Don’t Forget About These 3 Technology Budget Categories

Read more to learn about three important but often overlooked budget categories — projects, refreshes and accidents or incidents —and how they can affect your business.

Are you thinking about all the necessary technology categories when planning your company’s annual budget? 

Technology is a must for any modern business like yours, but it’s easy to only focus on routine services that keep your business going. This could lead you to missing crucial budget categories, leaving you scrambling when unanticipated issues arise.

Don’t Miss These Categories

 Ensure your business has the resources it needs to prosper by taking the time to budget for the following categories. If they are not part of your budget plans, you might have to rethink your approach.

 

Projects

It’s easy for a small business like yours to neglect critical IT projects, such as securing your networks, but it leaves you at higher risk for attacks. Cybercriminals can easily access your network if your employees use unsecured Wi-Fi. Risks associated with free Wi-Fi hotspots include network compromise, evil twin attacks and exploits. The best way to avoid these incidents is to provide your entire team with a secure VPN work setup. This allows employees to connect to a secure network, in turn protecting your company from potential attacks.

Refreshes

As your company grows, you have to make sure your technology infrastructure can keep up with the growth. One method is to perform regular technological refreshes. This means regularly upgrading your hardware and software.

While retaining legacy systems might seem like the easier option or more fiscally responsible, it can harm employee productivity and your bottom line at the end of the day. If your security patches are outdated, you are undoubtedly vulnerable to hackers and the need to update systems is an investment that is well worth it.

By regularly upgrading your infrastructure, you can ensure your company is always using the most up-to-date technology, staying as protected as possible from breaches and hackers, and is saving money due to less need for support or fixes.

 

Accidents or Incidents

When it comes to accidents or incidents, hackers are always looking for new ways to take advantage of systems and businesses. For example, in the case of a ransomware attack, a cybercriminal may demand a ransom in exchange for the decryption code, which could overwhelm you and leave you in a bad spot.

Without proper backup, you may wind up paying a ransom to avoid data loss — and you still might not get your data back. This can be a financial and reputational disaster for your business. But you can protect yourself against today's sophisticated threats by investing in the right security solutions.

Team With a Geek

When you try to cut costs, you might overlook crucial budget categories like the ones discussed above. Collaboration with an IT service provider, like Tekie Geek, can help prevent this. We can help you identify areas where you may be overspending/underspending and find more cost-effective solutions. 

We can also help keep track of your IT budgeting and ensure no necessary expenses are overlooked.

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