It's easy to identify the value IT brings to your business, but it's a lot harder to write a check for thousands of dollars to purchase new systems. As a small business owner it can be difficult to determine when you should invest in expensive systems, when you should look for other solutions, or when you should stick with what you already have.

So when should you take the "IT plunge"?

New business owners sometimes start out by leasing or renting their technology because cash flow is tight and they're not sure what kind of systems they'll need as the business develops. In the startup phase, the line between business needs and business wants can be blurry, so it's probably not a bad idea to rent or lease expensive equipment until you have a handle on your critical business needs.

In fact, studies show that many U.S. companies raced to acquire the wrong kind of technologies in the 1990s and overspent by billions of dollars. In addition, they underestimated the time they would need to implement the systems. Business owners have learned a lot since the early tech boom and one of those lessons is to take a cautious and planned approach to IT spending.