Are you planning to include your IT needs in your annual budget this year? If so, that’s fantastic! You're doing something vital to ensure your small business’ success.
Budgeting for technology can be tricky. On the one hand, you want to be ready for anything, but you also don't want to overspend and waste valuable resources. It's a delicate balance that many fail to achieve.
We've compiled a list of the most common technology budgeting mistakes you should avoid. We also know that you may be wary of taking advice from an IT company on technology budgeting, but here at Burk, we prioritize finding the right solution for each of our clients. That is NOT always the highest price or largest profit margin for us.
By avoiding these mistakes, you can ensure you’re making the best use of your resources and getting the most bang for your buck.
Mistake #1: The cheapest option is always the best
In this modern digitized era, technology can no longer be an afterthought. Investing in high-quality technology can significantly improve your bottom line. Streamlining workflows, increasing employee productivity and morale, and improving customer satisfaction are all excellent reasons to invest in quality technology.
Just as you would not attempt to run a marathon with inadequate preparation, you should not try to run your business with subpar technology. Invest in high-quality technology and watch the difference it makes in your business.
Unsure of what the best technology options are for your company? Talk to experts in the field of IT. Even when they don’t work in your field, these individuals can still understand the operations that you currently use technology for, and if they have your best interests at heart, they will work with you to explore new, better ways to utilize current and new technology.
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. However, “operational” does not necessarily mean efficient.
By conducting internal assessments to identify friction points and areas where upgrading to a new system or platform could improve business outcomes, you will discover how much time you are losing to outdated, inefficient technology that is still technically operational. 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.
Managed services providers aka MSPs help take on some of the day-to-day tasks and responsibilities. This can help improve job satisfaction and employee retention since your team members will feel appreciated and empowered to take time off, all without jeopardizing your company's IT infrastructure.
Another crucial factor is that an IT service provider can help you in areas the internal IT team doesn’t have adequate bandwidth to cover or in which they do not excel. Plus, by taking on the menial support tasks and hardware upgrades, MSPs free up your internal team to work on improving your company’s infrastructure, rather than just maintaining your current systems.
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.
We meet with our clients at least quarterly to discuss future projects and ways to improve their IT systems. Even if you don’t decide to work with an MSP, we highly recommend that you avoid attempting to make IT a “set it and forget it” aspect of your business.
Partner for success
Partnering with an IT service provider can be an excellent strategy for IT budgeting. MSPs like us work directly with the companies creating and selling the technology your business needs, and we can leverage these personal relationships to help keep your budget in check. In addition, we actively work with our clients to adjust their IT budget for the long-term, even when that adjustment results in us losing money.
We believe in creating trusted, long-term relationships with our clients. If you’d like to learn more, get us a call at 423.578.8000!
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