It’s difficult to run a business and it’s even harder to estimate your yearly budgets. However, in order for your business to grow, you must look at past and present patterns to understand and map out the growth path for your company. With that in mind, there are many things that you may need to address in order to keep your company growing with the desired trajectory.
Using outdated technology is like going to war with guns made in the 1800’s while your competition leverages the latest weapons—allowing them to conquer more territory. We tend to dismiss updating our technology due to cost reasons and the fact that the old technology is still working. That is, until it stops. When that happens, everything is an emergency—we can’t get our jobs done, the accounting team is complaining because they can’t invoice, the sales team can’t access their prospects, and the client database is not accessible. To top it all off, what if the old server fails to backup your data?
I am sure you have all heard or experienced the horror stories. Looking ahead and budgeting for your IT expenses allows you to plan for when and how to replace the old technology to keep your company ahead of the competition. Many times, outdated technology can hinder your business rather than “save you” money. Running outdated equipment dramatically slows down end user productivity, increases support costs, while also creating higher risks for viruses and malware infection. Ultimately, these hindrances can have major consequences and can negatively affect your business and clients.
Having a budget for IT can provide you with alternative solutions to methodically plan upgrade projects. Once the budget is in place, you’ll need to constantly keep track and modify whenever necessary. You can download a budget template from Excel to start your budget now.
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