The end of 2022 is almost here, and there is no better time than the present to evaluate your current business scenario in order to plan ahead for 2023. Budgeting is important because it helps to ensure that your business has all of the necessary resources it needs to continue to grow and be successful. It also ensures that
As the technological landscape continues to evolve and innovate, so should small businesses. This is where investing in technology becomes essential, and defining a clear IT budget can help your business to save money and perform better. However, many small businesses in the GTA are not budgeting strategically for their IT needs and are incurring expenses that are causing them to overspend.
The Importance of Assessing Your IT Needs
Never assume that your IT costs will be the same as it was this year or even the year before. Technology is always advancing, and that's why you'll need to ensure that all your essentials are covered; as well as considerations for any current IT needs like updates, projects, office moves, etc.
Companies that value their Technology are allocating their IT budget to the following key areas:
Threat actors are always hunting for vulnerabilities within your business network. Therefore, it is critical to identify any potential weaknesses that exist so that they cannot get into your IT infrastructure. You will need to have a robust cybersecurity stack to ensure that your network is monitored around the clock and that any potential issues can be proactively prevented. This is a critical area of any business's IT budget. Without a solid cybersecurity stack, your business will be vulnerable to ransomware attacks, malware, phishing, and so on. Unfortunately, many businesses without proactive cybersecurity solutions end up spending thousands of dollars on ransomware attacks and other threats because they never adequately prepared for the worst-case scenario.
Projects can often get pushed aside and de-prioritized for so many different reasons. Once they're off the table, they can be forgotten about until something major like a network security disaster or a major breach occurs. If you've been putting off upgrading your network and your employees are all working off of unsecured Wi-Fi, then you're leaving your business open for cyber-criminals to walk right through the door. Setting up a secure VPN for your remote workers is a great way to ensure that they are safe, and this is a good example of an IT expense you need to consider when budgeting.
Sometimes, businesses can have too many projects going on all at once, without any strategy behind them. It's important to plan ahead and map out all your projects to ensure that each one is benefiting your business and that they make sense. Otherwise, you might be spending money on unnecessary projects and using resources that you don't really need.
Holding on to outdated systems that are no longer driving your business forward is a very common practice that we see all the time. While keeping your legacy equipment may sound like an economical option that will save your business a few extra dollars, it most likely isn't. Oftentimes, decreased or low employee productivity is directly caused by slow or outdated systems and devices. This is most likely holding your employees back from making real progress in their day-to-day. Not only is productivity severely disrupted by utilizing outdated equipment, but so are the safety and security of unpatched systems. Annual upgrades are essential for ensuring that your IT infrastructure performs optimally, so it should also be included in your budget.
Let's face it, accidents happen whether we see them coming or not. That's why you need a solid disaster plan to help navigate everything from fires, floods, and ransomware attacks. If you don't budget for unforeseen events, then overspending on IT is almost guaranteed. Business Continuity and Disaster planning are critical for ensuring that your business can thrive under any circumstance, and that downtime won't become an extra expense.
How IT Providers Can Help You Budget Better
A proactive IT provider can work alongside your small business to help you navigate your budgeting and strategy plans for all your tech needs. From cybersecurity, backup, compliance, or budgeting, PACE Technical can help by supporting your current IT scenario.
Supporting Your Internal IT Resource/Team
Many small or mid-sized businesses may have only one IT staff member or none at all. If your existing team cannot cover all strategic areas of your IT needs, then you can outsource the other key areas to a provider such as ourselves. This can reduce a great deal of stress since our team of specialists can do all the heavy lifting and budget proactively for all your IT needs.
Outsourcing Your IT Team
PACE Technical can support your business in many ways, from assessing your IT infrastructure to formulating an annual plan for budgeting decisions. We provide advice on the best IT solutions for all types of businesses. We customize an annual plan based on the needs and goals of your business. This plan will indicate which technology solutions are best suited for your company as well as how to implement them in ways that meet your budget and time constraints. If you're interested in learning more about proactive IT services that saves your small or mid-sized GTA business money, then contact us here today for a no-obligation consultation.