08 Sep Top considerations for technology spending
The rapid growth of digital adoption is putting pressure on small to medium-sized businesses (SMBs) to spend on technology that lets them keep up with business expansion and maintain competitive advantage. Recent research shows that 79 per cent of Australian SMBs expect their investment in IT systems and processes to stay at the same level or increase in the next 12 months.¹ As the use of new technologies continues to grow, so does the need to periodically expand on the types of technologies in use.
Businesses that choose not to adopt digital solutions are likely to fall behind; however, a common problem SMBs face is the inability to access new technologies due to high upfront costs, even when they’re offered with a discount.
Consequently, SMBs are increasingly turning to the support of specialist technology financing partners to help them overcome financial barriers and break down prohibitive upfront costs, paying for technology over time as the value is realised.
When it comes to making a new technology investment, there are three main points SMBs should consider:
- What are your business goals for the next 12 months?
- Identify the financial incentives for new technology
- How to fund the technology
When SMBs are considering digital transformation investments, they should also focus on maintaining cash flow and achieving core business objectives for the sustainability of the business. They can do this by viewing digital investments as a tool to drive business growth rather than simply seeing technology investment as a way to reduce costs.
Investing in the right technology financing partner is key when looking to integrate new business technologies. However, not every technology financing partner will deliver the level of flexibility and support that is required.
For SMBs looking for technology financing options, it’s critical to engage a partner that works best for your business’s needs and help you to cost-effectively accelerate digital transformation. For more in-depth information on how to find the right technology finance partner to support your digital investments, download our latest tip sheet.
BidFin is an Australian-based payment solution partner for business, helping fund technology individually or as a bundle and enabling flexible payments across the IT supply channel. It offers customer-centric payment options that let you focus on your digital growth and business expansion sooner. Contact the BidFin team today to learn more about boosting digital transformation.