What is the likelihood of your new, small business pulling through? Unfortunately, financial experts agree that the prospects aren’t very good. Only 20% of start up businesses last more than 18 months, and a considerable amount don’t even last that long. Three simple — and relatively inexpensive — technologies can vastly improve your chances of lasting success. What are they?

Cheap and Practical Cloud Computing

\”Data space can be a huge issue for small businesses. But you don’t need to purchase [an] expensive kit to get around this. Many small businesses are opting to outsource data storage,\” The Telegraph explains. Hosting server space can be incredibly expensive. Luckily, you don’t have to do it. Instead, invest in cost- and time-saving cloud computing software. Cloud computing technology will save you money, while also enabling employees to access systems from remote locations.

What is PLM Software?

Almost all new businesses are working with limited funds. Don’t pay for items unnecessarily. Product lifecycle management systems and application lifecycle management software can help you thoroughly and efficiently track the progress and value of goods, services, and online applications at all stages. If a specific product is no longer profitable, the software will help you determine that — and with enough time to do something about it.

Reliable Security and Backup Software

It is absolutely essential to backup company data. Experts recommend encrypting data whenever possible. Also ensure that any internet and/or digital security software is up-to-date. Install updates and security patches as necessary. Reinforce these efforts by making sure that all employees are up to speed on security software and measures. Train employees to recognize phishing scams and viruses before they become an issue. \”Small businesses should be backing up important customer records, tax documents and payroll information daily to a local backup system or cloud-based solution. Additionally, business owners should have a backup for all necessary applications, like point-of-sale systems,\” Fox News continues.

Invest in three key technologies, and make certain your business doesn’t fail unnecessarily. Use critical security programs, efficient product lifecycle management systems, and inexpensive cloud computing software to help secure the future of your business. To see more, read this: Plm strategy