Business structures and forming your business
Understand the differences between a Sole Proprietorship, Limited Partnership, Limited Liability Partnership, Limited Liability Company, S Corporation and Corporation.
Technology is fascinating, changing daily and confusing all at the same time. It can help keep you organized, handle tedious chores automatically, and connect you globally. It can also cost you lots of unnecessary dollars if you are not careful. Here are some helpful tips to follow:
Establish a Budget
The first step in deciding which types of technology to invest in is putting together a budget. The newest equipment and software run the gamut in price from a 99 cent app to more complex systems that cost in the thousands. Set up a budget and stick to it. Base it on how much you can reasonably afford to invest.
Be Aware of the Full Cost
New technology is the sum of the sticker price plus the cost of implementing it. Consider these points:
Fit the Technology to Your Needs
Make sure the items you are considering fit your business needs. If you constantly travel from customer to customer, think mobile device instead of a desktop. Do you really need to upgrade your server? Instead of buying the software yourself, would a Software-As-A-Service, or SaaS offering be more cost effective? Can you rely on the cloud?
Look for Compatibility and Security
Make sure that new devices you purchase will work with your existing equipment. A great piece of Mac software will not do you any good in a Windows environment unless you buy additional software.
Is it secure? This is a very real hazard for a small business. Make sure that what you buy can be protected with the proper levels of security. Taking shortcuts with the cost of security could come back and severely damage your business.
In the last five years, cloud-based services have grown exponentially. This offers small businesses a number of benefits:
Using cloud-based services offers simplicity and peace of mind, since you do not have to worry about storage and updates. You do not have to pay for software, but instead subscribe to it using a SaaS model.
Today, the right technology can help streamline your operations, provide better customer service and make your life easier. Just be sure to do your research, ask the right questions before you buy and stick to your budget.
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