CPI - Budgeting

A Common Business Mistake when Budgeting for the Year

When budgeting for the year, companies tend to neglect prospective technology expenses. Although it is a current necessity for running business, communicating with clients, and delivering services, a postpone in technology is due to poor planning. To alleviate the hassle of last minute hardware purchases or costly software maintenance, outsource these tasks to an IT provider. They will handle your technology for you.

Technology makes the world go round, but tends to be a bit costly. Why not prepare for those large purchases before they happen? From personal calls with family to company-wide meetings, we use devices daily to stay in contact and relay messages. Without technology, many businesses would not be able to operate efficiently, if at all. Prioritizing IT in the beginning of the year can save you money, time, and stress in the future.

When mapping out yearly expenses and predicted costs, businesses should incorporate IT into their budget. Allocating funds for IT management not only creates transparent and consistent monthly budgets, but also reduces the inevitable expenses of fixing problems after they’ve been neglected. A managed services provider will handle your IT daily which gives you peace of mind knowing that your business can remain up and running.

Besides the expert technicians that manage your IT, your company will benefit from managed services because you will not experience any hidden costs down the road. Budgeting for IT from the beginning can make a huge difference to your bottom line because you are investing in proper management that will save you money long-term while staying on track with your plan.

Another tip when budgeting to stay on the safe side is to overestimate all expenses. It is better to have money left over then run short when in need. Overestimating leaves room for unexpected disasters and emergencies while staying attentive with common trends for the upcoming year. Do not get caught by ransomware due to poor security. As technology becomes more prevalent and the risk of threats rises, cyber-security initiatives are increasing on a global level and are expected to reach $655 billion by 2020 according to BI Intelligence.

It’s not difficult to budget for the year. First, determine your fixed monthly cost for your managed it services ahead of time. Take advantage of the benefits of working with an MSP so that you can spend your time and energy on your own business. If you would like assistance with budgeting IT costs, call us at (888) 640-9955. Speak to a CPI representative today.

 

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