The Case For Mainstreet IT Solutions: Cash Is King
Key Points:
- It’s critical to preserve as much cash as possible when working with IT
- Employees need the latest tech to be productive
- A trusted IT advisor should be in place to help with recommendations
- Countless best practices should be implemented to save money
Cash is king in any business, but it can be hard to hold onto cash when dealing with IT – both hardware and software. Often, businesses have no idea what they have, which can lead to overspending and underutilizing what is in place.
A few things can be done when you’re looking to implement the latest technology while maintaining a positive cash flow.
3 Ways to Save Money on Technology
Every business wants to save money on technology. Getting the latest and greatest upgrades doesn’t have to be a financial drain. Regardless of how small or large your business is, you can save.
Conduct an Audit
One of the most important ways to save money is to have an audit conducted. It’s best to have third-party conduct the audit to ensure it is as comprehensive as possible.
Many companies don’t understand what they have in terms of hardware and software. Often, firewalls, servers, workstations, and more are found within an audit.
If there is technology in place that isn’t being implemented (or has been implemented inefficiently), it’s important to know about it.
You may not need to invest in more hardware once you uncover what you have. On the other end, you may have more hardware than you ever realized, so you are likely not providing sufficient protection against all of your assets.
A good audit can identify the full environment that you are working in and how money should be spent.
An IT audit can reveal such things as:
- IT Infrastructure
- Data use
- Policies and procedures
- Data protection
Once an audit is complete, you’ll find out the age of your technology and the capabilities of your IT department. With this knowledge, you can move forward with a plan, ensuring that money is being spent in the most efficient way possible.
Use Hardware as a Service
Hardware as a service is a common term, especially with financing and leasing. It can involve computers, servers, and other hardware being broken down as monthly payments.
Imagine how much cash you can hold onto if you’re not buying all of your hardware upfront. Instead of spending $10,000, you could break that down into manageable payments over 24 or 36 months.
Hardware as a service allows you to keep more cash inside the company. This way, you’re not spending all of your money on IT, and you have cash for the things your business needs to be successful.
Going this route ends up being popular with businesses of all industries because employees can be efficient with the latest technology – and without draining the financial aspects of the business.
Outsource IT (and Other Departments)
Outsourcing is another way to focus on preserving cash within your business while maintaining a strong IT infrastructure (with all of the latest hardware and software you want).
If you were to build an IT department, you’d be spending good money on full-time salaries, employment taxes, and benefits.
A well-rounded IT department could consist of several employees based on their expertise, such as:
- Chief technology officer
- IT architect
- Information security manager
Based on average salaries, these three employees alone could easily cost you upwards of $300,000 a year – that’s to pay their salaries.
Outsourcing, while expensive, can be a more affordable solution. It allows you to pay only one fee and tap into an entire pool of experts. This way, you get help with everything from IT infrastructures to data security to software development.
Outsourcing is becoming more common because of its various benefits. If you’ve encountered having to hire, you know that it’s costly. Combine that with training and retainment, and it seems like a never-ending cash flow just so that you can have IT experts on staff.
Outsourcing can, of course, extend to other departments within your business, too. HR and financing are commonly outsourced in businesses of all sizes.
Implement Best Practices
Without sufficient technology, you can run into all sorts of problems. Productivity issues can lead to spending more in payroll. Data security issues can lead to a costly data breach.
The best way to avoid issues is to implement best practices. These can include investing in various forms of technology while also training your employees on various data policies.
Some best practices that you can implement that will save you money include:
- Install security protections
- Follow specific password policies
- Enable multifactor authentication
- Beware of phishing scams
- Avoid using public Wi-Fi
- Use company-approved communication resources
There may be many other best practices, too, based on the full environment of your company.
Rely on an IT Advisor
There are a variety of decisions that have to be made regarding the technology in your company. You need to rely on someone you can trust to help you make the decisions.
If you’re flying by the seat of your pants and guessing at what you need, you could be spending thousands of dollars more than what your company needs.
Whether it’s hardware or software, there are always options available. What brand? What features? What size will meet your needs? The list of questions you have to consider can go on and on.
By working with a trusted IT advisor, you can be sure your money is being spent in the smartest way possible.
When you consider that cash is king, every tech decision you make has to be made to boost productivity while preserving as much of your cash as possible.
