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As a business owner, you face
almost constant pressure to
prioritize. The best investment, the
most necessary improvement, the
least potential risk.
exerts its own pressure.
breakthrough could be table stakes
in just a few years’ time, so each
new innovation forces a judgment
call: Is this the next big thing for
my business, or just another fad?
Of course the decision to launch
a technology project is only the
first step. The drain on capital –
both financial and human –
can be immense, especially for
a small to mid-sized business.
Before diving in, look at options
to optimize your investment.
Leverage Vendor Relationships
You’re an expert in what you do. Your
customers rely on you to fill a need. Why
not do the same to get your project off the
ground? Consider your strengths to decide
whether you or a specialized partner would
have greater potential impact.
Working with a vendor does not abdicate
your accountability for the final result. After
all, you still own and manage the project and
goals. But by leveraging another vendor’s
expertise, you may be able to streamline
time to market and free resources to focus
more effectively on managing the project
Consider Alternative Financing
New technology often requires new
equipment. Instead of absorbing a line of
credit or tying up cash flow with a large
purchase, consider leasing any equipment
you may need through an FNB leasing
expert. That way, you can focus on operating
expense as opposed to capital expense and
have a greater opportunity to stay nimble
– especially when the equipment you buy
today could quickly be rendered obsolete by
the next new development.
Get HelpWhere It’s Needed
Look into back-office processes where an
external resource may be able to get the job
done more efficiently. Payment processing is
a great example, as is lifecycle management
of office equipment. Experts like First
National Bank can also provide guidance
on challenging matters such as employee
benefits, insurance and even your personal
wealth management needs, so you can focus
your energy on moving your business ahead.
At some point, you will be faced with a
decision on whether or not to invest in new
technology. By remaining flexible and open
to creative ways to optimize resources,
you can make the right choice for the right
reasons without sacrificing attention on
your business or customers.
success look like?
Think about the business
challenge you are trying to
solve and the goals you are
trying to reach beyond the
point of launch. Is this
investment going to get
What CAN WE afford?
Know what you will have to
spend in dollars and time
not just for launch, but for
the ongoing management,
maintenance and enhancement
of the project. Be certain you
have enough left over to balance
ongoing investments in your
Can WE “live it?”
investments require great
focus and great execution.
Make sure it’s a fit for
your culture and that your
employees and customers
are open to, and enthusiastic
about, the change.
Trying to decide whether to
pursue a technology project?
FNB Chief Technology Officer
three key questions to get you
BUSINESS STRATEGIES TODAY