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Cut the technology budget--but don't let your business get stuck in the stone age.

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This story appears in the November 2001 issue of Entrepreneur. Subscribe »

If the slowing economy has you tightening your company's purse strings, you're not alone. IDC estimates IT spending will increase by only 4 to 5 percent this year, down from the average annual increase of 8 to 9 percent it saw during the period from 1997 to 2001.

But spending less on technology could cost you plenty. Small businesses must continue investing in new technologies to keep pace with-and surpass-the competition, says Ray Boggs, vice president of small-business and home-office research at IDC. Wireless and broadband are two key areas for investment, he says, but entrepreneurs should be open to other emerging technologies.

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