Pagoda Blog


5 Things You Need to Prepare For Your 2016 IT Budget

January 7, 2016

With the new year upon us, there are a few key things you need to take care of. An important one that must be carefully reviewed, planned and measured is the 2016 IT budget.

If you are working at a business that depends heavily on your IT (and let’s face it, what business doesn’t) and you have goals to grow and expand your company in 2016, then you definitely need to budget for your IT needs. Here are 5 ways you can prepare for the 2016 financial budget.

 

       1. Make it a priority.

 

Crafting a budget takes time and energy. When you are looking over your yearly expenses and trying to make sense of them, take breaks, consult your team and keep working on it. The budget is not going to write itself; and there is nothing worse than a badly planned budget.

 

  1. Review your past budgets.

If you’ve done this before you have some material to work with to predict the future. Look at your growth in revenue over the last few years, and look at your spending on IT over the last few years, if those numbers are matching up, then you can make a prediction of what comes next. If those numbers don’t match up, consider increasing the revenue or reducing a portion of your budget.

 

  1. Give yourself a buffer.

When making a budget, you would rather have some money left over for emergencies than being short handed at a critical time. Make sure when you are crafting a budget for the new year, that you are giving yourself a buffer. If you have budgeted out exactly how much you are going to make this year, chances are you haven’t accounted for unexpected server failures, hardware/software malfunctions, malware, or even something as simple as delayed projects.

 

  1. Match your budget to your growth.

You want to keep growing as a company right? Well that means putting more resources into your IT department as well as increasing revenue. If you’ve followed the above steps, then you should have a good idea about what type of growth to expect and have a safe buffer for your company. Make sure to include projected growth, so that when the time comes, you have enough IT support to get the job done. Nothing is worse than having a huge project on your hands and realizing you don’t have the budget for the IT support you desperately need.

 

  1. Don’t postpone IT training or services to reduce the budget.

This is just asking for trouble. Having a fully functioning IT department (or outsourced team) is essential to any company’s long term goals. The IT department is your cloud security, your network responsiveness, it protects you from viruses, it makes sure your data is secure and that your customers have a flawless IT experience.  You do not want to have any of these vital functions of the business compromised.

 

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About Pagoda Technologies IT services

Pagoda Technologies is a globally recognized IT support service that helps businesses in Santa Cruz, San Jose and all over the world run their IT departments smoothly and efficiently. To learn how Pagoda Technologies can help your business, email us at support@pagoda-tech.com to schedule a no cost business assessment.

 




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