k_Street Consulting, LLC Blog

Budgeting for IT Can Benefit Your Business’ Bottom Line

Budgeting for IT Can Benefit Your Business’ Bottom Line

Your business depends on a budget to come out in the black at the end of the fiscal year, and the way you invest that budget will have a considerable impact. As you create this budget, your IT needs to be one of your top considerations - after all, it is what effectively powers the modern business. Here, we’ll discuss how diligently incorporating your IT into your budget can help your business be more successful down the line.

How to Approach Your IT Spending
When determining an IT budget, perspective is an important part of the process. It can be tempting to view your IT as just another cost of doing business, but it really is more than that. Your technology (and the state it is in) has ramifications that spread to your entire business, so if it is lacking, everything will be. Employee morale will suffer, your productivity will slow, and your incoming cash flow will falter.

After all, an IT budget needs to account for a lot. There are the costs associated with acquiring and subsequently upgrading your information technology, as well as training your staff to properly leverage these solutions. However, a good IT budget will also account for the odd inconveniences that will require some financial spending to resolve. Furthermore, with your budget in mind as a reference, explore some of your options as far as cost-savings go… are you paying for more resources than you need? Are you leaving money on the table anywhere when those funds could be used more effectively contributing to another goal? While information technology is hugely helpful when leveraged properly, it can become a financial burden if over-invested (or even under-invested) in.

This is how you should actually consider your IT budget: an investment. While some of it will be classified as a business expense, much of your spending will be into endeavors that help your business, either by increasing efficiency or reducing waste. Either way, your IT can be used to put your company in a better financial situation.

Encouraging Financial Well-Being with an IT Budget
If you’re unsure of how to proceed with budgeting your IT, we’ve compiled a handy list of things you should (and shouldn’t) do during the process.

  • Have a set budget for your IT. In order for your business to be able to utilize the caliber of technology solutions it needs for success, you need to put forward the investment into those solutions.
  • Invest in business-enhancing solutions. Whether you’re boosting your internal productivity or fortifying your business against threats that could keep you from conducting business as usual, your IT budget should be spent in ways that directly benefit your operations.
  • Don’t shoot from the hip. Like we alluded to above, if you aren’t investing in your IT solutions correctly, you could find yourself in a worse spot than before. It is crucial that you go about investing in your IT strategically, directing funds to where they are needed and where they will help you to generate more revenue.

Alexa von Tobel, CEO of LearnVest.com, said, “We all have pretty much similar dreams, and at the root of all those dreams is being able to be in control of your money.” We agree, which is why we’re dedicated to providing you with the most value in our IT services without emptying your coffers. To learn more about the easily-budgetable services that we have to offer, reach out to us at (202) 640-2737.

Cybersecurity Industry Update
Tip of the Week: Avoiding Scams
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Thursday, May 23 2019

Captcha Image

Mobile? Grab this Article!

QR-Code dieser Seite

Tag Cloud

Wi-Fi Supercomputer Firewall Audiobook Customer Service Miscellaneous Pain Points Entrepreneur Relocation Trending HIPAA Digital Signage Antivirus Excel Read Virtual Reality Government Remote Computing Server Risk Management Two Factor Authentication Bring Your Own Device Cables Marketing Email Multiple Versions Facebook Tablets Professional Services Television Google Apps NarrowBand Compliance Keyboard ISP Warranty Office 365 Remote Monitoring Cache Wireless Audit Virtual Assistant Virtualization Transportation Artificial Intelligence Small Business Telephone Systems Password Management Hacker Encryption analytics Sync Saving Time Infrastructure Automation Connectivity Computer Repair Enterprise Content Management Work/Life Balance Browser Internet Exlporer Social Networking IT Support Smart Office Password Manager Content Management Emails YouTube Google Search Hiring/Firing Company Culture Hosted Solution Notifications Thank You Upgrade Consultant Training Productivity Colocation Accountants Experience Fiber-Optic Search Engine Workplace Tips eWaste Addiction Laptop Retail Shortcuts Mobile Devices Business Cryptomining Password Inventory Smartwatch Microsoft Office Content Filter Safety Flexibility Cortana Virtual Private Network Meetings Memory Phishing Windows Server 2008 Data Management Current Events Social Media Workers Music Video Games VPN Rootkit Bandwidth Mobile Office Save Money Internet of Things Google Computing Infrastructure Programming Streaming Media Printer Best Practice IBM Hardware Frequently Asked Questions Ransomware Smartphones Unsupported Software Bloatware Remote Worker Netflix Science Computer Emergency Backup File Versioning Knowledge Augmented Reality Tip of the week Analytic SharePoint Chrome Telephone System IT Management Holiday Data Storage Windows 10 Loyalty Managed IT Wireless Internet Tools Unified Communications eCommerce Efficiency Outlook Saving Money Distributed Denial of Service Vulnerability Cloud Mobility App Managing Stress Virus Big data Worker Commute PowerPoint Computer Fan Flash Recycling Social Engineering Machine Learning Physical Security BDR Employee WiFi Archive Apps Communication Students GDPR Charger User Error malware Proactive IT Content Filtering Application Wiring Android Windows 10s avoiding downtime Data Warehousing Database Books Network Internet exploMicrosoft Gadgets 5G File Sharing Document Management Conferencing Specifications IoT LinkedIn Passwords Downtime Applications Best Practices Tip of the Week Information Technology FENG The Internet of Things Default App Internet Maintenance Lithium-ion battery Multi-Factor Security Shadow IT Remote Work Comparison MSP Mobile Device Management Recovery Productivity How to Gaming Console communications Mobile Uninterrupted Power Supply Data Recovery VoIP Healthcare Tablet Windows 8 Mobile Device Windows Media Player Budget Spam Samsung Hosted Computing Digital Payment Regulations Settings Vendor Battery Environment Administrator IT Services Start Menu Line of Business Mouse Unified Threat Management Humor Windows 7 Users Touchscreen Customers Cleaning Online Shopping Microchip Public Cloud Fraud Screen Mirroring Voice over Internet Protocol Managed Service Provider Troubleshooting Identity Theft NIST Touchpad Wearable Technology Collaboration Files Product Reviews Manufacturing WIndows 7 Hybrid Cloud IT Solutions Data Protection Electronic Medical Records Network Congestion Access Control Business Management Public Computer Practices Software Google Docs Scam Legal Evernote Smartphone Thought Leadership Hosted Solutions Domains Remote Monitoring and Maintenance Bluetooth Gmail Customer Relationship Management Staff Employer Employee Relationship Worker Social People Business Technology Cryptocurrency Net Neutrality Word Employer-Employee Relationship History Mobile Computing Employee/Employer Relationship Blockchain CrashOverride Business Computing Cabling E-Commerce Cost Management Servers Biometric Security Cast Amazon DDoS Safe Mode Data loss IT solutions IT Support IT service HBO Bing Computers Intranet Data Security Data storage Wire Data Content Software as a Service Router USB HaaS travel Technology HVAC Analysis Windows Automobile Telephony Logistics Redundancy Operating System Camera Computer Care Managed IT Services Administration Vendor Management Analyitcs Utility Computing Devices Backup and Disaster Recovery Data Backup User Tips User How To Display Advertising Information OLED Workforce Office Tips Insurance Help Desk OneNote Outsourced IT Smart Technology Hacking Fax Server Managed IT Services Lifestyle Law Enforcement Chromecast Black Market Distribution Wireless Technology Phone System Reputation Wireless Charging Update Alert Search Strategy Privacy End of Support SaaS Business Intelligence Tech Term Statistics iphone CES Printer Server Software Tips Theft IT Plan Security Cameras Biometrics Smart Tech Virtual Desktop Best Available Save Time Data Breach Education Google Drive Instant Messaging Website Office Business Mangement Sports Cybercrime Politics Patch Management Security Paperless Office Money Computer Accessories Electronic Health Records Criminal Human Resources Twitter Regulation Business Continuity Hard Drives IaaS Storage Two-factor Authentication Solid State Drive Microsoft Point of Sale Cloud Computing Apple Running Cable Botnet Project Management Tech Support Credit Cards Printers Techology Entertainment Webinar Quick Tips Proactive Windows 10 Millennials Congratulations Operating Systems Cameras Managed Service Root Cause Analysis Spam Blocking Leadership Private Cloud BYOD Skype Networking Network Security Restore Data Hackers Value Nanotechnology IT Consultant Authentication webinar Monitor Assessment Disaster Recovery Digital Signature Benefits Telecommuting Cybersecurity Innovation Online Currency Hring/Firing Health Shortcut Scalability Business Owner Robot PDF Amazon Web Services Going Green

Sign up for our Newsletter!

  • Company Name *
  • First Name *
  • Last Name *