5 hidden costs of aging technology

Did you know that most business owners don’t even think about replacing technology until it fails? That can make it more expensive than it has to be. Here’s why.

• More downtime – Lost time is lost money for essential equipment and software 
• Lower efficiency – Competitors with newer solutions can do more in less time 
• Higher maintenance costs – Spending more money to get the job done hurts margins 
• Costly rentals – Substitute equipment is expensive and can create cash flow issues 
• Urgent replacements – Emergencies can lead to rushed decision making on long-term solutions

Is any of your technology getting to the place where it may be costing more than you thought? Get in touch and let’s break down the costs to see if an update could save you some money in the long run.

Don't forget that the cutoff for support of Windows 7 is coming up on January 14th 2020.

The Office 365 Services continues to grow

Microsoft is adding (3) new applications to Office 365 Business Premium. The Office 365 Business Premium SKU is focused on the sub 300 client license small to medium businesses and includes both Exchange Accounts and Office Suite. See Office 365 Team Posting.

To make Office 365 more valuable for your small business, we are announcing three new applications coming to Office 365 Business Premium:

• Microsoft Connections—A simple-to-use email marketing service.
• Microsoft Listings—An easy way to publish your business information on top sites.
• Microsoft Invoicing—A new way to create professional invoices and get paid fast.

We’re also introducing the Office 365 Business center, a central place where you can manage these business apps and get an end-to-end view of your business. In addition, we’re adding MileIQ, the leading mileage tracking app, as an Office 365 Business Premium subscription benefit. These new services—along with the recently added Microsoft Bookings and Outlook Customer Manager—help you win customers and manage your business.

Microsoft’s new additions helps to make the case to move into the Business Premium product for the low cost of $150/user per year.

New Credit Cards with Chips pose increased costs to venders that accept them

An interesting viewpoint by Joyce Rosenburg from inc.com discusses the associated costs of having to upgrade your credit card readers to work with the new chip based credit cards that were designed to reduce credit card fraud. Businesses are required to update their equipment by October 1st or face the chance of being held liable for transactions made with phony chip cards. Most retailers are going to bear the brunt of these costs.

But that's not all! If your accounting system is connected to the readers they may not work with the new equipment and may require you to upgrade or replace your system to be able to automate the transaction processing. 

What are the alternatives? I can't seem to think of anything but move forward and take the financial hit. Not a pleasant situation to be in for all of us small business owners.