Technology Ideas for an Economic Crisis

With the economy shutting down due to the coronavirus, small businesses still need to figure a way to operate.  Payroll, rent and other expenses still need to be met.  A review of a firm’s technology may provide some quick solutions to help manage through the current environment.

E-Signature – Companies that rely on contracts to trigger revenue, still need to have contracts executed during a time of social distancing.  Lowering the contract execution standards can create legal issues, possibly years down the road. 

E-signature solutions including Docusign and Adobe enable digital contract execution.  Contract execution can be faster.  Faster contract execution translates into faster billing and receipt of cash.

Cloud storage for Remote Access – Firms already using cloud storage for documents enable their employees access to documents remotely.  This is critical to maintain operations when most staff are working from home.  Good solutions exist from Box, Dropbox and Microsoft’s Onedrive.  Office 365, includes Onedrive.  Cloud storage solutions can have limitations on collaborating on documents, which can create conflicting files.

Collaboration Apps – Employees working from home still need to collaborate on projects and initiatives.  Email and text messaging are poor solutions and can fill an employee’s email box.  Today there are low cost/free collaboration applications that work on desktops and mobile devices.  Slack and Microsoft Teams are two robust solutions.

Most Office 365 subscriptions includes Teams.  The collaboration app enables employees to group discussions into topics. Multiple users can view or edit the same document at the same time.  When employees are working from home, the need to collaborate on documents without corrupting the documents is higher than ever.

Review Subscriptions – Reviewing technology subscriptions can free up cash.  Cancelling unnecessary monthly subscriptions will conserve cash. 

It is a good time to do a complete inventory of all subscriptions, the cost and term.  If a required subscription is up for renewal, can the number of users be reduced?  The renewal date is often when you can reduce the number of users. Your vendor may allow your firm to reduce the number of users required on a good will basis.  Many vendors that want a long-term relationship will work with their customers in a time like this

Cloud Applications – Most companies have moved to the Cloud for their applications.  Review desktop applications that require a user to be at their desk in the office to perform the function.