Entrepreneurial Money Management

Marci talks about the financial issues & concerns business owners’ face when running their own company.

Technology Investments - What are the Smartest Moves

  • Comments 1

Let's skip the niceties.

Technology vendors can be a major expense for entrepreneurs who make basic mistakes.

Below you'll find the top three biggest planning mistakes that can lead to technology change orders and added expense: 

 

1.  Before spending ANY money on technology, make sure it's actually technology you're buying. Many times a Web developer makes a small fortune off of a client who pays for an entirely new Web site (a technology project) when the client simply wanted their current site to look more modern (a graphic design project).

2.  Know exactly what you need the technology to accomplish. Before contacting any vendors, do yourself the favor of building a technical requirements document. This document lists out step by step what you want the technology to "do." For example:

  • If I click "yes" on this form, what new options are presented
  • How does a user go from the start of the software application to the end of the application - what clicks will need to be made, and what pages and data will they see as they click through it. Also outline the alternate outcomes could they reach based on the choices they make during the application. 
  • Will this application need to pull or push data to any other software systems (this is called an integration). If so, clearly label where these integration points are throughout your software application requirements document.

3.  If you are not familiar with technology and therefore unable to write a requirements document, consider hiring a technology consultant to help you. This consultant will save you tens of thousands of dollars (or more) by ensuring that the right information gets communicated to the developer. And the consultant will define the application correctly on the first try so you don't need to pay for the developer to "unprogram" parts of your application in order to add in functionality that wasn't in the original requirements document.

I'm not trying to disparage developers in any way in this entry. Developers have made the world a better place to live through elegant technology development for decades. However, usually developers are not in your line of business, and they need to rely on you for the functionality of your project. If they have the wrong information going in, they will program the wrong information into your application.  

If you're clear in your communication with them, your technology projects will come out elegant and user friendly. Good luck out there. 

Your comment has been posted.   Close
Thank you, your comment requires moderation so it may take a while to appear.   Close
Leave a Comment
  • * Please enter your name
  • * Please enter a comment
  • Share
  • Great Information in this blog. This post is about the technology investment in this development of the sector in the country. And some smart moves is also growth for increasing the benefits to the user and organization.

Page 1 of 1 (1 items)