IT Budgeting: Best Practices for Small and Medium Businesses

Small and medium businesses (SMBs) are facing growing IT expenses. As new technologies emerge and the cyber threat increases, investing more in IT seems mandatory. When these expenses become a major part of the budget, many SMBs begin experiencing financial problems.

IT services are among the most outsourced services for businesses worldwide. By 2028, the market volume is expected to exceed $777B, up from $512B in 2024. While the benefits of outsourcing IT services are numerous, this approach also comes with certain risks.

Many companies understand the necessity of technology in their daily operations but often don't know what they need. They may not understand the value of the investment, only that some things work better or that they are more insulated from the threat of cybersecurity attacks in one environment compared to another.

On June 16th I was fortunate to be present at #BuildIT19, John C. Maxwell #johnc.maxwell was the keynote speaker and during his speech he spoke about many different things but I wanted to share with you what I believe will help you overcome any obstacles and reach your full potential.

I had the pleasure of meeting Daymond John CEO of FUBU and one of the members of Shark Tank. He talked about how he was able to overcome all the obstacles he encounters throughout his life by following 5 simple points.

Today I want to share these 5 points that were shared with me.

Truly honored to be invited to speak today at the Cybersecurity Forum at the United Nations Headquarters in New York City. A humbling experience. I am dedicated to bringing awareness and solutions to help small businesses mitigate Cybersecurity risks throughout the United States.

Up to the late 1990s, real estate brokerages conducted business with the same tools and business models that had been in place for decades. With the development of the Internet, along came new challenges for real estate brokers that are altering the landscape. One such example is that online brokerages are forcing conventional real estate entities to share their most useful tool called the Multiple Listings System, also known as MLS.

More people today use personal mobile devices like smartphones and tablets for business purposes. Such devices, coupled with greater Wi-Fi accessibility and cloud services, have empowered us with the ability to access data and do business from practically anywhere at anytime.

For small- to medium-sized businesses (SMBs), an IT network failure can be devastating because they don’t have the resources of large corporations to bounce back from such disasters. Preparation against such devastation may be the only course for them to avoid failure and survive with the least damage if failure occurs. SMBs must be proactive in recognizing the eventuality of a cyber attack or human error that can cause data loss and disrupt business continuity. This is what needs to be done to help prevent a potential failure.

How do you get a small business to recognize the value of manages IT services? In the start-up environment, we encounter an eclectic bunch of personality types. There is a reason people become entrepreneurs or C-level execs. When we meet the owners or decision makers at smaller companies and organizations, we can tell right away why they’re where they are. They’re visionaries. They’re risk takers. They’re competitive. They want to be in charge.