Don't Invest in Fantasy; as the primary goal for the implementation of any technology should always be increased profitability and this goal must be factored into your decision-making process; if it isn't going to increase profits it's probably not worth the investment. There are two main formulae to consider:
Activity x Productivity = Money
Activity x Efficiency = Money
Please keep the above in mind throughout these sections!
The previous sections will have illustrated to you how all of the manufacturing companies intended their respective products to work. Not all of them, however have a strategy to help you analyse your business accurately before you embark on the financial journey to change the face of your business to a technologically functioning machine that churns out sale after sale.
The manufacturers have invested millions in equipment and systems to help businesses achieve optimum performance. Your position now is to evaluate the different technologies and decide how best to make them work together.
If you are considering expansion, taking on new staff or acquiring a new business, take stock of the following calculations as they may have a significant impact on future decision.
The Technology Business Plan pulls together each of the necessary tools and information you have already created in order to help you identify exactly what the technology, combined, can do for your company.
Any element of technology will cost less than a new member of staff. Fact. Technology does not have time off, go on holiday, go sick or have an off day.
Every company must make the effort to afford new technology as it is the entry level cost of being in business.
The vast majority of business owners dismiss technology simply because they don’t understand it or haven’t the time to investigate the possibilities, allowing their competition to overtake them.
It should be possible to review your current costs and reduce them sufficiently in order that these savings make a considerable if not total contribution to the additional components required for your technology infrastructure.
The objective is to make money, not simply spend it. Therefore your primary consideration is to evaluate your business to “find” a budget.
Consider this; how much would a new or replacement member of staff cost? What if you decided to investigate technology before you made an employment decision? What if you fired the poorest performing employee and used the salary to fund new technology in order that the remaining staff were better trained and in turn helped your business thrive?
There is a lot to think about, however, your business is your life and your responsibility is to both.
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