Is it better to build or buy?
As a buisness owner, balancing your company's immediate needs with it's long term growth can be challenging (especially if your business is a start-up). We've all had to ask ourselves the 'Build or Buy' question when it comes to addressing our software needs. Should we invest in long-term initiatives and build, or take the less expensive approach and buy off the shelf?
There are clear benefits and drawbacks to each approach. Building your own software brings the benefit of customisation. You will have full control over the project. However, building it yourself can take longer,thus pushing out your return on investment (ROI). You also need to look at the opportunity cost. If the opportunity cost on your own terms isn't work it, it's probably best to look to a third party product.
When you're faced with a problem that needs immediate resolution you need to be investing in a quick solution. One of the positives in buying software instead of building is that you get a quicker ROI as you're able to implement it straight away (you don't lose time in the building phase).
As you can see there are pros and cons to both of these options. If you're looking to find a solution and capitalise right away, buying is probably your best option. Do you have a software that you're wanting to implement but unsure whether you should build or buy? Download our free Build or Buy assessment below to get started.