This is The Edge Of Innovation, a business weblog for entrepreneurs. Curated by the folks at New Methods.

What Is Your Technology Investment Plan?

In today’s world, small business owners face a staggering array of new technologies and services.

This stuff isn’t just for geeks anymore. It’s for all of us. And if we don’t get on board now the world may pass us up all together. Every day it seems a new technology is embedded into mainstream business.

For example, it’s been estimated that 73 percent of small businesses are currently using social media. Additionally, of those not engaged in social media, 62 percent plan to join within the coming year.

And that’s just social media. How about quick response (QR) codes? A report released by Mobio found QR code scanning skyrocketed by as much as 1,200 percent through the second half of 2010. And we’re already into the second half of 2011.

Of course there are other blossoming trends such as smart phone applications, mobile payments, and cloud computing. All projected to grow at a staggering pace in the coming months and years.

Despite this rapid growth in technology and innovation, as small business owners we always have to remember that technology is traditionally unpredictable and volitile. Yet, on the other hand, if we don’t stay out in front we may find ourselves falling too far behind. So what do we do? 

Technology Investment Plan

Most businesses invest in some form of technology every year. I’m sure you’re comptemplating at least one technology investment right now. Do you have a technology investment plan? A plan that ensures you don’t break your budget investing in each and every device. One that allows you to determine what could help and what is just unnecessary.

While we here at New Methods always work to stay on the edge of innovation, we also know that not every innovation is worth the investment.

Our technology investment plan starts with two key questions:

  1. Can the technology be used to exponentially improve/create a remarkable experience for the customer?
  2. Does the technology exponentially improve productivity?

If the answer is yes to either question then we ask ourselves two follow up questions:

  1. Is the technology proven? Meaning, do we feel the technology is stable enough and will be around long enough to make it worth the investment.
  2. Do we have the funds in our technology investment budget to make the purchase now? Or do we push back the investment to next quarter or next year.

With the world advancing at a rapid pace and with new technologies and innovations popping up daily it’s important to have a technology investment plan. Even if that plan simply consists of four basic questions.

Curious, do you have a technology investment plan? If so, what do you include in your plan? What questions do you ask?

About the Author: Greg Hartle is co-founder of New Methods. And also founder, co-founder, investor, and/or strategic advisor with over a dozen businesses. Greg also speaks and consults professionally with businesses, non-profits, and other groups on 21st century capitalism, leadership, and integral life strategies. Connect with him on Twitter and Google+

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