For small business owners, every dollar counts—and every decision matters. Nowhere is this more true than when it comes to investing in technology.
From customer relationship management (CRM) platforms to e-commerce tools, accounting software to cybersecurity, the digital tools available to entrepreneurs today are powerful—but also overwhelming. With limited time and tight budgets, how do you know what to invest in, how much to spend, and where to start?
At the Greater Philadelphia Hispanic Chamber of Commerce, we hear these questions every day. That’s why we created CHISPA, our webinar series, designed to help small business owners make smart, strategic decisions about their business.
One of the challenges business owners face is prioritizing their technology investments. The tighter the budget, the more important it is to prioritize. Here is a simple framework to help guide your thinking:
Start with your business goals
Before you spend a dime on software or subscriptions, ask yourself: What are my top 2-3 business goals this year? Do I want to grow sales? Improve customer retention? Streamline operations?
Your tech investments should directly support these goals. For example, if your goal is to increase repeat customers, a CRM that tracks customer interactions and automates follow-ups might be a smart investment. If you’re focused on saving time, look for tools that automate tasks like invoicing or inventory management.
Know your budget—and stick to it
Technology doesn’t have to break the bank. But it does require planning. A good rule of thumb is to allocate 3 to 6% of your annual revenue to technology, depending on your industry and growth stage. If 3% of revenue is too much, you can still use high quality tools that offer free versions, such as Zoho for CRM, Mailchimp for email marketing, Trello for project management, Canva for marketing and graphic design, and Google apps for business applications and collaboration.
Start small. Avoid locking yourself into long-term contracts until you’re sure the tool fits your needs. And don’t forget to budget for training and support—buying the software is only half the battle.
Prioritize what will save you time or make you money
When evaluating tools, ask: Will this help me serve more customers? Will it reduce errors or save me time? Will it give me better insight into my business?
If the answer is yes, it’s likely worth considering. Tools that automate repetitive tasks—like scheduling, billing, or social media posting—can free up hours each week. That’s time you can spend growing your business.
Choose the right CRM (and don’t overbuy)
CRMs are powerful, but not all are created equal. Some are built for large enterprises with complex sales teams. Others are perfect for small businesses just starting out.
Look for a CRM that is easy to use and doesn’t require a tech expert to manage; integrates with tools you already use (like email or your website); and offers features you’ll actually use—don’t pay for bells and whistles you don’t need.
The best CRM is the one that fits your workflow and helps you stay connected to your customers.
Don’t forget cybersecurity
Small businesses are increasingly targeted by cyberattacks. A single breach can cost thousands—or even shut you down. According to Verizon, the median amount paid to ransomware groups is $115,000. Invest in basic protections, including strong passwords and two-factor authentication, regular software updates, cloud backups, and antivirus and firewall protection.
Cybersecurity isn’t optional—it’s essential.
Get help from people you trust
You don’t have to figure this out alone. The Greater Philadelphia Hispanic Chamber of Commerce offers free webinars, expert guidance, and curated resources to help you make business and technology decisions.
Visit philahispanicchamber.org to sign up. Technology can feel intimidating—but it doesn’t have to be. With the right mindset and support, you can make smart, affordable choices that help your business grow.
Jennifer Rodríguez, MCP, is the President and CEO of the Greater Philadelphia Hispanic Chamber of Commerce.
