Typically, people think of New Year’s Resolutions as only for individuals. However, setting resolutions or review plans for your business as the new year approaches is essential. In addition, it’s vital when determining and managing your budget to allocate resources appropriately and ensure that your company will continue to succeed in the upcoming months. This is Tech Budgeting 101 for small businesses.
You should always consider technology in your annual budget. Have a clear, defined IT budget so you’re not caught off-guard by tech issues later on.
Here are some key things to remember when trying to budget for your IT-related expenses, regardless of the size of your small business:
Take stock of your business’ needs regularly.
With technology ever-evolving, annual technology refreshes are necessary for any company aspiring to maintain success. Give yourself a budget that will suffice by evaluating your organization’s needs and how different upgrades might help better meet those objectives. Software is developing rapidly, and it’s crucial to ensure that your hardware keeps up.
Five Areas To Focus On
Routine IT Services & Maintenance
Like a car, your business’s technology needs regular check-ups to ensure it is running smoothly. Hackers are always looking for ways to break into vulnerable networks. You must be one step ahead of them by continuously monitoring your network for potential threats and weaknesses. By doing this, you can develop preventive measures to keep your network secure.
Get Your Business Project Budget in Order
Businesses often need to prioritize important IT projects, such as upgrading or safeguarding their networks. Your project budget should include re-evaluating your current security needs each year and verifying all equipment is adequately updated and secured. Software patches, wi-fi, and firewalls are performing as they should.
Training & Education
Providing the right technology and supporting processes can only get you so far in today’s world. To truly thrive, your business needs knowledgeable employees who know how to properly operate all of the hardware and software that drives it. Therefore, whether internal or third-party, training is a crucial component of your IT budget that you should include. At the very minimum, budget for security training.
Hardware Refreshes
You might be tempted to keep your legacy systems to avoid decreased productivity and economic losses. However, this will make your company more susceptible to hacking if security patches are not updated frequently. Therefore, for optimal performance of your IT infrastructure, you should refresh a portion of your technology annually. This also helps avoid large, all-at-once upgrade expenses by strategically spreading the costs over time.
Plan for Possible Accidents and Incidents
Having a plan for how to handle an emergency, such as a ransomware attack, is crucial. If hackers manage to encrypt all your data, it could be disastrous—not only financially but also for your reputation. So, when creating your technology budget, prioritize strengthening your cybersecurity to reduce the risk of sophisticated threats. This is also an excellent time to evaluate cyber insurance as part of your budgeting.
The Benefits of Partnering With an IT Company
As a business owner, you wear many hats. You’re responsible for the day-to-day operations of your company, managing your employees, and ensuring that your product or service meets your customers’ needs. It can be challenging to keep up with everything, especially regarding technology. That’s where partnering with an IT company can be a lifesaver.
There are a lot of benefits to working with an IT service provider. An IT partner can be vital in guiding you through anything IT-related, from cybersecurity and compliance to budgeting and more.
For more information, visit IT Budgeting Tips for Small Businesses – how to properly budget for your technology to avoid surprises (computer-center.com) or if you have further questions, contact us