For companies operating in 2020, the world is a very different place than it was even five years ago, and much of this is down to technology. With trends such as digitization dominating the commercial sphere, companies are becoming ever more reliant on innovations to keep pace with their competitors, and this has led to a slew of rapid developments.

This means that today even the smallest business has to invest in tech in order to stay in the game, but it can be difficult to know where best to spend your budget. Will it benefit you more, for example, to splash out on a 3D printer, or is it better to save your hard-earned money and use it to enhance your digital marketing strategy?

We take a look at what the experts have to say.

Better software

For companies existing in 2020, software is the lynchpin of what you’ll do each day. Handling everything from your time management to your account keeping, it’s the ideal way to make your business more efficient, organized, and productive.

The problem is that it’s constantly being updated. So do you really need to spend more on the latest innovations, or are you as well to stick with your current setup? While the answer is dependent upon your individual circumstances, software will almost never represent a bad investment. The question you should be asking yourself is this: where can we improve, and is there software out there to help us do so? If the answer is ‘yes’, and there’s money left over in your budget, this is an eminently sensible way to spend it.

Enhanced online security

One of the few downsides to this ever-increasing digitization is that it opens up a world of new security risks, and places the burden of minimizing these on your shoulders. There are lots of ways to do this, including taking out appropriate cover to protect your business. While companies like Next Insurance are a wonderful resource for helping with this, providing personally tailored and affordable options for small businesses, they’re a safety net that should be used in conjunction with appropriate safety measures. As the old saying goes, prevention is better than cure, so investing in online security will always be money well spent.

Cloud services

In addition, we suggest that you consider investing some of your funds in cloud services. Helping to reduce your overall IT costs, spending money now will result in savings in the long term, which means that such expenditure represents an arguably savvy financial decision.

What’s more, cloud computing comes with many additional benefits, including scalability, collaboration efficiency, and flexibility of work practices. The latter is of particular importance in the current climate, with more people than ever wanting employers who give them the freedom to experiment with how they work and how much time they spend in the office.

Your website

This increased digitization is also reflected in our buying habits. It will come as no surprise to anyone to learn that 32.8 percent of total retail sales occur online, with this number set to continue growing over the next few years. This means that an exceptionally large amount of business revenue is likely to come from online sales, so focusing your efforts on this demographic is vital to your future growth.

Thus, given that your website acts as a portal between company and customer, it represents an important investment prospect. You should see it as an opportunity: a way to refine your online brand and increase your appeal among your online audience.

Digital marketing

Hand-in-hand with the importance of your website is the essentialness of your digital marketing efforts, and one of the simplest and most effective ways to increase your brand profile and grow your audience online is through internet-based marketing. This can cover a number of different approaches, from search engine optimization through to social media marketing and pay-per-click. What is important is to use a multifaceted approach, in order to increase the overall success of your campaign.

While basic digital marketing can be handled by you and your in-house team, this is an area where expert help is very much preferable, and there are lots of reputable outfits out there who can help you. We suggest finding one online and allowing them to work their magic on your behalf.

Mobile compatibility

payment method

Last but not least, we would very much recommend investing in your mobile offerings. Around two billion people made a purchase from their smartphone in 2019, with 95 percent of shoppers also conducting research on their device prior to completing an in-store or online checkout.

However, this entire demographic will be put off of using your website and purchasing your products if it’s difficult to navigate and not mobile compatible. The solution, clearly, is to invest money into fixing this, so don’t be afraid to spend in the short-term, for it will most definitely result in you reaping the benefits in the near future.

What will you choose to spend your tech budget on in 2020?