To Invest or Not Invest in New Technology

In the 2014 Brother Small Business Survey, conducted by Brother International in partnership with SCORE, business owners are split on what causes the greater business risk:

  1. Investing in a new technology too soon and not receiving a sufficient return on investment, or
  2. Investing in a new technology too late and giving competitors an advantage.

If you tend to be late to adopt new tech, here are some ways to tell when to make the switch:

  • Stay customer-centric: Listen to your audience.  What are their needs and expectations?
  • Seek inspiration: Look to other firms that offer similar value propositions or business models.  Which technologies are they adopting?  What are the outcomes of these decisions?
  • Accept the learning curve:  Even when we know what to do, it can be hard to finally decide to act.  Being decisive and committing to see a change through builds confidence and encourages stakeholders trust.

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