Technology Hinders Growth in Small Businesses
After reading Ten Reasons Small Businesses Fail to Grow on the New York Time’s Business Day blog. I would like to expand on point #5 which states that small businesses fail to grow due to a lack of technology. Information technology is a big part 0f almost all businesses now days, whether we like it or not. Even if technology is being used by a business it may not be made of use in the most profitable way. Survey results presented to our Comm 101 class found that less than 8% of an IT budget on initiative creates value for the entreprise. To get the most out of technology businesses must first understand the requirements of their markets. Once these are identified a strategy can be developed. Businesses must be able to use technology to get the most accurate update results to gain profit for their business. Technology should be used in a way where information is gathered and shared. If it is so straight ofrward though, where do businesses go wrong? Why do companies like Kodak flunk when technology is put into play? What do you think is the number one mistake small businesses make with technology?