Do you forecast your technology expenses?

Forecasting technology expenses can help avoid unforeseen expenses that can cripple your business.

Considerations when technology budget forecasting:

Past Expenses: Historical data on technology spending can give you insights into trends, cost fluctuations, and areas where spending might need adjustment.
Current Needs: Review your business's current technology infrastructure, systems, and projects. Review any upcoming technology needs that will require budget adjustments.
Industry Trends: Stay informed about technological advancements that could impact your business including changes in software licensing, hardware costs, cloud services, compliance requirements, and cybersecurity requirements.
Maintenance and Support Costs: Review ongoing maintenance, support, and training costs for existing technology systems. These are necessities for systems to run smoothly while ensuring team member proficiencies.
Risk Management: Account for unexpected expenses or emergencies related to technology. This could include cybersecurity incidents, system failures, or compliance changes.
Capital and Operational Expenses: Account for capital expenditures (one-time investments like hardware purchases, etc.) and operational expenditures (software subscriptions and maintenance fees).
Expansion and Growth: If your business is growing or expanding, anticipate the technology needs and costs associated with growing or expanding.
Consult Leaders: Engage with departments and leaders across your business to understand their technology needs and priorities. This ensures that your budget forecasts align with business objectives.

Review and Adjust Regularly: Review your technology budget forecasts on a regular basis to adjust for new developments, cost changes, and evolving business needs.

Call us at 330.980.5171 and see how you can better predict technology expenses!