2020 IT Budget: Are You Prioritizing Yours Correctly?

Four hands jot down notes on graphs and budget charts.

IT Maturity, IT Managed Services

As the end of year approaches, we all have one thing on our mind: budgets. What should we  prioritize for our 2020 IT budget, and  how much is it going to cost us?  Better yet, what can we invest in to make our business more secure… while also saving us money?  

Fortunately, the end of year is a perfect time to reassess our spending habits.  From money-saving methods to productivity improvers, here are some things to consider when planning your 2020 IT budget.  

Where Can You Save Money? 

Money saved is money earned, and there are multiple strategies to help cut back on costs. But some of these strategies aren’t well-known, and lack of knowledge means we don’t use them. For instance, as Windows Server 2008 and Windows 7 approach EOL, it’s worth knowing that you can write off the capitalization costs of certain hardware. Furthermore, if you reduce your taxable profits by writing off a piece of hardware, you might avoid paying the annual tax on that profit. Depending on the size of your business and revenue, the specific values will vary, so always make sure to check with your financial advisors. However, this strategy allows you to effectively save money while simultaneously providing you with more efficient tech.   

What do You Absolutely Need? 

Another easy way to save money is by finding out where you’re overspending. Do you really need all those servers? And is the new version of an OS really the best for your company? Sometimes, the answer is an easy yes. But other times, it’s hard to say. Fortunately, knowing your business’s unique needs and goals will help you make these decisions.  

If you’re planning an expansion, paying money toward newer tech might be sensible. Similarly, if a certain asset has reached EOL, it’s imperative that you upgrade, regardless of cost. But if your old systems are still running smoothly, you might be better off keeping them as is. Therefore, you should talk to your MSP about essential IT needs, and make sure you’re considering both current and long-term goals.    

What Can Help Your Company Long-Term? 

If your company doesn’t prepare for the future, it probably won’t have one. It’s important that you understand how tech can influence your company and play a role in its evolution. If you’re working with an MSP, they’ll help you  identify new assets to improve your staff’s productivity. These new assets might include entirely new additions, like second display monitors, or simple upgrades to current tech. Additions like these will improve employee morale—who wants to fight a broken printer all day or spend hours rebooting an old computer?—which in turn will increase productivity, thereby turning additional profits.   

IT decisions can be stressful. You need tech that will help your business, but that tech can’t go over budget. Additionally, you’ll need to differentiate between tech that is doing its job and tech that needs replacing. By understanding your business’s needs and future goals, you’ll have a better grasp of how to prioritize your IT budget. In turn, your company will start 2020 on the right footing and continue taking strides forward.  

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