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Keys to Making an Effective IT Budget

Keys to Making an Effective IT Budget

Budgeting is essential regardless of the kind of business you run. And creating and revising your IT budget specifically can go a long way in setting your expectations, anticipating costs, and making sure that money is not being wasted needlessly. Here are some key items that will help you create a successful IT budget.

1. Review Last Year's IT Budget

The first step to making an effective IT budget is to review your company’s previous IT budget. This will help you identify what you have spent on IT, where money has been spent, and where it should be spent. It will help you identify gaps in your current IT infrastructure and the current level of service. It will also help you identify any areas that can be improved or added to your IT infrastructure.

2. Know the Cost of Your Recurring Expenses

Next, it is important to determine your recurring IT expenses. Hosting fees, monthly maintenance fees, and monitoring fees are all examples of potential recurring expenses.

3. Take Inventory of Your IT Equipment

Another thing you need to do is take inventory of all your IT equipment. This includes computers, servers, and peripherals. Have a log of all equipment along with their age and condition. This will help you know when you should budget for upgrades down the line.

4. Talk to Your Employees and Managers

Your employees are the ones using the IT equipment the most. So, they will have a more in depth understanding of what works well and what could be improved on. Talk to them and ask what they like about their IT equipment and setup and what they think could be better.

5. Plan For the Future

Planning for upgraded systems and better performing equipment should also be an important part of your IT budget. Those who do not plan for the future are likely to be left behind. Don’t let that happen to you!

If your operation is big enough, trying to keep track of your IT expenses can prove challenging. At JCOMM, we understand this. That is why we offer our IT expense management services. Reach out to us today. We would be happy to help carry this necessary but burdensome task for you.

By JCOMM 3-4-2022