The rotating hourglass. The spinny rainbow wheel of death. The constant string of super pesky pop-up notifications begging for this update or that. We've all been there before and, at one point or another, have all felt the frustration that comes with using outdated technology systems.
We get it. It’s annoying.
But besides the inconveniences that using outdated systems can cause, it can also significantly impact the overall growth of your business.
Forward momentum and progress come with a price. In the IT world, that price includes the cost of upgrading or replacing the aging systems responsible for keeping your business moving and grooving, thriving and jiving.
The fact is, technology has become a crucial aspect of any business today. It’s the fuel that powers your online machinery. And it’s the key to the growth of your business on both a local and global scale.
We know what you might be thinking: but when do I know when it’s time to update all the things?
Making this decision requires both insight and awareness, as well as a willingness to embrace new technologies and practices. More importantly, you need to know whether or not your current IT resources are negatively affecting the goals and objectives of your company. If the answer to that question is yes, it may be time to go for those upgrades.
To help you get started, let’s take a look at seven signs your old technology could be impacting the growth of your business.
1. SLOW RESPONSE TIME (DECREASE IN PRODUCTIVITY)
Outdated technology won’t keep up with the latest and greatest for long. It doesn’t matter how efficient you think your programs or software systems are; years and years of use are bound to take a toll on any piece of tech you regularly use.
This can affect your billable hours. The older your system gets, the longer it takes to respond. If you’re offering your client a service that takes X number of hours to do, and your competitors can complete the same task in half the time, guess what will happen?
You nailed it: you’re going to lose customers to the competition. And no one wants that.
2. POOR ONLINE PRESENCE
Suppose the website you run is rarely updated, slow as molasses, and not optimized for search engines. In that case, you’re likely to get pushed off the first page of Google’s search results. When was the last time you Googled something and went all the way to the third page to find what you were looking for?
Exactly.
That’s just another example of how staying out of the loop with the latest developments in modern technology can put you out of business by diminishing your online visibility.
3. HIGH MAINTENANCE COSTS
Naturally, the older your system is, the more you spend to keep it running. Think of it as your aging car. Let’s say you decide to spend your entire savings on fixing that broken carburetor or your entire brake line (been there, unfortunately, done that). While it may work temporarily, the hard truth is that sooner or later, those systems are going to break down again and again until you have to get a whole new car. The cost of repairing existing technology must be carefully weighed against upgrading and buying new.
4. POOR SECURITY
The more outdated your technology is, the more vulnerable it becomes, which ultimately makes it easier to hack.
But why exactly are older systems and servers so darn easy to hack?
Well, clunky, dated software becomes increasingly incompatible with new antivirus and security patches. Systems like this are easy prey for hackers. They’re skilled in infiltrating your servers using loopholes that are closed in more recent systems and software.
The damage caused by malware and security breaches could have much more significant effects, including:
- All of your confidential data, including your client’s private information, is accessible by a malicious third party.
- You could lose existing and potential customers.
- Research indicates that ten out of every twenty consumers are likely to never do business with a company whose servers or computers are known to have been hacked before.
As a result of just one hack, your business could lose its reputation quickly, followed by customers and sales. Not. Good.
5. PRONE TO DATA LOSS
One of the main issues with using old and outdated technology is how likely you are to run out of storage space. I actually have woken up in a cold sweat at night, terrified that I wouldn’t have enough space to save all of my documents, spreadsheets, and cute photos of my cats. Totally normal, right?
Constantly buying more physical storage is costly and can lack easy organization and accessibility. Older systems are also more susceptible to sudden crashes, causing data wipeouts. Both scenarios are a barrier to accessing information that can be detrimental to daily business operations.
6. LACK OF QUALITY TALENT
Millennials are the workforce of the present and future. By 2025, they will make up more than 75 percent of the workforce. As a business owner, it’s essential to consider this when searching for new talents and additions to your staff. And for millennials, technology is a must-have for productivity and task execution. From a young age, this generation has gotten used to having access to the latest tech and using it in new and innovative ways.
Having outdated tech can only lead to a lack of talent in your team because the competition will scoop up all the best ones with a better tech background. That’s why you need to ensure that you are up to speed regarding your technological capacity and resources.
7. LOSS OF REVENUE AND CLIENTS
Everything -- and we mean everything -- revolves around the consumer – it always has. Your primary goal as a business is to offer a badass product or service that will meet and exceed the needs of your potential customers. Reaching those objectives can be an uphill battle if you aren’t equipped with the proper tech to back you up. The fact is that clients are raised to expect the perfect user experience. It’s one of the core values they grade when it comes to companies:
- Is your website responsive to all devices?
- How fast is the page loading speed of your website?
- What are the added benefits of using your website?
- How do you process payments for the services you offer?
These are all questions that you need to focus on answering. And the best way to solve them comes in the form of up-to-date technological installments. The alternative leads to a loss of revenue and business, which nobody wants.
CLOSING THOUGHTS
The challenge with any business isn’t attaining monetary success but maintaining it. If you are aiming for business stability in today’s world, where the technological climate is ever-changing, then you should be willing to stay one step ahead of the game. To go that extra mile. So, what does that entail?
Embracing the change and moving ahead.
Need a friendly push to take that first step? Contact us, and let’s talk. We’re here to help put your business on the path to success.
