22 - When to Invest in Tech

Scale Your Small Business

Today's question is this: when do I know the right time to invest in technology? There are certain things that can make my life easier, but those come with a pretty hefty cost. So if you’re evaluating if it's worth it to get that technology, tune in to hear Jill’s process on determining what to spend money on.

The first step is obvious: do your research. Consider what problems this piece of technology or program solves for you. Does it solve more than one problem? Is there a system that you’re currently using that this system could take over that system as well as solve the new problem? Could I absorb that cost that I'm already paying into this new cost to help offset it? Conversely, is this product a one-trick, expensive pony?

If you’ve decided you’d like to consider trying a system or product out, try setting the cost of the service aside for a few months in advance to feel out how the pricing fits into your budget. Then you can evaluate at the end of each month: am I missing money? Do I need to pull from other accounts? All while actually saving money if you decide to hold off.

Sometimes you can fall into a technology pit. There will be systems that require other systems, systems that improve existing systems, and systems that provide additional upkeep. Keep an eye out for programs and tech that offers a free trial of their product, or even a free version. That way, you can see how much you’ll actually use it, if it’s effective, and if it solves those problems you are looking to put an end to. Compare and contrast items in a spreadsheet with all of the services they offer and the pros and cons of each.

Make sure you go through these steps before locking yourself into a contract. Sometimes circumstances change, problems change, and budgets shift. Double-check that you’ll really make good use of what you’re spending money on and aren’t left with regret. Don’t fall victim to the bells and whistles!

Key Takeaways

Do your research. Consider what problems this piece of technology or program solves for you. Does it solve more than one problem? Is there a system that you’re currently using that this system could take over that system as well as solve the new problem? Could I absorb that cost that I'm already paying into this new cost to help offset it? Conversely, is this product a one-trick, expensive pony?

Try setting the cost of the service aside for a few months in advance to feel out how the pricing fits into your budget. Then you can evaluate at the end of each month: am I missing money? Do I need to pull from other accounts? All while actually saving money if you decide to hold off.

Compare and contrast items in a spreadsheet with all of the services they offer and the pros and cons of each. Keep an eye out for programs and tech that offers a free trial of their product, or even a free version. That way, you can see how much you’ll actually use it, if it’s effective, and if it solves those problems you are looking to put an end to.