Strategic Business Budgeting: What to Include in Your IT Budget

Business Budgeting What to Include in Your IT Budget
  • December 4, 2023

Ready to get down to business budgeting?

 Ah, budget season, a time when numbers and spreadsheets dominate your thoughts. Whether you're running on a calendar year or a fiscal year timeframe, it's always a good idea to have some valuable information on how to budget appropriately. After all, you want to make sure you're setting your business up for success. 

 In this blog post, we're diving headfirst into the nitty-gritty of budgeting for your IT needs. Believe us when we say that having a clear and well-defined IT budget is a game-changer. After all, who wants to deal with unexpected tech meltdowns in the middle of the year? Not you! 

Before we jump into the budgeting process, let's start with the basics: assessing your business needs. Technology is evolving at a rapid speed and keeping up with the latest advancements is key to staying ahead in the game. So, let's not just assume that last year's IT budget will cut it. Take a moment to evaluate your current needs and think about how upgrading or exploring new platforms might help your company soar to new heights. 

Where should you actually allocate your IT budget?  We've got you covered. Here are the five key areas to focus on: 


  • Routine IT Services: Hackers are always lurking, searching for vulnerabilities in your business network. Identifying and fortifying weak spots in your IT infrastructure is essential to keeping your network safe and sound. Consider implementing a vulnerability scanning solution that keeps a watchful eye on your network and helps you develop preventive measures. 


  • Projects: Do you have neglected IT projects? Perhaps you intended to address these initiatives, but more immediate priorities took precedence, and so far, everything appears to be running smoothly, correct? Well, we're here to highlight why postponing these projects may not be the wisest strategy. Consider, for example, the potential risks associated with neglecting certain tasks. One often-overlooked item on the to-do list is deploying a Virtual Private Network (VPN) for remote employees to ensure a secure Wi-Fi connection. If your employees use unsecured Wi-Fi, hackers can easily compromise your network. Risks related to free Wi-Fi hotspots include network compromise, evil twin attacks, and various exploits. Another critical consideration could be the replacement of servers that have reached their end of life and are no longer supported. Keeping them in operation might seem convenient, but waiting until they crash puts you in a reactive position that could have serious consequences. Don't delay—ensure you allocate the necessary resources and funds to stay on top of your IT projects for the upcoming year.

Business Budgeting

  • Technology Refreshes: This brings us to our next checklist item- technology refreshes. We all have a tendency to hold on to things that have outlived their usefulness (looking at you, childhood toys). But when it comes to outdated technology, it's time to let go. Legacy systems can drag down employee productivity and harm your bottom line, not to mention make you an easy target for hackers. So, embrace the concept of annual technology refreshes, giving your business’s tech a fresh dose of productivity! 


  • Enhancing Your Cyber Security Measures: In addition to the foundational aspects of routine IT services and keeping software and systems up to date, it's crucial to consider avenues for enhancing your cybersecurity measures. This might involve looking into new endpoint detection solutions, exploring advanced email quarantine mechanisms, or even investing in training initiatives or developing a comprehensive training program for your employees. 


  • Accidents or Incidents: While we can always prepare and be proactive for situations, it’s essential to ensure coverage for the worst-case scenario. In the unfortunate event of a cyber incident, allocating resources to develop a robust incident response plan or disaster recovery plan is so important. Whether it's a case where an employee unwittingly clicks on a malicious link, resulting in crucial information being held hostage, or a situation where your location faces a natural disaster like a flood, having a well-defined plan is crucial for swiftly restoring your information online.  

An IT service provider might be the simplest solution

Now let's talk about a solution that can make your IT budgeting journey even smoother: enlisting the help of an IT service provider. These IT superheroes are here to save the day and guide you through the world of technology. From cybersecurity to backup solutions, compliance, and budgeting, they've got you covered.

Here are the types of support they can offer:  

Internal support: If you have an IT team within your company, that's fantastic! They'll be your go-to experts for all your IT needs. But if you're a small business without a dedicated IT staff, this is where an IT provider would serve you for all your helpdesk support needs. 

External support: Beyond just serving as your internal IT support team, their services extend to evaluating your IT infrastructure, guiding you in budgeting decisions, providing insights on IT solutions, and supporting you in the seamless implementation and setup of these solutions.  

Hybrid support: Maybe you have an internal IT team, but there are specific areas where they need some backup. No worries! You can outsource those specific tasks to an external specialist. It's like having the best of both worlds—your in-house experts with an extra boost of external support. 

Stress Less with These IT Budgeting Tips

Now, take a deep breath and feel the weight of budgeting stress lift off your shoulders. Our team at Prime Secured is here to lighten the load and guide you in the right direction. Don't hesitate to reach out to us for a no-obligation consultation. We're all about making your IT budgeting journey a smooth sail. 

Before you go, make sure to snag our handy infographic, How to Budget for Your IT Needs. 

We genuinely hope this blog post has provided you with valuable information and a few extra pointers to enhance your IT budgeting process. Remember, at Prime Secured, we're committed to your success and care about your business's growth.  

 Happy budgeting, my friend! If you run into a snag, you can always reach out to Prime Secured, your trusted managed services provider. 


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