Are you prepared for a recession? Respondents of a recent Fed survey predict a 55% chance of a recession in the next 12 months, which for any business owner, is an alarming stat. An easy yet impactful way to recession proof your business is by exploring ways to save money on your IT budget. That’s why we put together four easy ways to save money on your IT budget so you can get ahead of the curve, and the possible recession.
1. Work with a Managed Services Provider
You might think that using legacy or on-premises technology will save money. The reality is legacy technology can often cost businesses more. With the great resignation, finding qualified individuals who know the ins and outs of your IT environment and legacy technology can be difficult. To hire new talent, you could spend significantly more than budgeted to get the talent you need for the job. Plus, if something breaks and you do not have the talent in-house to fix it, you need to hire break-fix IT consultants. Those ad-hoc charges can add up quickly and destroy your IT budget.
Working with a Managed Services Provider (MSP) can provide more predictable spending. Managed IT services allows you to leverage an OpEx (operational expenditure) model instead of a CapEx (capital expenditure) model. By opting for an OpEx model, you will be able to earmark managed IT services as day-to-day expenses vs. your legacy and on-premises solutions that can stay on the books for years, making the return on your investment take much longer to realize. By choosing to work with an MSP, businesses can get access to highly qualified IT experts, the latest technology, and predictable spending that is easy on your IT budget.
2. Leverage Cloud Technology
An MSP can also provide access to the latest cloud technology. By leveraging the cloud, your business gains greater flexibility while saving money. Cloud technology adheres to a pay per use model, so instead of buying the infrastructure and costly enterprise licenses up front, you only pay for what you use.
The cost of IT operations and maintenance also decrease when using a cloud-based model. Working in the cloud allows businesses to rethink their IT budget. The cloud allows businesses to be more flexible and adjust to changing needs quickly. The cloud also makes it easier and more cost-effective to add new services like cybersecurity and back-ups to your infrastructure.
Another way the cloud helps you save money is through virtualization. While not a new concept, virtual machines can reduce the amount of hardware you use, which reduces the amount of equipment needed to purchase and saves on maintenance and energy costs. Virtual machines make it easier for companies of all sizes to grow their infrastructure without incurring large hardware costs.
3. Consolidate Apps and Systems
Trim your IT budget by consolidating systems and apps. Odds are your business may be running multiple systems and apps. If this is the case, there is an opportunity to streamline them into one solution or platform. Many businesses implemented several new apps during the pandemic to keep up with hybrid and remote work needs, which left businesses with sometimes dozens of apps for instant messaging, conference calls, and video meetings to keep their teams connected. Businesses can consolidate these apps by using a unified communications solution.
Unified Communications combines collaboration technology, enterprise VoIP, meetings, file sharing, messaging, video conferencing and other business applications into a single solution. Businesses can reduce costs by cancelling duplicate services and provide a better experience for their employees. App fatigue is real. When businesses stand up too many new systems and apps, their employees often suffer by having to jump in and out of different apps throughout the day. Using a unified communication solution can streamline processes for IT and for employees alike.
4. Have TPx Look at Your IT Bills
Lastly, one of the best ways to save money is to have a TPx representative look at your IT bill. Our knowledgeable team will analyze your bill and provide insights and options on how you can save more with TPx.
With a recession possibly on the horizon, now is the time to make wise decisions about your IT budget. Reach out to a TPx representative today and let us help you save money on your IT needs.