For many businesses, 2020 was spent reacting to the ever-changing COVID situation. IT solutions were quickly patched together to ensure that employees had what they needed as they transitioned to new working environments. Now, after a tumultuous year, businesses are heading into 2021 with a clearer picture of what work will look like in the coming months. As your company begins the IT budget process, we have a few tips.
Involve the Right People
It’s important to have the right people involved in IT budget planning. This should include not only CIOs and IT managers, but other upper management representatives who can ensure buy-in. And while individual employees don’t need to be involved, keep them informed about IT budgets and how their IT use plays a part.
The Essential Components of a Comprehensive IT Budget
According to ETMA, these seven elements should be included your IT budget planning:
- Hardware: physical IT equipment and tools used by employees, including wiring
- Software: all software programs that run on employee computers and devices
- Subscriptions and Services: recurring licensing fees for software
- Capital: non-financial assets or good that are used in product creation
- Operations: costs incurred in running the IT department
- Projects: costs incurred in specific tasks and initiatives
- Buffer: funds for unforeseen expenses
Stick to the Budget – But Don’t Be Afraid to Make Changes
Once you’ve created the budget and allocated funds, revisit it throughout the year. This will not only ensure that you’re staying on budget, but will help you identify unbudgeted expenses that come up and include them in future planning.
If you need help with your 2021 IT budget, give Vaultas a call.
Vaultas is a technology ecosystem provider that facilitates direct access to any network or service provider. Our services include hybrid IT solutions, data storage and backup, disaster recovery and business continuity services, hosting, colocation, cloud storage, data center consulting, VoIP and UCaaS solutions, and more.
Our primary ecosystem access points are located in the Twin Cities of Minneapolis and St. Paul, as well as Alexandria and St. Cloud, MN, and Milwaukee, WI, with remote access from anywhere in the world. Contact us to get started.
