Originally posted on Get Down To Business with Scott “Shalom” Klein
In this insightful discussion, Michael Fillios, the author of “Tech Equity: How to Future Ready Your Small Business and Outperform Your Competition” and the Founder and CEO of a business and technology advisory firm, sheds light on the crucial concept of “tech equity.” Leveraging his extensive background as a founder and CEO, Fillios underscores the necessity of harnessing technology to bolster business value and stay ahead in the competitive landscape, especially for small and medium-sized businesses navigating the challenges posed by the pandemic.
He explores the core of tech equity, delineating it into two primary components: Alpha and Beta. Alpha encapsulates technology investments that yield a higher return, while Beta revolves around making technology decisions anchored on customer needs. The discussion extends to the imperative of deliberate decision-making in technology investments to not only support business objectives but also enhance the customer experience and view data as a pivotal asset.
Moreover, the conversation touches on the hurdles companies encountered, lacking the requisite technology during the pandemic, and emphasizes the importance of being future-ready. It advocates for a meticulous planning and execution of technology investments in alignment with business objectives, ensuring a seamless and frictionless interaction with customers, thereby achieving high valuations when companies are sold.
Introducing the role of a “Tech Equity Influencer,” often helmed by the CFO, the discussion highlights the significance of cost reduction and wise spending on technology, ensuring that stakeholders who comprehend the value of technology are involved in investment decisions to augment business value.
Additionally, the dialogue briefly navigates through other pertinent topics such as insurance, the Affordable Care Act, small business jobs, and entrepreneurship, providing a holistic view of the various facets impacting small and medium-sized businesses.
This discussion is a reflection of Fillios’s profound expertise and his endeavor to equip businesses with the knowledge and strategies to make informed technology investments, ensuring growth, efficiency, and a robust competitive edge in the contemporary business realm. Whether you’re a business owner, an executive, or someone intrigued by the intersection of business and technology, this discussion offers a wealth of insights into making technology a linchpin for business success and competitiveness.
Dive Deeper into Tech Equity:
For those intrigued by the insights shared in this interview and eager to explore the concept of tech equity in-depth explore Michael C. Fillios’s book, Tech Equity.
