Upgrading your business’s technology without going bust

Published on November 24th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Know which technology can increase productivity

There are many technological devices and software that is available on the market that can help your business improve in terms of productivity. Time tracking software is just one of the technologies that you can implement in your business to ensure that time is being utilised properly.

Digital and task management tools can also be a convenient way for businesses to keep track of what needs to be done and who is doing what. There are some free systems available for use, but in some cases, you will find that paying for the software can open doors to high end technology that can optimise your business's performance more efficiently.

Understand the importance that ICT can bring

Businesses that invest in technology and software tend to grow compared to businesses that don’t. According to the CPA Australia Asia-Pacific small business survey, 78.3% of business grew because of investing in the right technology. ICT plays an integral part to Australia’s economy as it contributed a 6.6% increase to the nations GDP per capita.

Being digital connected can open doors for new trade and investment opportunities for your business. It can also be an ideal platform for making your business more visible. However, carefully consider which software and technological devices will be best suited for your business. What could work with one business may not work for yours.

Upgrading your technology devices

Investing in software means that you need equipment that is compatible with it. You have the choice of choosing between brand new equipment or getting the latest models from the used market. Keep in mind to do a thorough check on the equipment if you are planning to get it from the used market. If your business has a tight budget that doesn’t allow for some wiggle room when it comes to expanding your technological equipment, you could consider taking out a low rate commercial loan that will allow for flexible repayments that work with your cash flow.

Does the finance option match your business’ needs?

There are plenty of tempting deals that are available on the market that can give your business access to the equipment that it needs, such as business loans of $50,000 or more. However, if you fail to look at the features of the loan, you could find yourself forking out more money than you can afford. It is vital that you compare features of a loan such as its comparison rate to know its true cost and whether it's suitable for you. Using a loan calculator can help you find out how much you will be paying over the life of a loan.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for commercial loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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