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The uncertainty and economic turmoil that have come with the coronavirus pandemic are affecting businesses of every size. As a result, many are looking for ways to save cash rather than spend it. Still, that doesn’t mean sitting on your money is the smart move right now.

Over the last few weeks, we’ve been helping business owners and executives to make better strategic plans. While we are certainly advising caution for many, there are cases where we are recommending certain types of purchases and investments.

To give you an idea of how you can best manage your IT budget amidst so much economic uncertainty, let’s look at three types of technology investments you should consider making right now…

#1 Anything That Makes It Easier to Run Your Company
This is certainly a unique point in history for anyone who owns or manages a business. Our entire economy has been turned upside down overnight, and public health concerns are changing the nature of day-to-day interactions at a lightning clip.

One thing we’ve already seen, though, is that the best can adapt on the fly. Many of our clients have barely missed a beat because they’ve made seamless transitions to online meetings, real-time employee communications, secure file sharing, and other tools that make it possible to stay in touch remotely. If you haven’t yet incorporated these into your business, then it’s time to make the leap.

#2 Tech That Protects Against the Next Crisis
It’s easy to get so focused on the crisis or obstacle in front of you that you missed the signs that other threats are around the corner. Even as we are in the midst of a pandemic, we have clients dealing with electrical surges, server failures, and other everyday tech “disasters.”

These kinds of events take place all the time. What’s more, we are getting to the point in the year where hurricanes, tornadoes, and other natural disasters become more common. If you weren’t prepared for the current crisis then this is your chance to catch up and be ready for the next one.

#3 Big Bargains That Make Sense in Your Business Strategy
While the economic slowdown that has accompanied the coronavirus pandemic has been jarring, it’s also brought some opportunities. Specifically, there are certain pieces of technology – tablets, apps, and bigger pieces of hardware – that are being offered at lower prices than would have been unimaginable just a few months ago.

Obviously, you don’t want to go on a spending spree if you are having trouble meeting payroll or the future of your company is uncertain. If you’re in a secure position, though, this can be a great time to take advantage of the bargains that are out there and give your employees more (or better) tools to work with.

Need Help Putting Your Company’s IT Strategy Together?

If you feel like your approach to technology is based on short-term needs instead of long-term planning, then we can help. Talk to the experts at Fantastic IT to learn more about IT budgeting, tech strategy, and disaster recovery. Your first consultation is always free and it might be a step towards saving you a huge amount of time and stress.

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