Creating an IT budget for your business is an important step to ensure that you’re getting the most value for your IT investments. With the right budget in place, your business can save money and invest in technology solutions that support your long-term goals. This ultimate guide will help you understand the process of developing an IT budget and will provide valuable tips and strategies for creating a budget that works for your business.


Assess your current IT infrastructure

A good first step when creating an IT budget is to review those from previous years. This will provide a benchmark from which to start your calculations. That way, you’ll have a better idea of revenue and spending rates across various periods of time. It can then be adjusted to new priorities.


Identify IT expenses

One of the first things to consider when creating an IT budget is any recurring costs, such as: 

Staff : in-house, outsourced or both

Network infrastructure and security: data centre, backups, firewalls, VPN, cyber security, support and maintenance contracts

Replacing or upgrading hardware and software: PCs, laptops, servers

Subscriptions and cloud services: productivity software e.g. Microsoft 365, data storage, video conferencing

Line of business applications: CRM, ERP, finance, marketing and HR systems

Telecoms: voice, mobile, internet, data

Peripherals: printing spend, keyboards, mouse, headsets, cables etc.


Determine IT priorities and goals

You will probably know what’s working with your IT strategy and what’s not. Still, it’s always wise to consult with everyone’s opinions– including those from those with less experience than yourself.

If you are the owner of a business or are the person responsible for this big transformation, it’s just as important – if not more – that you be in tune to the needs and preferences of the stakeholders you hope to benefit from your budget. This will ensure that you get the buy-in from these people necessary for the approval of your budget.

If you’re not sure what your next steps are in IT systems and procedures, you may find some use in a professional IT audit.


Consider future technology trends

IT is an important part of everyday operations of most businesses. Your yearly IT budget can help transform your business digitally in order to get ahead of your competitors, while also showing your stakeholders that you are thinking about the future of the company.

An important part of a successful business is growth. When planning out an IT budget, consider future technology trends and how they might help with the growth of your business and how to stay ahead of your competitors.


Allocate resources according to needs

Lithium Systems has a solution that can be tailored to your specific needs, no matter whether you require managed IT or some extra help during peak times. With our fixed monthly fees you can be assured that there will be no unexpected costs and that your IT budget will stay on track. We monitor and maintain your network 24/7 as well as provide remote and onsite IT support as needed.


Monitor and adjust the budget as needed

When it comes to IT budget planning, it can be tempting to reduce costs by delaying or cancelling things like training courses that seem like more of a ‘want’ than a ‘need’. 

However, it’s not worth risking the problems this could cause you later down the road. Skipping things like user awareness training may seem like a quick fix but can ultimately cost your business more money in the end, therefore monitoring the budget is important but cutting costs on important items is not recommended.


If you need help with your IT budget get in touch with the experts at Lithium

Each asset has an associated cost, and you want to maximize any investment by ensuring that equipment is being used properly by the right people. Asset management is also a key component of overall risk management as it ensures that your business only uses supported and compliant devices.

Single Order Generic Ethernet Access, or SOGEA for short, is a type of broadband internet connection that provides a dedicated Ethernet connection directly from a customer’s premises to the internet service provider’s (ISP) network.

SOGEA allows customers to connect to the internet using only a single order, which includes both the broadband service and the telephone line rental. This means that customers can use the same telephone line for both voice calls and internet access, without the need for a separate Openreach phone line.

One of the benefits of SOGEA is that it can provide a faster and more reliable connection than traditional broadband options such as ADSL, which rely on copper telephone lines. SOGEA is also a good option for customers who don’t need a traditional phone service, but still require high-speed internet access.

SOGEA is currently available in the United Kingdom, and it’s expected to become a more widely used broadband option as more internet service providers adopt it.

Starlink internet is a revolutionary new way to connect to the internet that is fast, reliable, and available virtually anywhere in the world.

With Starlink, you can say goodbye to slow, unreliable internet connections and hello to high-speed internet that delivers download speeds of up to 100 Mbps. Best of all, Starlink uses advanced satellite technology to provide internet access to areas that are traditionally underserved or completely without internet access. Whether you’re living in a rural area, traveling on the road, or just tired of slow internet speeds, Starlink has the solution you’ve been looking for.

Our leased line product is a dedicated, private telecommunications circuit that provides a direct and continuous connection between two points, typically used for internet access, voice communications, or data transfer.

One of the main benefits of a leased line is the reliability and consistency it offers, as it guarantees a fixed bandwidth and symmetric upload and download speeds, without sharing with other users. This makes it ideal for businesses that require high levels of connectivity and bandwidth, such as those that use cloud services or require large file transfers. Additionally, our leased lines offer improved security, as they are not vulnerable to interference or hacking from external sources, unlike shared broadband connections. Lastly, leased our lines come with a service level agreements (SLAs), which provide guarantees for uptime and response times, ensuring a high level of customer service and support.

Ethernet First Mile (EFM) is a technology that enables high-speed, dedicated internet access over traditional copper-based infrastructure. Specifically, EFM refers to the use of Ethernet technology to provide connectivity from a customer’s premises to the service provider’s network.

In traditional broadband access, a customer’s connection to the provider’s network typically involves a shared medium such as cable or DSL. With EFM, the customer’s connection is dedicated, meaning that they have a direct, uncontended connection to the provider’s network.

EFM is often used to provide high-speed internet access to small and medium-sized businesses, as well as remote or underserved areas. It can offer speeds of up to 35 Mbps over distances of up to 10 kilometers, depending on the quality of the copper infrastructure.

Overall, EFM is a cost-effective solution for businesses that require reliable, high-speed internet connectivity but cannot access fiber-based solutions due to geographical or economic limitations.

FTTC stands for Fiber to the Cabinet, which is a type of internet broadband technology. It involves running a high-speed fiber optic cable from the internet service provider (ISP) to a street cabinet, which is usually located on the side of a road or a pavement, and then using the existing copper telephone lines to connect homes and businesses to the cabinet.

The distance between the cabinet and the property can affect the speed of the internet connection. The closer the property is to the cabinet, the faster the internet speed.

FTTC can provide faster internet speeds compared to ADSL (Asymmetric Digital Subscriber Line) technology, which uses copper telephone lines for both download and upload data. FTTC can offer download speeds of up to 80 Mbps (megabits per second) and upload speeds of up to 20 Mbps, depending on the quality of the copper telephone lines and the distance between the property and the cabinet.

FTTC is often used as an interim solution while ISPs work on providing full fiber connections to homes and businesses.