The Three Essential Technology Budget Categories


Are you creating a technology budget? The following three key categories can often be easily overlooked.’

Technology is a critical part of any modern business, but it’s easy to focus solely on the routine services that keep the lights on. Unfortunately, this mindset can lead you to miss crucial budget categories, leaving you scrambling when unanticipated needs arise.

Keep reading to learn about three essential budget categories – projects, refreshes, and accidents/incidents – these areas are often overlooked and can impact your business.

Pay attention to these categories.

Budget for the following categories to ensure your business has what it needs to succeed. You may need to rethink your approach without these items in your budget.

Regularly refreshing your technology infrastructure is key to keeping up with the demands of a growing company. Upgrading hardware and software ensure that your employees are productive, and your bottom line is protected. Outdated security patches make you vulnerable to hacking, so it is essential to stay up to date. Regular updates to your infrastructure will keep your company running smoothly.

Accidents or incidents
As businesses increasingly rely on technology, they become more vulnerable to cyberattacks. For example, in the case of a ransomware attack, a “bad guy” might demand a ransom in exchange for the decryption code, which could overwhelm the business.

Without proper backup, businesses may have to pay a ransom to avoid data loss — and they still might not get their data back. These circumstances can be a financial and reputational setback for the business. To protect against these sophisticated threats, companies should invest in the right security solutions.

Organizations are vulnerable to attacks when they get busy and neglect critical IT projects. Hackers 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 workforce with a secure VPN setup. VPNs allow employees to connect to a secure network, protecting your company from attacks.

Collaboration is key to success.

Are you concerned about cutting costs without overlooking important budget categories? Our IT service providers can help prevent this by collaborating with you to find more cost-effective solutions.

If you want more information budgeting for your IT needs, download our infographic “How to Budget for Your IT Needs.”