When constructed properly, an IT budget can serve as a valuable tool for any small business. Aside from the benefit of outlining technology priorities in the short and longer term, if viewed as an investment in the company’s future, the benefits of IT budget planning become clear. Once a business gains understanding of the company’s IT needs, goals, and mandates it also understands the corresponding resources, vendors and communications that support them. This is invaluable intelligence for any small or medium-sized business (SMB) that is concerned with maximizing IT value.
An IT budget can also help increase company productivity when it drives better business decisions. Business leaders need to see the whole board to truly make the best decisions for the company’s stability, safety and growth. IT plays an increasingly significant role in every aspect of business operations, this means IT decisions are a critical part of the company’s overall strategic direction.
To maximize the IT budget process, an “effective” IT budget must remain the goal. An effective IT budget is one that aligns with the overall goals and objectives of the company, and efficiently distributes financial resources to support the company’s technology needs.
Some key characteristics of an effective IT budget include:
Creating an SMB IT budget can prove a challenging task, especially if a formal IT budget was never constructed before. There are, however, several best practices that help ensure the first or one hundredth IT budget is effective and realistic.
Some steps to consider when creating a small and medium-sized business IT budget include:
Roark Tech Services has helped the SMB community create and maintain effective IT budgets for 25 years. We know the systems and solutions, understand the IT roadmap and advise on emerging technology that matters. Our experts are uniquely qualified to help small businesses stay competitive. Always consult with us first.
If you don’t have an IT Partner that you can trust to give you the right support and advice, we’d love to help. Contact us.