Many small business owners are hesitant to invest in the latest technology. Some entrepreneurs fear the added expense, while others worry they won’t be tech-savvy enough to use the new tools. According to the Phoenix Business Journal, “outdated technology costs businesses more than it saves.” When you consider the time you’ll save, the hidden legalities, and the impact on your company’s bottom line, your business can’t afford to skip out on some business technologies. Here are some tech trends to include in your business budget.

Making Money

Thanks to the lower costs of many modern technologies, it’s possible to get software and apps for your business for lower rates than ever. Many of the following technologies will make you so much money in the long run that you can’t afford not to invest in them.

• Web Development: Every business needs a site that works great, is easy to use, and clearly displays your products and services. Building a site yourself takes time, effort, and money. If you don’t have coding skills, it might be best to hire a web developer to build a custom site while you focus on other essential tasks. A PHP developer can build you the site you need. PHP is a common coding language, thanks in part to the popular site platform WordPress. According to Upwork, it’s important to hire the best PHP developers, which means you should look for candidates familiar with back-end programming; coding languages like HTML, CSS, and JavaScript; and database technologies like MySQL, Oracle, and Postgresql.The right person can save you money on a functional, professional site. You can even request an administrator dashboard so you can easily update the site yourself without having to write code or pay a developer to make changes. Thoroughly explain the details and scope of your project, and ensure they have the necessary skills.

• Dropshipping: Dropshipping is a money-making business solution due to its low initial costs. When customers purchase products through your website, items are shipped to them with the click of a button. Because you never store inventory at your physical location, dropshipping fits many types of retail and home-based businesses.

To expand your product offerings, you might consider selling electronics, clothing, cosmetics, office supplies, toys, or wedding supplies, all of which are trending.

• Cloud Technology: Cloud-based technologies, like a cloud point-of-sale (POS) system, can make it easier to own a business. According to Tech.co, cloud technology means storing documents on the internet, rather than on a single computer. Cloud tech lets you authorize individuals to view or update documents in real-time from anywhere in the world. Most software, including Google Drive and Microsoft Word, offers cloud features.

Cybersecurity

When most business owners think of security technology, antivirus software, firewalls, and virtual private networks probably come to mind. These services are essential to business cybersecurity. However, your business is also legally obligated to protect customers’ sensitive information, including credit card numbers. For instance, if you have customers in Europe, your website must comply with the new Strong Customer Authentication (SCA) regulations as well as GDPR laws that protect consumer privacy.

Meanwhile, United States companies must comply with Payment Card Industry (PCI) standards when accepting online payments, and HIPAA standards when handling medical information.

Cybersecurity laws reduce online fraud by protecting customers’ information. A web developer can install SSL and other technologies to keep your business legal, ethical, and compliant.

From eCommerce websites to cloud-based POS systems, modern technologies help take your business to the next level. Many of these technologies are free and easy to use. However, it’s crucial to evaluate new technologies strategically. Before investing in something, determine whether it meets your business goals. Research what other companies in your industry are doing and read online reviews before purchasing. As your company grows, technology can help you stay secure, productive, and legal. Even if you have to pay a little more money up front, you’ll recover those funds thanks to the impact on your bottom line.