It is almost impossible, and certainly impractical, to try to run a business in any industry without leveraging technology. However, entrepreneurs and small business owners may worry that access to the technology tools they need will leave a big hole in a small budget.
Fortunately, recent rapid advances in technology, many centered around artificial intelligence, mean that there have never been more options for businesses when it comes to technology tools and services available (and affordable). Below, members of Forbes Technology Council share smart strategies and solutions for small businesses looking to take advantage of all the benefits of today’s technology.
1. Identify aspects of your business that require a custom solution
We faced this problem and here is how we solved it. First, identify the aspects of your business that absolutely require technology customization. In 80 to 90% of cases, it will only be one or two areas. Use offshore contracting organizations to create these customizations for you at an affordable cost. We used commercially available software with built-in customization for everything else. – Dr Sreeram Mullankandy, Elumina Health Inc.
2. Choose between “Build”, “Buy” or “Boost”
For small organizations, the most effective strategy is to identify what meets their specific needs and choose between “build,” “buy,” or “boost.” Choosing the right approach is essential and collaborating with external consultants with the appropriate expertise can lead to the best results. Once the assessment is complete, implement solutions through a combination of vendors and internal teams. – Arslan Ihsan, ADD AI
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3. Consider hiring a fractional CTO
Small businesses need a trusted partner who looks out for their best interests rather than maximizing dollars spent with software vendors. Hiring a fractional CTO with equity in the company could be a good solution. – Adam Balogh, Gradient Open
4. Find a suitable MSP
Small businesses should focus on identifying a managed service provider that meets their needs. This will often prove far more cost-effective than hiring internal resources, and will provide access to a much deeper pool of expertise, allowing business leaders to focus on their core business rather than technical issues. . – Austin Berglas, BlueIndicator
5. Collaborate with proven small businesses
Partner with another proven small business whose core business is creating and operating products and services for the era of Big Data and AI. Evaluate its technology stack in terms of scalability (to avoid technological blockages in the event of changes), customer diversity, retention rate and service history. If the company meets your criteria, its small size will give you the added benefit of speed and agility to match yours. – Karen Kim, Managed by humans
6. Subscribe to SaaS solutions for essential business services
For small businesses with tight budgets, leveraging cloud-based software-as-a-service tools and solutions is a smart move. These platforms provide scalable, cost-effective access to enterprise services such as CRMs, project management systems, and cybersecurity, all without the need for an entire in-house technical team. By subscribing to the right services, businesses can avoid high upfront costs and maintenance fees. – Dhivya Nagasubramanian, American Bank
7. Leverage Cloud-Based Solutions
Leveraging cloud-based solutions and SaaS platforms is an effective strategy for small businesses that lack budget for in-house technical teams. This approach offers cost-effective, scalable and automatically updated tools. All-in-one platforms, project management tools, and cloud storage can meet a variety of needs. Additionally, virtual CIO services provide strategic advice without full-time IT costs. – Anurag Agrawal, Google SARL
8. Outsource specific needs
Small businesses can access affordable technology tools using managed IT services, cloud computing, and SaaS platforms. These options provide scalable solutions without requiring significant upfront costs or in-house IT staff. Outsourcing specific needs to freelancers or managed service providers also offers cost-effective and flexible support. – Priyadarshni Natarajan, Walmart
9. Integrate AI and promote citizen development
Small businesses can improve productivity by integrating AI into existing tools and enabling citizen development. Use AI features in products for automation and insights. Encourage employees to build custom applications with low-code platforms, improving efficiency without the need for extensive IT resources. This approach maximizes current investments and empowers staff. – Ramnath Natarajan, Johnson Controls
10. Choose a Standard Core Tech Stack
Standardize your core technology stack by subscribing to Microsoft 365 or Google Workspace to centralize tools in the cloud and ensure secure communication, collaboration, and storage with auditing capabilities. Additionally, adopt cloud-based SaaS solutions for processes like CRM, accounting, and marketing. These solutions require no infrastructure, provide flexibility with quick subscription and cancellation options, and minimize upfront costs. – Prashant Kondle, Ivis Technologies
11. Leverage contracted technology professionals
Enlisting contracted technical professionals who can provide thought leadership and execution can help a small business achieve the desired results. This strategy is cost-effective and the small business will benefit from working with experienced consultants who will bring new ideas and help train existing staff members. Additionally, this strategy does not require any long-term financial commitment. – Michael Butts, Burtch’s works
12. Explore “as a service” options
Leverage solutions like Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). These services are cost-effective, customizable, flexible and scalable. These service providers often offer built-in support, training, and regular updates, ensuring small businesses have access to the latest security tools and practices without the need for in-house expertise. – Venkata Thummala, Stanford University
13. Tap into global talent
Small businesses can access top-tier technology talent through mid-sized technology partners in low-cost markets like Pakistan and Sri Lanka. These markets are largely untapped and have incredible talent pools that can be tapped by small businesses in the US and EU. Hire a sensible, pragmatic in-house IT manager who has experience with these markets to get the best value. – Asim Bawany, Codup
14. Take advantage of emerging AI tools
There’s never been a better time to start a small business. Today, large companies have large IT infrastructure and teams to manage their technology stacks. However, radical changes in AI, large language models, and agentic automation are making it possible for a single person to do work normally done by thousands of people. My prediction is that we will see a one-person unicorn within ten years: the smallest company. – Spencer Penn, Light source
15. Understand the importance of process flows
Process flow is very important for any successful business. It is expensive to hire staff to set up a process flow, especially for small businesses. To overcome this obstacle, small businesses can use workflow tracking tools, which provide standard templates that can be customized to meet unique needs. This strategy can be an effective way to establish process flows, thereby streamlining work. – Srinivasa Reddy Mukkala, Episdata Inc..
16. Use Low-Code and No-Code Platforms
Small businesses can maximize their technology capabilities by leveraging no-code and low-code platforms and affordable SaaS tools for tasks like CRM, analytics, and automation. Combining these platforms with the help of independent technical consultants on platforms like Upwork allows businesses to access specialist expertise for critical projects without long-term commitment, ensuring flexibility and cost-effectiveness. – Himanshu Sinha, Marriott International Inc.
17. Leverage SaaS powered by GenAI
Small businesses should leverage existing AI-driven generative SaaS platforms combined with targeted AI consulting expertise. Success requires a precise strategy with clear “build or buy” decisions, measurable metrics and well-defined implementation phases. Start small, prove your worth and grow gradually: trying to build everything at once is a recipe for failure. – Yair Adato, Brian
18. Invest in incremental technology upgrades
Continued incremental investment in technology can be a good strategy to support long-term goals. In the short term, part of this investment can be dedicated to leveraging, as needed, on-demand services available on cloud platforms. – Pradyumna Shukla, Capital one
19. Work with a split technology partner
Small businesses can work with a split technology partner who ultimately feels like part of the team. This strategy provides expert support, scalable solutions and strategic insights without the cost of hiring in-house technical staff. Focus on providers who tailor their services to your business needs, ensuring a more seamless integration. – Kenneth Holley, Silent Quadrant
20. Take full advantage of open source tools
Use open source tools overseen by a dedicated service partner. Pay a monthly subscription for ongoing updates, security patches, and expert advice. This approach provides small businesses with enterprise-grade technology, flexible scaling, and custom integrations without the need to hire an in-house IT team, ensuring profitable, personalized growth. – Mohammed Razem, Vardot