Where Should You Start When Budgeting for IT Costs in 2023?

Business partners counting IT budget for upcoming year

When budgeting for IT costs in 2023, there are a few important things to keep in mind. Budgeting for IT costs is important for businesses of all sizes, as having the right technology in place can help your business run more smoothly and efficiently. 

Additionally, making room in your budget for effective and efficient IT is critical, because it can save your team from potential ransomware attacks and hackers later on down the road.

Ransomware has cost businesses over $5 billion since 2016. PwC’s 2017 Global State of Information Security Survey found that only ~15% of businesses budget IT costs in a way that protects them from ransomware attacks. A business budget should include security measures, such as regular backups and patches for software, to protect your company from the ever-growing threat of hacking and ransomware.

In addition to budgeting for security, your budget should also include budget for hardware and software updates. With technology rapidly changing, it’s important to budget for regular updates to your company’s hardware and software. This will help keep your team productive and efficient.

IT is expanding in new ways that weren’t possible even six years ago, which makes prioritizing IT more important than ever before. Some critical aspects of business that your IT budget should account for include:

  • software
  • hardware
  • remote work solutions
  • cloud services
  • VoIP
  • NIST consulting
  • updates

Another cost that is often overlooked when budgeting for IT is the cost of hiring a managed services provider (MSP), and how this cost can actually save your business money in the long run. These professionals can help with your budget by analyzing your company’s IT needs and suggesting various budget-friendly options for you to choose from. This way, you’ll have the appropriate budget and technology in place to keep your system running smoothly.Working with an MSP allows you to focus on your business goals, while they take care of the stress associated with business IT.

When budgeting for IT in 2023, it’s important to remember that the best value doesn’t come from simply spending more money. Evaluating your needs and properly budgeting for each of them is the key to getting the most out of your IT budget.

Envision offers 24/7 monitoring, cybersecurity services, unmatched IT expertise, and a wide range of other IT services. If you’re ready to budget for IT costs in 2023, we can help! Contact Envision and we’ll be happy to discuss more about budgeting for your business’s IT and what it means for your business growth.