1. Consider your business
Certain industries lend themselves more easily to mobile applications than others; restaurant chains, for example, might benefit from a loyalty point scheme focused application, unlike a B2B firm selling bespoke services perhaps.
Also important is how a business' intends to market itself and its products. Consider a business selling electrical goods exclusively through Amazon; it is unlikely they would gain much from having a mobile application because Amazon already offers one. However, a responsive business website that gives customers an opportunity to research the company prior or after buying could be beneficial.
2. Assess the budget
The development of a mobile application is undoubtedly going to cost more than a mobile-ready website. So right out of the gate, if your business is on a tight budget an application presents a possible financial risk or could simply out of your business' price range.
All good modern websites (including those built here at Devetecho) will be responsive, meaning they look great and offer similar or the same functionality on multiple devices including mobile phones. A website is likely to be much cheaper, too, so your business is getting a cross-platform presence for less.