How Do I Maximize A Constrained IT Budget?
All over the world, IT departments suffer from constrained or poorly managed budgets. Lack of funds can lead to lack of progress. Therefore it’s important to learn to make the most out of what’s available. Creating a workable budget can be difficult, but it’s necessary. Learning to maximize a constrained IT budget is essential to the success of your projects, and therefore your company as a whole. Thankfully, there are a few tips that can help guide you through this process. Here’s how you can maximize a constrained IT budget.
Prioritize Your Necessities
When dealing with a budget, especially one that’s constrained, you need to evaluate your priorities. List out the expenses you pay month to month that typically don’t change. Costs such as, IT payroll, electricity, membership and software fees, and other similar expenses should be the first items on your budget. These solid, unmovable rocks must be paid each month and therefore are non-negotiable. After you’ve listed out these items, look at what you have left and build your budget around that. This keeps expenses from slipping through the cracks and ensures your budget will cover every necessary expense to keep your IT department running smoothly.
After you list out the necessities, consider your expected growth. Take a look at last year’s budget and ask if any area will increase or decrease in cost. As your company grows you’ll need more data storage. Softwares will need to be upgraded as new versions come out. Employees will need to be trained in new procedures. Insert these areas into your IT budget to make certain that you not only can cover the cost of your general expenses, but also the odd expenses that come with the growth of an IT department.
Take Advantage Of Free Trials
One way to ease a constrained IT budget is to save money where possible. Look for areas in which you can save money by either doing work in-house, or taking advantage of free trials. Many companies offer trails of their software, yet many companies don’t take advantage of this. It’s common for individuals to do this at home to save money. So it stands to reason that doing this company wide would allow you to save more money per employee, especially if they are working from home. Even though these free trials don’t last forever, it’s still money saved and allows you more time before you need to spend budget funds on something permanent.
Monitor Your KPIs To Stay On Budget
Your Key Performance Indicators (KPIs) are the measurable indicators of progress towards a specific intended result. Essentially they allow you to identify whether or not you’re on track to meet your goals. This is beneficial on two fronts.
First, it lets you know when you’re over budget and need to slow down. These KPIs will alert you when you’ve gone off course, thus keeping you closer to your goal in the long run.
Secondly, they let you know when you’re performing well, yet staying within budget. This gives you the green light to pursue more opportunities and stretch your budget a little further. By regularly monitoring your KPIs, you may have opportunities for growth you otherwise wouldn’t.
How Can Techbridge Help?
At TechBridge, our goal is to bridge the gap between business and employee, matching qualified workers with the companies who need them. If you have any further questions or you’re interested in our staffing and recruiting process, contact us today!