Determining Your Technology Needs

Technology is an important part of any business. Whether you need a desktop computer for spreadsheets and an inventory database, or you need servers for a local intranet and broadband internet access for hundreds of employees, the fact is that technology is an important tool in modern business. You might be able to operate your business without a single computer, but if your competition is 'wired' you might find yourself left behind.

Determining your specific technology needs is simply a matter of informing yourself. Take stock of the tasks that need to be performed in order to operate your business effectively and determine which of those tasks can be made easier and more efficient through technology. There are many different ways you can determine what you need. Ask questions, go to the library, search the internet, or contact a technology consulting firm. By becoming an educated consumer, you will save time and money when it comes to purchasing, installing and operating new technology.

Doing Business On-Line

More and more businesses are looking to the internet as a way to reach a broader customer base and increase sales and profits. Establishing yourself on the web is reasonably inexpensive and straightforward. Having an e-commerce site will allow your business to receive orders from customers over the internet via secure credit card transactions. Combine this with the ability to ship your product, and your business could potentially serve customers around the globe.

Financing New Technology

Modern computers and servers can be expensive, and you need to take the time to determine exactly what you need before you spend the money. Hopefully your original business plan accounted for the capital expenses of any technology purchases you are planning. If not you will need to look at the financing options available to you. In most cases, the best financing option for the purchase of assets is a term loan. Once you have a firm idea of what you will need to purchase and how much it's going to cost, contact us at First Nations Bank of Canada and we can discuss the financing options available to you.