Small Business Brief

Technology & Software

The Different Technological Challenges Businesses Face and How to Deal With Them

Technological challenges used to be a concern of technology companies. Today, it’s something every business should consider and have a strategy for overcoming.

In the following article, we’ll talk about the threats you can most expect. But first, a question. 

Where Is Technology Going?

Technology has accelerated in the last 20 years with the arrival of the Internet. It has democratized the process of communication and enabled business owners to do more with less.

It has also enabled malicious actors. We hear far too often about data breaches, viruses/malware, and crippling cyber attacks. Recently, a data breach infected the entire country of Ecuador!

In short, yes, you can do more with technology as an individual and a business owner. But you also can have more done to you.

It pays to be vigilant. And that starts with knowing and proactively dealing with these IT challenges.

1. Guarding Against Cyberattacks

The Council of Economic Advisers estimates that malicious activity costs the US economy as much as $109 billion each year. It’ll impact startups and small businesses the most. And it could even shut down companies altogether.

A proactive monitoring tool can be very useful in cutting off cyberattacks. At the very least, they can keep attacks from escalating. 

2. Affording Security

Guarding against cyberattacks means paying for extra training, personnel, and, in most cases, hardware and software upgrades. Considering the average cost of a data breach is around $242 per stolen record, it’s a necessary expense. But it’s one you’ll have to make room for in your budget.

3. Maintaining a Digital Identity

One of the challenges facing today’s managers is maintaining the digital identity of their brand across all platforms. That means ensuring consistent branding and messaging across various social networks, websites, and other forms of media. This may require the hiring of additional personnel and professional development expenses. 

4. Skills Shortages

In the past, technology skills were something confined only to IT. But to avoid cyberattacks and ensure efficient daily operations, everyone must have some level of proficiency with tech. Hiring capable professionals in this regard is one of the bigger business challenges, as is getting your existing personnel any necessary retraining.

5. Keeping up With New Technologies

New technologies often bring major challenges because of additional costs and new ways of operating. And since the rapidity of technology isn’t slowing down, it’s easy for businesses to fall into the trap of antiquated technologies before they even know it’s antiquated.

6. Digital Integration

Another of the great small business challenges is determining how and when to integrate technology and which facets in which to do so. Digital integration covers everything from the use of social media to the improvement of the customer experience through technology. It’s up to the business owner to figure out how that’ll work. 

7. Avoiding Disruption

The book industry never saw Amazon coming, and many traditional bookstores went out of business as a result. Had they not been so slow to act on the growing digital book market, they could’ve avoided a great deal of disruption. 

Future tech challenges will entail staying in front of the disruption threat. To pull that off, you’ll have to think like a disruptor.

Technological Challenges Are Not Insurmountable

The technological challenges of today are more complex and destructive than in the past. But you are not powerless, and you can overcome them.

Knowing the threats and having a plan for them is key. Start mobilizing. And check out some of our other business technology tips while you’re here.