IT budgeting is tough and, from what we’ve heard, few businesses enjoy doing it. Most businesses can’t decide whether they are spending too much money or not enough; some believe they are doing both at once. Everyone wants to get more from their IT budget by spending less money.
The truth is that IT budgeting doesn’t have to be a headache. You can avoid a lot of stress by making sure that you avoid some of the most common IT budgeting mistakes. Here are the ones you need to know.
Buying technology your business doesn’t need
Yes, it’s important to upgrade your technology regularly, but you don’t need to do it every single year and you don’t need to spend a huge amount of money to do it. At the same time, you also don’t need every single shiny piece of new technology as soon as it comes out.
Buying a new Macbook probably isn’t going to hurt your business, but you need to be careful about overspending on technology that you just don’t need.
Not budgeting enough for the technology you do need
While there are some businesses that will want to spend money on every piece of new tech they can get their hands on, there are just as many businesses that don’t want to spend a single penny on IT technology even if they really need it.
IT technology moves fast and missing one or two important upgrades can seriously hamper the way your company does business. It’s a balancing act. You need to budget enough for the IT technology that matters while not overspending on stuff that doesn’t.
Not budgeting for the unexpected
Technology and IT isn’t a predictable business. There are often unplanned and emergency expenses that need to be made immediately for your business to carry on operating. The problem comes when these emergency purchases come when businesses aren’t prepared for them.
That’s why your IT budget needs to account for unplanned emergency expenses. Just allocating a small amount of money that you set aside and don’t touch is all you need to do. That way, when these issues do occur, you can roll with the punches.
Budgeting without the help of an expert
You need the help of an experienced IT consultant to successfully put together a good IT budget that manages to meet your goals while balancing the need to keep your bottom line healthy.
When business owners or executives try to budget for IT on their own, they can quickly run into a number of problems. Crucially, they often overlook important details and don’t spend enough money where it matters. While you always need to be in control of your own IT budget, it pays to have an expert on-hand to consult with.
Get the budgeting help you need
If you need help budgeting your IT needs, our team is here to help. Get in touch today to find out how we can lend a hand to make sure you’ve thought of everything.