According to Nicole Fallen Taylor, Business News Daily Assistant Editor, "a 2015 survey by small business credit provider Headway Capital found that although 57 percent of small business owners anticipated growth this year, nearly 19 percent expressed concern about how unexpected expenses would impact their business." Many circumstances can lead to indirect business costs, but failure to maintain technology can often be a leading cause of these types of surprises. Developing a strategic technology plan and budgeting for IT upgrades will help ensure funds are available to maintain assets and promote smooth transitions.
As a point of reference, a hardware upgrade improves performance while a software upgrade generally refers to major augmentations that add significant changes to a program. While upgrades to hardware and software are frequently independent from one another, often times, older hardware is not compatible or robust enough to handle new software thus prompting hardware upgrades as well.
Software will also eventually reach its end-of-life and no longer be supported by the vendor, which leads to performance and functionality issues, as well as security concerns. Neglecting to budget for these life-cycles could result in system downtime, failure to meet compliance regulations, and lost productivity due to time spent troubleshooting failed equipment. Hence, the recommendation is to plan for technology and upgrades to ensure compatibility and maximum functionality. Increased performance, capacity, stability, and functionality are ultimately the benefits.
In summary, it is crucial to make a technology plan and budget for IT upgrades. It warrants that a company's employees have the tools they need to do their jobs now and in the future with minimal, if any, disruptions to productivity. In the words of Ben Franklin, "An ounce of prevention is worth a pound of cure."
If you would like assistance in planning and budgeting your IT upgrades, contact us for a consultation.