It’s that, time for new year budgeting. An exhaustive and time-consuming task for any organization. Are you responsible for your IT budget this year?
Get a handle on how to plan for your 2018 IT needs with our top five tips:
Know your organizations’ Vision
Know what your company needs by asking the right questions, to the right people. Meet with different departments and executives to get an understanding of what big changes and projects are expected to come down the pipe in the upcoming year. What direction is the company headed, and how do you plan to get there? Forecasting a few years ahead will help in planning your overall budget for new equipment costs and personnel over the next one to three years.
Consider upgrading your technology
It’s worth researching new technology available within your industry. Upgrading to new systems for accounting, security, engineering programs, and software not only helps your internal teams with their efficiencies but also helps you deliver better service to your customers, keeping you relevant and on top of innovation.
Shop around for services/vendors
New year, clean slate. Are you getting the best value for your software and IT services? Taking a look at these expenses and doing a cost-comparison with vendors is a good way to forecast new cost-savings and expenditures. Perhaps this is the year you will outsource your IT services – what does that look like? Are there service bundles with a provider that will help you save down the line? New applications that will benefit your company and clients? It’s worth doing some research and shopping around.
Look where you can cut costs
See where you can save within your IT budget, but be careful not to cut too many corners. You don’t want to sacrifice your company’s security or efficiencies by getting rid of crucial systems and software. Re-evaluating how you can improve efficiencies with your IT products and protect against data loss and security breaches can end up saving your organization a lot of money down the road. When it comes to making purchases, wait until the start of a new billing cycle, or take full advantage of payment terms offered by suppliers. This can give you some breathing room when it comes to making priority purchases that may exceed your allocated budget.
A budget is a forecast of projected expenses. If you aren’t sure what costs you will incur for new equipment, projects or personnel, it’s typically best to overestimate. This allows you to allocate sufficient funds to cover the unexpected, especially if a disaster were to strike your IT systems – you’ll have wiggle room and funds ready to get you back up and running.
We hope you will find these tips helpful before you dive headfirst into spreadsheets and numbers as you prepare for year-end. Just remember, the holidays are around the corner, and having one thing checked off your to-do list with confidence will make returning to the office in January a breeze!
Need further assistance or what a quote? Contact us today.