Five Key Considerations for Creating Your 2023 IT Budget

As we move further into the 21st century, businesses are preparing for a future that will increasingly rely on technology. In order to stay ahead of the curve, it’s important to start planning your IT budget for 2023 now. Here, we discuss five key considerations to keep in mind when creating your budget. By planning ahead, you can make sure that your business is ready for whatever comes its way.

Get Technology Buy-in Early

The budgeting process for 2023 should not be left solely to the IT department. Instead, involve other key members of the organization, such as the CFO or COO, as well as those who will be using the new systems daily. This will ensure that all departments are on the same page and that everyone understands the financial implications of the decisions made. Furthermore, it will be easier to secure funding when everyone is on board with your plans.

Create A Realistic Roadmap

Once you have buy-in from all stakeholders, you need to create a realistic roadmap for your IT budget. This should include both short-term and long-term goals. Be realistic in your planning so that you don’t over-commit and end up under-delivering. When creating your roadmap, be sure to include timelines, milestones, and deliverables. This will help keep everyone on track and ensure that your budget is used effectively.

Think Long-Term

When creating your budget, think long-term. This means taking into account both immediate needs and future goals. For example, you may need to invest in new hardware now in order to accommodate a projected increase in data storage needs down the line. By thinking ahead, you can avoid making short-sighted decisions that could end up costing you more in the long run.

Allocate Your Resources Wisely

Once you have a plan in place, it’s time to start allocating your resources. When doing so, be sure to consider both one-time and recurring costs. One-time costs may include things like hardware or software licenses, while recurring costs could include things like maintenance or support contracts. Carefully consider each expense to make the most efficient use of your budget.

Monitor and Adjust as Needed

Finally, don’t forget to monitor your progress and adjust your plans as needed. As with any business endeavor, things will inevitably change, and you may need to adapt your budget accordingly. By being flexible and willing to adjust your plans, you can make sure that your business is always operating at its best.

Our Final Thoughts

Technology has become one of the most important aspects of running a successful business. In order to stay competitive, it’s essential to have a well-thought-out IT budget. By following these simple tips, you can create an IT budget that will help keep your business ahead of the curve. With careful planning and mindful allocation of resources, you can ensure that your company is prepared for the future.

 About The Author: Jeff Poirior

Jeff brings 25+ years of telecommunications and information technology management experience in voice and data networking, server support, and telephony and security; with a significant emphasis on customer service. Prior to joining Valicom, he was chief of the infrastructure support section for the Wisconsin Department of Transportation. Jeff was the vice president of operations for CC&N, overseeing telecommunications, help desk, data, and desk side support services. Prior to that, he served as the associate director of technical resources for Covance, responsible for managing systems and network operations supporting 1700 users in Wisconsin and Virginia. He has also led data center operations at Magnetek Electric, supporting mainframe systems, client/server applications, telephony systems, and computer-aided design. Jeff holds a bachelor’s degree in business administration from Cardinal Stritch University and a master’s degree in business administration from the University of Phoenix. In addition, Jeff is a past board member of the Wisconsin Telecommunication Association.