5 Technology Challenges Faced by Every Business Owner

By Guest Author | technology | April 9, 2021

In the dynamic market environment, technology is regarded as the key to effective business management. However, business owners struggle with integrating this technology into their business to enjoy its benefits. As a result, instead of helping them run the business, technology becomes a problem altogether. Here are several technology challenges business owners face every day.

By JESSICA MCFLY

IT costs

A significant challenge for business owners is the high IT costs that make services unaffordable. Businesses often struggle to land IT support and hardware services, which is a challenge in maintaining security and data protection. The high costs affect the implementation and maintenance of new technology. Compared to big corporations, the high costs of updating systems and paying IT support services is a challenge to small business owners despite their willingness to embrace the technology.

Handling security risks

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Hackers are becoming more sophisticated as they target businesses more than ever. However, a majority of business owners are unprepared for cyber-attacks. Some are susceptible to attacks because they run on outdated systems and software that are easily compromised. According to the latest research, most small businesses go out of business within six months of a cyber-attack. Dealing with these security risks is a considerable challenge for companies that fail to handle these sophisticated security risks. It doesn’t matter if you are trading in twisted extracts cara melts, or high-end appliances; having an up-to-date security system is necessary for every business.

Staying current with new technologies

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Technology is constantly evolving, and keeping up can be problematic for business owners. Just a tiny percentage of small businesses stay current with new technologies to deal with many functions. Business owners are likely to miss a big trend that will have a major impact on their operations. For example, some businesses don’t use cloud computing technology despite its importance in preventing a data breach. Hence, they are not current with the new technologies and miss out on important updates.

Lack of strategic IT planning

Many times, business owners are disconnected and don’t know what to do with the technology. Due to poor strategic planning, they make wrong choices regarding hardware, software, and security procedures. They also struggle to find the right IT employees and partners to help integrate technology into their operations. This comes down to a lack of strategic IT planning.  

Backup and disaster recovery issues

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Having a reliable disaster recovery plan is crucial to preventing losses from unfortunate events. The majority of business owners lack disaster recovery plans and are unprepared for these events. Every time they experience an unexpected disaster, they are exposed to massive data losses. Theoretically, they can do something about disaster recovery. However, this requires more resources and expertise that small businesses lack.

Bottom line

Technology challenges are common in any business. However, small businesses face the most challenges due to poor planning and lack of resources. We have highlighted few issues that most business owners face when running their organizations. The best route to overcoming these challenges is to be prepared, flexible, and scalable.