January 30, 2019 Stewart Marshall

TOP 7 IT MISTAKES | 2 LACK OF INVESTMENT

If you have a monopoly, you can eschew efficiency and use pencils, ledgers and hand cranked adding machines.

But you don’t!

Instead, you’re in a race against your competitors, and the smart ones are using the best IT tools and finding innovative ways of improving their business.

This means they can be more productive, more efficient and offer a superior service.

Failing to invest in IT assets not only reduces the comparative capacity of a business, it also has a detrimental effect on the team. The good ones leave for better working conditions, leaving lower calibre staff using out of date technology, and increased recruitment costs.

But chefs don’t use blunt knives. So why make employees use slow computers?

Mid-tier firms should spend ~6-7% of revenue on IT annually. Yet all too often, they balk at providing the quality tools that the business needs.

And not understanding the value is no excuse.

In the late 90s, some businesses considered a website to be an unnecessary expense.

By 2014, mid-tier firms in Australia generated nearly $60b in internet income.

In 2017 it was nearly $100b.

An investment in IT is an investment for tomorrow.

A failure to invest could well be an investment in failure.


100 Tips and Hints

MarshallFloyd – People and Technology – Download our free guide with over 100 tip, hints and ideas you can use to improve your IT.

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