Technology Budgeting
Give yourself plenty of time to review your IT budget to ensure your business has the resources it needs to continue to grow and prosper in the coming year.
Business now know technology cannot be an afterthought. You need to have a clear and well-defined Strategic Business IT Roadmap to reduce unanticipated technology issues that could cause trouble.
IT BUDGET: Assess, Document and Plan
As technology advances at a fast pace, routine technology refreshes become increasingly essential for any company hoping to stay successful. Rather than simply assuming you’ll need the same IT solutions with the same IT budget, take the time to assess your current needs, as well as how upgrading or moving to different platforms might help your company meet those needs.
Can your current state support your business goals?
Focus your IT budget to improve these four areas:
Monitoring and Maintenance
Weaknesses in your IT infrastructure compromises your business and can come with a heavy cost. Hackers are always scanning for vulnerabilities in your business network. Identify your weaknesses with a network audit or security risk assessment. Make sure your devices have “next generation” software to continuously monitor your network and respond to threats. Use a vulnerability scanning solution to identify potential problems and develop the best preventive measures.
Projects
Businesses frequently neglect critical IT projects. IT Projects today strengthen security, improve customer experience, and allow for flexible work environments.
- Improving and securing business and guest Wi-Fi
- Setting up a secure VPN for your virtual workforce
- Migrating to Microsoft 365
- Enabling multifactor authentication
- Moving on-premise servers to the cloud
Refreshes
Keeping legacy systems may appear to be the easiest and most economically sound option, but it usually decreases employee productivity and harms your bottom line. Older equipment reaches a point where it cannot be updated or patched. This greatly increases the risk of hacking. As a result, planned technology refreshes are critical to ensuring the optimal performance of your IT infrastructure.
Accidents or incidents
You’ll need a plan in place to tackle an accident or incident, such as a cybercriminal demanding a ransom. Discovering that hackers have encrypted all your systems can be disastrous, not just financially but also in terms of your reputation. When planning your technology budget, focus on strengthening your cybersecurity posture to prevent attacks. It is vital to understand your insurance policy and have a disaster recovery plan.
Here’s a list of the most common technology budgeting mistakes.
Mistake #1: The cheapest option is always the best
Your business technology shouldn’t be an afterthought. Investing in high-quality technology can significantly improve your bottom line.
Excellent Reasons to Invest in High-Quality Technology
- Streamlining workflows
- Increasing employee productivity
- Improving customer satisfaction
- Avoiding business interruption
- Avoid frequent repair costs
- Improve your bottom line
Just as you would not attempt to run a marathon with inadequate preparation, don’t run your business with lousy technology. The right choices make a difference.
Mistake #2: Last year’s IT budget will work for this year
As technology and cybersecurity threats evolve and advance, businesses need to stay up to date to succeed. This can be challenging because budgets are often tight, and it can be hard to justify spending on new technology when old systems are still operational.
You can overcome this barrier by conducting internal assessments to identify friction points and areas where upgrading to a new system or platform could improve business outcomes. This information can help make a case for the necessary expenditure to stay relevant and improve your company’s long-term success.
Mistake #3: One person can handle all my IT needs
Even an IT genius needs the occasional vacation or day off. Augmenting internal resources with an IT service provider can help bridge gaps and give relief to your internal resources. This can help improve job satisfaction and employee retention since your team members will feel appreciated and empowered to take time off, when necessary, without jeopardizing your company’s IT infrastructure.
Mistake #4: Thinking short-term
Always keep your overall business objectives in mind when budgeting for IT needs. Purchasing solutions that cannot grow with you is wasteful. You will end up spending more money in the long run. You can avoid potential roadblocks and extra costs by planning ahead as much as possible.
HOW WE HELP BUSINESSES WITH TECHNOLOGY
Network Assessments
Through network assessments and discussion, we understand your business’s technology requirements and recommend solutions that improve efficiency.
We provide support and maintenance for your business’s IT infrastructure. Our services may include making sure your systems are up and running smoothly. We can also help with any technical problems you may experience. We simplify managing your IT.
Also, we help you plan for future growth by studying your business’s long-term needs and suggesting solutions based on that vision. Partnering with us means you can rest assured that you have the right tools and support to be successful.
We help you create a Strategic Business IT Roadmap.
We tailor-make a 3 to 5-year plan based on the needs and goals of your business. This plan helps determine which technology solutions are best suited for your company. Planning also includes how to implement them in ways that meet your budget and time constraints.
Facilitating compliance with a cyber insurance policy
Cyber insurance coverage is more vital than ever. We help you comply with your policy and increase your chance of receiving a payout when needed. By partnering with us, you better understand what your policy covers and what it doesn’t. We help you decide what measures you need to take to be in alignment with your policy. We can monitor and manage your compliance on an ongoing basis.
Offering a flat monthly price for everything
We offer a fixed monthly rate for our services, helping you create a budget and estimate your monthly IT expenses. Like any industry, you might find service providers who underquote their prices and later charge you additional fees.
