2016-12-30 00:00:00TechnologyEnglishFind out why business owners should stay up to date on technological advances. Consider learning code to keep up with the latest...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Farmer-Uses-An-App-To-Update-The-Produce-Available-In-His-Weekly-Community-Baskets-On-His-Website.jpghttps://quickbooks.intuit.com/ca/resources/technology/why-every-business-owner-should-stay-up-to-date-with-technology/Why Every Business Owner Should Stay Up-To-Date with Technology

Why Every Business Owner Should Stay Up-To-Date with Technology

2 min read

The future for every industry is rooted deeply in both computer hardware and software technology. As technology evolves, your business stands to lose more than it gains if you lack basic knowledge about how technology works and how it is changing. Learn more about the the significant benefits of staying abreast of technology.


Most private-sector businesses and government entities have a web presence. Many businesses create brand awareness and capture leads and sales online. You also need up-to-date hardware and software to interact with other businesses and the government. If you fail to keep up with technological advances that keep you connected to your clients and business partners, your business runs the risk of losing relevancy. If your business needs upgraded technology immediately, you might consider using financing options, such as leverage, to invest in the technology you need to stay relevant.

Technology Fluency

Just as with learning a first language or French, knowing code – the language of computers – can open a wide range of doors for your business. While you don’t need to be an expert coder, knowing the basics about coding can help you make better hiring decisions and enable you to work side-by-side with programmers to ensure your products work the way you had intended. As programmer shortages continue to plague 21st century business owners, knowing code can help you build or perfect your website or applications yourself. For example, with a knowledge of HTML and CSS, you can create or tweak your business’s website or app on your own.

Business Opportunities

Your business faces increasing numbers of competitors, with each one offering new and more advanced products and services. Being up-to-date can give you greater insight into the products and services your competitors offer; this knowledge can help you gauge just how much a threat a competitor may be to your business.

For example, say you own a landscaping business, and your customers must make phone calls to your virtual assistant to set appointments. A competitor business opens its doors and sets appointments with easy-to-use appointment-setting software, which lets it capture some of your target market. Software knowledge can help you integrate cost-effective online appointment-setting software into your operation quickly, which may be vital to retain your customers given the competition.

Effective Organization

Tracking down lost invoices and hand-delivering documents are a few of the activities that result in lost revenue and productivity. As a business owner, you should stay on top of the latest cloud-based solutions to streamline your business activities so you can spend most of your time generating leads and making sales. Attending trade shows, reading technology publications, and following tech industry leaders on social media can keep you clued in to the latest apps, software, and hardware for optimal efficiency, such as bookkeeping and document delivery.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

A Beginners Guide to Small Business Bookkeeping

Accurate, up-to-date bookkeeping is the backbone of any successful small business. No…

Read more

What are Owner Draws?

Small business owners often use their personal assets as an investment in…

Read more

Guide to Registering Your Self Employed Business in Canada

If you’re a self-employed business owner in Canada, you’re legally required to…

Read more