Tech costs draining your small budget are not the subscription price. There is more to the story….
(PC: ImageFX)Tech costs are more than the subscription price. Gartner reports organizations waste up to 30% of IT budgets on unused/under-utilized software! A costly hit for any SMB.
Common costly missteps & their impact:
♦️ Misaligned Solutions: Software not fitting workflows. McKinsey research finds this erodes productivity by 20–25% as teams struggle.
♦️ Poor Vendor Selection: Unvetted long-term contracts can mean ~20% higher renewal costs.
♦️ Lack of Training/Adoption: Tech initiatives falter without user buy-in. Prosci’s Change Management Best Practices show that 60% of technology initiatives fail due to user resistance/skill gaps.
♦️ Siloed & Redundant Tools: Running multiple overlapping apps for the same function. IDC analysis estimates companies overspend by up to 40% on licenses.
♦️ No Roadmap/Governance: Ad hoc tech buys. Panorama Consulting’s ERP report notes that without governance, projects incur an average 15% unplanned integration/support costs.
♦️ Neglecting Security: Overlooking this risks devastating breaches and financial/reputational damage.
These missteps waste money, sap time, stall growth, and frustrate teams.
How can you avoid this tech-spend drain? Sharing my learnings from over a decade of building tech products in highly regulated domains with very limited budgets.
✅ Strategic Needs Assessment FIRST: Ensuring tech choices align with all your workflows and goals.
✅ Smart Vendor & Solution Vetting: Selecting tools/contracts that fit your budget now & in the future as you scale.
✅ Planned Implementation & Adoption: Factoring in change management and training from the start, both in terms of time and money.
✅ Building a Cohesive Tech Roadmap: Eliminating redundant tools & avoiding surprise integration or migration costs as you grow.
✅ Focusing on Value & Security: Looking beyond price to total cost of ownership and risk.
Informed tech decisions can reduce operational costs (studies suggest 15-30%) and boost productivity. Invest smartly!
If you are ready to build a technology plan that truly fuels your launch or scaling journey, let's connect.