Alexandra is originally from the Bay Area, and got involved in marketing while working for a mobile gaming company before joining Nitro. You can find her eating and drinking her way through San Francisco in her spare time.
Changes in technology can create a lot of challenges even for the largest companies, but picking the right technology for your startup can accelerate your business’s success. We’ve compiled a list of the four most common technology challenges facing startups, and how to manage and minimize the impact they may have on your business.
1. Keeping up with New Technology
Keeping up with technology that is constantly changing is a huge challenge for any business. There is always going to be pressure to move fast and to adapt or adopt new technologies, but this can also prevent startups from achieving their primary business goals.
Solution: Make sure you are realistic about whether the technology tools you adopt will address your short and long-term business requirements, and that they will have a positive impact on your business goals.
2. Scaling Technology for Growth
Startups tend to think about the immediate impact technology is going to have on their work and productivity, but they also need to keep business growth in mind. The technology choices you make early on will affect scaling your business while minimizing costs and allowing for customer adoption. These choices include integration, security, technology migrations, and numerous other variables that are important when starting and growing a business.
Solution: Think about the big picture when selecting technology early on and make scalability a key requirement. Your decisions will be able to prevent some tech-related growing pains later on.
One of the most obvious challenges for startups when it comes to technology is cost. The cost associated with buying and maintaining new tools can be very expensive, especially when your business starts to scale.
Solution: Every dollar spent on technology should be carefully considered, not only in the short term but in the long term when scalability and growth will be the key drivers.
Adopting a technology is just the beginning of your journey. Identifying and attracting the right talent is becoming a major challenge for startups. Given the rapid changes in technology, the experienced or trained talent pool in the market is diminishing and will continue to do so.
Solution: Carefully analyze the available technical talent pool in your area prior to adopting any new technology. Analyze advantages and disadvantages of alternate technologies and satellite offices in talent rich areas. Continuous technology training should also be part of your long-term plan. In addition to the technical talent pool, consider how familiar your business, marketing, and sales teams are with the new technology you are planning to adopt.
Choosing the right tools to scale in a cost-effective way while staying current with technology trends can be daunting, even for a large business. Keep these common challenges in mind and you will be better equipped to position your startup to succeed as you grow.
For more information about how to choose the right software for your business or how to standardize your software across your organization, check out our other blog posts: