Usually, when a business owner or chief technology officer mentions their technology budget, it’s in the context of the money they will need to spend on renewals, upgrades, and managed services. These are all important considerations. However, there is another set of line items you should be paying attention to.
We are referring, of course, to the places where you can cut costs in your tech budget.
While the focus is usually on getting something newer or expanding your operations, it’s also the case that you might be able to find savings without cutting back on your business goals. In fact, if you know where to look, those savings can actually be substantial.
In today’s post, we want to look at a few simple areas where you might be able to recoup some of your IT budget with a little bit of planning…
Unused Licenses and Subscriptions
It’s easier than you think to sign up for applications, software suites, cloud services, and other services and forget they are going to be billed indefinitely. In fact, because many of them carry a low monthly cost you might not even notice them in your statements. But as with all things in life, those small expenses can add up quickly. You should be looking through your accounts at least once a year, if not more often, to make sure you aren’t paying for tech items you no longer need. It might take a bit of time to contact each provider, reset login details, and so on, but it’s worth it to save money that could be better spent elsewhere.
Hardware That Can Be Sold or Donated
Suppose for a moment that you decide to purchase new laptops or workstations for your team. That’s great, but what will happen to the old equipment that’s not needed anymore? In some instances you may want to save certain units as backups, but you probably don’t need everything… or even have the space to keep it. In many cases, your used hardware can be cleaned, wiped of proprietary data, and sold to help you recover some of your investment. Alternatively, you could donate some of the equipment to your favorite charity and receive a tax deduction for your company. Either can give you a boost to your bottom line.
Service Plans That Can Be Downgraded
The last year and a half have been a hectic time for businesses of all sizes. That’s particularly true for those that needed to downsize, reorganize, or change to accommodate more remote working arrangements. If you’ve gone through one of these transitions, then you might be paying for certain types of broadband, equipment, or even managed services packages that offer more than you currently need. This might be a great time to scale back and save the money while you regroup and plan for the future.
Need Help Sorting Out Your IT Budget?
It can be difficult for some entrepreneurs and executives to figure out where they can safely cut from their tech budgets. Luckily, we have a way to help. Contact our sales team today about virtual CIO packages that let you get the expertise you need on an affordable contract basis. It only takes a moment to reach out, and our team is here to help!