Best Strategies to Cut Technology Expenses in a Recession

The Best Ways to Save on Technology Costs During a Recession‍

When you’re in the middle of a recession, it can be hard to think about anything but how much money you don’t have. However, one area that many businesses cut when finances get tight is their technology budget. This is unfortunate because technology isn’t an optional expense for most companies – it’s necessary. After all, new technologies make business operations more productive and help companies reach new markets and sell their goods more efficiently. Nevertheless, a tight economy can force even the best-managed businesses to make unwise cuts to their technology budgets. This doesn’t mean that you have to give up on investing in new technologies until things get better; instead, there are plenty of ways that you can save money on your technology needs during a recession.

Welcome to another blog from the series Uptime with Richard Luna. Watch the video to understand why technology costs matter and how you can cut your bills during a recession.


Review Your Bills

The first step to saving money on technology bills is to review your current bills. You’ll want to ensure you’re not paying for services you aren’t using. For example, if you have internet service with a data cap, you may lower your costs by using a different plan that doesn’t have a cap. Similarly, if you’re paying for software subscriptions that you aren’t using, you should be able to cancel them for a full refund. While these simple savings may not be enough to eliminate the need for cost-cutting measures, they can help you to get started.


Determining Which Tech Investments are Worth the Money

If you’re looking to cut your technology budget, the first step is determining which investments are worth the money. Doing so will allow you to make targeted cuts that will reduce your costs without compromising your ability to do business. If you’re looking to reduce your IT costs, you should evaluate your current IT infrastructure and see if there are any areas for improvement. You can then use this information to decide what new technologies you need. For example, if your business still uses landlines, you should upgrade to VoIP phone service. Similarly, if you’re still using a traditional PBX system, you’ll save money by switching to an IP PBX. Each of these investments will save you money on your monthly bills and help you to modernize your business communications.


The Best Ways to Save on Technology Costs During a Recession middle

Hold Off on New Subscription Purchases

If you’re facing a severe budget shortfall, the first thing that you should do is hold off on new subscription purchases. Many business owners make the mistake of thinking they need to keep up with the latest technological trends, even if they don’t have the money to do so. However, the truth is that most businesses can get by just fine without the latest gadgets. Holding off on new subscriptions will allow you to spend less money on your existing technology. Then you can use the money you’re saving to help offset your technology budget.


Bottom line

Technology is a necessary part of any business, but it doesn’t have to be expensive. To save money on technology costs during a recession, you should review your current bills to ensure that you aren’t paying for services you aren’t using. You should also determine which tech investments are worth the money and hold off on any unnecessary new subscription purchases. By following these tips, you can save money on technology without sacrificing your ability to do business.

Sign up now with Protected Harbor for a free IT audit and find out where you can save money. You will receive recommendations on improving your company’s IT infrastructure to save money, receive a free consultation, and ensure your systems are secure.

Leave a Reply