It seems like everyone has been watching and anticipating what the fed will do: raise rates. No one was surprised by this fact. We watch many economic levers such as unemployment rates, inflation, and everyone has an ear toward headline news. We feel the tangible impacts of shipping delays, supply shortages, and a culture adjusting after a pandemic. The bottom line is that the current economic outlook points to recession, meaning the need to be intentional with technology spend and strategy is more important now more than ever.
I have spent over ten years as an IT leader supporting highly regulated financial institutions (inclusive of banking and wealth management organizations), driving security risk mitigation efforts, and architecting solutions to support global operations. I have been on the ground floor of building IT strategies for startups and re-structuring faulty technology foundations while companies grow.
The first item that should be on every owner’s mind: Cyber Security.
Cyber security is a topic that tends to overwhelm the small business owner on a constrained budget. At this stage, most companies are finally formalizing a return to office policy (ROT) and trying to make sure they do not lose too many employees in the process as expectations are reset. While most companies are focused on the human capital, the natural progression of attention will need to shift to cyber security, particularly in the home environment. Home environments do not have firewalls and segmented networks. For big and small companies, this will become an attack vector that will need to be addressed.
The second item owner’s mind:
Automation and Relationships.
With employee retention being a being challenge, how can the business automate or remove single points of failure that originate from the employee base. Often business owners get tunnel vision around the war cry of automation. The true solution balances efficiency & automation with the art of a relationship forward practice. To architect technology that compliments the business practice, one must consider what part of the job should be left to the creative minds of your employees, and what portion is to be automated as a foundational pillar for scalability.
Going back to my thesis, the economic outlook requires business owners to be mindful of spend, and technology often is a leading expense. If strategic technology thought leadership is set aside, this could negligently leave the business open to undue risk (and as a result much reputation damage) or a failure to scale a growing business.
What’s Next
ECCO BOLD offers a methodical and bespoke response to all these questions while considering the economic environment. We strive to address the need for strategic technology assistance for businesses that do not have access to have a full-time technology leader. We focus on the need protect client data in the evolving environment, and further, focus on an even greater need to use technology as the invisible augmenting force, magnifying efforts without depriving your unique organization of its soul: the relationship and creativity of employees.
And that is the heart of ECCO BOLD. It is about achieving what is greater than self with others, assembling the orchestra of experts, and amplifying the business with complimentary and augmentative technology. As you consider your IT strategy for 2023, please consider ECCO BOLD in the process. Click below for a 30 min complimentary call. We would be honored to serve you.
Ephesians 3:20 Now all glory to God, who is able, through His mighty power at work within us to accomplish infinitely more than we can ask or think.
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