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Four common technology budgeting mistakes

Are you planning to include your IT & cybersecurity needs in your annual budget this year? If so, congratulations! You’re doing something incredible to ensure your small business’ success. 

Budgeting for technology can be tricky. On the one hand, you want to be ready for anything, but you also don’t want to overspend and waste valuable resources. It’s a delicate balance that many fail to achieve.

We’ve compiled a list of the most common technology budgeting mistakes you should avoid. Keep reading to learn more about those oversights.

Watch out for these mistakes

By avoiding these mistakes, you can ensure you’re making the best use of your resources and getting the most bang for your buck.

Mistake #1: The cheapest option is always the best

In this modern digitized era, technology shouldn’t be an afterthought. Investing in high-quality technology can significantly improve your bottom line. Streamlining workflows, increasing employee productivity and improving customer satisfaction are all excellent reasons to invest in quality technology. 

Just as you would only attempt to run a marathon with adequate preparation, you should not try to run your business with subpar technology. Invest in high-quality technology and watch the difference it makes in your industry.

Mistake #2: Last year’s IT budget will work for this year

As technology and cybersecurity threats evolve and advance, businesses must stay up-to-date to succeed. It can be challenging because budgets are often tight, and it can be hard to justify spending on new technology when old systems are still operational.

You can overcome this barrier by conducting internal assessments to identify friction points and areas where upgrading to a new system or platform could improve business outcomes. This information can help make a case for the necessary expenditure to stay relevant and improve your company’s long-term success.

Mistake #3: One person can handle all my IT needs

Even an IT genius needs the occasional vacation or day off. Augmenting internal resources with an IT service provider can help bridge gaps and relieve your internal resources.

IT service providers can help take on some day-to-day tasks and responsibilities. It can help improve job satisfaction and employee retention since your team members will feel appreciated and empowered to take time off when necessary, without jeopardizing your company’s IT infrastructure.

Another crucial factor is that an outsouced cybersecurity service provider can help you in areas the internal IT team doesn’t have adequate bandwidth to cover or in which they do not excel.

Mistake #4: Thinking short-term

Always keep your business objectives in mind when budgeting for IT needs. Purchasing solutions that cannot grow with you is wasteful. You will spend more money in the long run. You can avoid potential roadblocks and extra costs by planning.

Partner for success

Partnering with a cybersecurity service provider like Cyology Labs can be an excellent strategy for IT & cybersecurity budgeting. Working with a service provider allows you to understand your IT needs and the cost of meeting them. A specialized cybersecurity service provider like us can also help you stay within your budget by providing cost-effective solutions that meet your specific needs. For a free consultation, visit us at https://www.cyologylabs.com/mssp

If you wish to learn about consumer concerns you can download our mobile app, FRAUDSTER, available on Apple and Android. You can learn more at www.FraudsterApp.com

If you’ve already downloaded the FraudsterApp, click the training icon on the home screen to learn to protect yourself. 

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