Getting through a recession is no easy task, and it’s natural to think the best thing to do is cut costs wherever you can and batten down the hatches. But that approach simply won’t work with your tech investment budget! In this digital age, dramatically cutting tech spending is going to hurt you in the medium and long term (and likely short term as well!), putting you further and further behind your competitors. It’s like sticking with a horse and cart when everyone else is investing in trucks. But don’t let this stress you out – with the right support from talented and experienced IT consultants, as well as these tips, you’ll be able to keep your tech spending down and get ahead, making tech investments a strong foundation for thriving through uncertainty.
Tech as a solution and safety net
Spending on tech shouldn’t be something you cut when the going gets tough, primarily because it’s the single most effective way to cope AND grow through challenging times! For this reason, most tech leaders are actually expecting to increase their budgets this financial year, and other reports say that globally, 77% of companies are following through with this expectation.
This is because tech investment drives businesses to become more responsive, more agile, and more cost-effective. It gives you solutions that help you do more with less through automation, optimises business processes to make them faster and more effective, pull in remote talent to reduce operational costs while improving performance through hybrid work models, and reduce wastage through digital lean approaches – all while reducing the risk of exceptionally costly and damaging cybersecurity events.
And the fact is, tech isn’t going away. Cutting your tech investment budget is only going to put your business behind and make it much more complex, challenging, and expensive to catch up if you come out the other side of all this. And we’re not saying that to scare you – it’s simply the reality of the digital, hyper-competitive world we live in.
Making the right tech investments for 2023 – 2024 – and beyond
Of course, this doesn’t mean you need to throw everything behind buying new tech and call it a day. After all, investing in the wrong solutions is going to cost you money without delivering the rewards.
And that’s where having a reliable, ethical tech partner makes all the difference – especially when you are an SMB, start-up, or family business that has a limited tech department. At Otto, we work with your tech staff and leadership to develop customised roadmaps for your budget and sector, setting you up and supporting you with the best tech to deliver exactly what you need to build resilience and tech. We can supplement your tech department or run it ourselves, supply you with vCIO and consulting services, deliver tech support, implement hybrid working solutions, and so much more.
Because we’re an SMB ourselves, we understand exactly what you’re up against – and we know what works. We’ll help you keep tech costs affordable and under control, deliver exceptional client service (in fact, your satisfaction is the ONLY KPI we track), and let you get back to what you do best.
Let’s chat about turning tech headaches into workable, affordable solutions that make business simpler, more productive, and more profitable.