How to Keep Your Business Competitive
In a recent Wall Street Journal article, journalists identified 30 trends critical to small business growth. Twenty-two of them were technology-related. Cloud, Mobile, CRM, E-Invoicing, BPO, and a bunch of other funny-sounding words and acronyms that weren’t even a thing 15 years ago. We are all attached to the smartphones in our pockets, and combined with the software monthly subscription service; it is radically changing the face of business. Behind all of these technology trends are companies that are faced with the adoption of little aluminum boxes with power buttons. And they’re not cheap.
For small businesses, ensuring you have the hardware to drive effective implementation of a new software or technology initiative is critical. While software is becoming more affordable through subscription plans, hardware to drive, it still carries a high price. So that $499 per month software subscription in the cloud seems inexpensive, having the laptop, tablet, and storage in your office to run the platform successfully can run thousands per user. And that expense feels like it defeats the purpose of the affordable “per month” subscription.
91% of small business owners would invest more in technology if they were in a cash position to do so
Financing to the rescue. Technology financing allows you to budget a simple monthly payment for your technology needs–preserving cash, increasing precious free cash flows. But perhaps even more importantly, financing positions you for the technology long haul. When you have reached the end of a technology item’s useful life, payments allow for an easier transition. Upon reaching the end of use, replace it with the new finance payment for the newly acquired technology. A “like for like” monthly payment exchange that never causes distress in your cash reserves. Additionally, the finance payment plan becomes a proactive replacement cycle whereby you know every 2, 3, or 4 years (depending on the technology) you will be upgrading the latest and greatest—keeping your small business on the cutting edge of technology.
Who better to trust with your technology upgrade strategy than a leader in FinTech equipment financing? For more than 30 years, TimePayment Corp. has offered flexible monthly payment options for equipment needs starting at $500 and reaching to $500,000 and beyond. From startups to growing national brands and local dealers to major equipment manufacturers, over 1 million companies have trusted TimePayment’s innovative technology tools and creative capital to address equipment needs.