When you have a small business, implementing new technology is easy to put on the back burner. Last year, Gartner surveyed 699 small and mid-sized businesses and found only 35% considered keeping up with technology to be a top concern.* If you feel the same, there are many reasons why we think you should reconsider.

For one, your old technology is likely not equipped with the latest updates and protections against cyber threats. Secondly, outdated technology leaves you trailing competitors who have found more efficient ways of doing business with the newest tech. At a bare minimum, we recommend you consider the following updates this year!

• Windows – What version of Windows are you running? If it’s Windows 7, Microsoft is in “extended support” mode for this product which expires on January 14, 2020. After that there will be no security updates or technical support available. If you are using Windows 8/8.1, you will get the same treatment as Windows 7 users in 2021. We recommend you stay ahead of the approaching deadline and update your Windows software to Windows 10 Pro now at a minimum.
• Microsoft Office – Office 2019, the latest version of Microsoft Office, was released September 24, 2018. Office 2019 is a single license subscription which you download to your PC or MAC. There are no upgrade options, so when the next version is released, you must make another purchase. There is an easy way to avoid having to purchase new versions, subscribe to Office 365 (you can pay monthly or annually). Office 365 provides you with ongoing updates, mobile access across devices, sharing ability with up to 6 people, and much more.
• Laptops and Desktops – Your small business may need both. Laptops give you the flexibility to meet with clients anywhere and work anywhere too. Look for laptops and PCs that have multiple ports including the new USB – C port. Be sure to purchase something with a minimum of 8GB of RAM and an i5 processor. For multi-tasking, something with 16GB of RAM and an i7 processor is even better. For an added boost in performance look for a machine with a Solid State Drive (SSD) hard drive.

We’ve just covered the bare minimum technology requirements for your small business in 2019. When you are a financial advisor, there is so much more to consider including solutions for Client Relationship Management, Financial Planning Software, Portfolio Management Systems, Document Storage and more. For more insight into our advisor technology recommendations, read What Tech Does My Pure RIA Need.

We’d love to help you further with your technology questions and needs. Schedule a one-on-one consultation with a Financial Advocates’ technology consultant. Click here.

*Only Technology Can Save the US Small Business Sector. (2018, May 16) https://blogs.gartner.com/anthony_bradley/2018/05/16/only-technology-can-save-the-us-small-business-sector/