We all need technology in business.

But, how much is too much?

Where do you draw the line and how do you know if you are spending too much on it?

When used in the right way, technology can save you a lot of money. 

It can also streamline the way you do things and add time back into your week.

However, if you don’t keep your technology budget under control, you will cancel out all of the financial benefits and waste a lot of money. 

If your business technology budget is spiralling out of control, these are some of the potential reasons why. 

 

Why Are Your Business Technology Costs Spiraling Out Of Control?

 

Buying More Than You Need 

It can be tempting to get all the shiny things!

There are certain pieces of software that can make life easier for your employees and increase productivity. For example, using email marketing automation software allows you to do a lot of the time-consuming tasks automatically, which saves you a lot of money. 

However, many businesses make the mistake of buying more than they need when it comes to technology. If you are a small business that only sells a few simple products, you don’t need to spend loads of money on advanced inventory management software. 

Unfortunately, a lot of business owners are swayed by clever marketing and they see a long list of features, so they assume that a piece of software will benefit their business. 

Before you buy any new pieces of software, you should look at the gaps in your business and make sure that your new investment will actually solve those issues. Always consider each feature and whether you really need it or not. Because in most cases, you can get by with simpler software that isn’t as expensive. 

 

Holding Onto Things You No Longer Use

Remember that CRM that you tested out but didn’t like? Or the planning/scheduling/timesaving [insert name for some kind of lifechanging software here]?

Did you ever cancel the payments for it?

Chances are, you kept meaning to, but didn’t get around to it. 

How many of those things that you don’t use any more are still being debited from your account?

It is time to do an audit of all the systems, softwares and services that you are currently paying for. Cancel the ones that you don’t need or are not getting value out of. Be especially mindful of the ones that are billed annually as you don’t have the monthly reminder of those services.

Once you cancel the unnecessary ones, that is money saved right away!

 

Using Unsupported Technology

Break-fix maintenance is when you wait for an issue to occur and then you call somebody out to fix it. 

Depending on your business and your needs, this can be a successful way to operate. However, if you have a large amount of technology that you rely on to make your business function, you may want to be a little more proactive.

This can include choosing software options that have great support systems – like contact centres or help desks, to ensure you are never left high and dry with an issue. If you have a large fleet of devices, you might even choose to use the services of an IT management service to catch any issues before they become a major problem.

 

Keeping Paper Files

Secure storage is vital because your business holds a lot of sensitive data about your customers. However, if you are using physical files and locking them in a filing cabinet, you are wasting a lot of money. 

When you factor in the cost of paper, printer ink, filing sleeves, and the cost to the environment, it ends up being pretty expensive! This is especially true if your business grows and your data storage needs increase. You can save yourself a lot of money if you migrate to the cloud instead. 

That way, you don’t have to pay for any of the costs to print documents, and your data will be far more secure on the cloud. Plus, you can access it from anywhere, even if you are on the go. 

 

These are the most common reasons why business technology budgets spiral out of control, but if you can fix these issues, you can save a lot of money. 

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