manage storage space wisely. Here are some tips on how to […]
Read MoreIf you’re making or receiving VoIP calls from clients you may be sitting on top of a trove of valuable data, and not even know it. Whether you’re still getting accustomed to your new telephony system and its features or you’ve been using it for much longer and are simply unaware of its existence, it’s […]
Read MoreWhen purchasing new technology, how often do you consider its return on investment? For many business owners, calculating ROI is a tricky task that is sometimes skipped altogether. It shouldn’t be because if IT isn’t saving you money, it’s costing you. Here’s how you can gain a better understanding of technology ROI and how you […]
Read MoreDo you ever feel like you’re the only business owner who struggles to market their company through social media? Are you confused as to why you’re not gaining any traction? Well, you’re not alone. A recent survey reveals that many small business owners struggle gaining a return on their social media marketing efforts. Here’s how […]
Read MoreWell, you created a business page for Facebook, you patted yourself on the back, kicked up your feet and waited for the flood of new business to come in. How’d that work out for you? Probably not so well. But this doesn’t mean you should give up and turn your back on social media. This […]
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Facebook never stays the same for long, always introducing new features for users to gripe about, then fall in love with. The newest function is Graph Search which allows users to search for others based on their likes, location, photos, posts, etc. While this could be useful, it is a good idea to audit your […]
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One of the major objectives of almost every business is to remain operational. From time-to-time there might be factors, such as a natural disaster, that could put your company at risk. To mitigate this threat, companies have started to adopt a Business Continuity Plan with the aim of being able to recover from such disastrous […]
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In today’s tough market environment, many small and medium businesses are turning to Managed Services. But is the up-front cost worth it? We say yes—and think you’ll agree when we explain why.
When an economic downturn starts to hurt, small businesses often hunker down and cut costs. But new technology solutions may be necessary for survival and growth—and they may not be as expensive as you think when you consider their return on investment (ROI). In this three-part series, we’ll review what ROI is, explain how an ROI analysis can help you save or make money, and provide guidelines for analyzing the ROI of a technology investment. Part 3: Analyzing ROI As we explained in Part 1 and Part 2 of this series, today, more than ever, small businesses considering a technology investment should analyze not only the costs of that investment, but the expected ROI as well. Unfortunately, few models exist to guide you through that analysis, and with good reason: Determining ROI involves looking at many components, then applying those components to your particular situation. Doing this requires making many choices, so first, let’s look at the things one must consider—from both a cost and benefit perspective—when considering the ROI of a technology investment. Your existing technology infrastructure. There are few companies without existing technologies in place—and any new solution will need to work with these systems to be effective. There will likely be costs associated with the new technology’s impact on existing systems—but there will also be benefits. For example, a new technology might offer more efficient automation of workflow or improved information collection, storage, and access. Your b usiness processes. A new technology can clearly improve your businesses processes as described in Part 2 of this series—by reducing downtime, improving productivity, and lowering costs. But implementing the new technology will likely involve training staff in using the technology—and that can have associated costs. Your external relationships. Finally, no business is an island: Your systems may link to customer and vendor systems. As a result, any new technology may impose constraints or require changes of external organizations or individuals—in the way information is delivered or received, for example. To solve this puzzle, it can be helpful to ask three different but related questions about the technology solution’s cost , effectiveness, and efficiency . Cost: Can you afford the technology—and will it pay for itself? To answer these questions, you’ll need to know the cost of the solution itself and the monetary value of the resources used to implement it, measured in standard financial terms. You’ll then compare the dollar cost of all expenditures to the expected return (in terms of the projected savings and revenue increases). You may need to project the cost and return over a multi-month or multi-year time span in order to show a payback period. Effectiveness: How much bang for your buck will you realize? Now the analysis becomes more complex. Analyzing the effectiveness of a technology solution requires you to look at its costs in relation to how effective it is at producing the desired results—in essence, to expand your measurement of ROI beyond cost savings and revenue increases to include performance relative to your company’s goals. To do this, you’ll probably want to look at unit cost or activity cost. Efficiency: Is this the most you can get for this much investment? Finally, you’ll want to ask whether the technology will produce the greatest possible value relative to its costs. That can present difficulties, as it will require you to conduct a similar analysis on many alternatives, perhaps simulating the performance of the alternatives in some way. These three types of measurements differ in several ways. While the first is based simply on Financial metrics—i.e., cost in pure dollar terms—the other two include production output metrics, including the quality of goods or services and customer satisfaction. These production output metrics may even extend to employee morale, or in the case of some companies (such as manufacturers of “green” products or non-profits), social or political benefits. All of these measurements, however, help you answer the same basic question: whether an economic downturn is a time to reduce technology spending, or a time to examine priorities and decide which technology investments will pay off in the long-term.
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When you have to lay off staff, software-as-a-service can often make up the difference, especially in sales and marketing. Every business wants a hot niche, and Starr Tincup had one. In 2003, the Fort Worth marketing and advertising startup decided to cater to software makers in the human resources industry—and quickly signed 20 customers. Then the growing pains set in. By 2005, staff had ballooned to 80 from 4, plus more than 200 contractors. But revenues were just $2.5 million, and soon Starr Tincup was $500,000 in debt. SaaS made the difference in the turnaround. Read more at Business Week…
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