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Prioritizing Budgets for Technology

by Evan

As technology systems become more and more integrated, maybe it’s time to review exactly what your current technology is doing for you instead of what you can do for the technology sales teams!

We have a saying, “if it’s not making you money, it must be called furniture!” This means that any item of capital equipment must be instrumental in generating revenue for your company. techvaluetrends This must be the only prerequisite for acquiring new technology.

Most people are aware of the old adage that “time is money” but the reasons to upgrade your technology have to be based upon sound principles and you may want to carry out the following exercise before making any decisions:

Establish that your current costs are as low as they can beIdentify the business focus for the oncoming fiscal year (Business Plan)

Ensure your marketing plan is in place

Look to invest in the technology necessary to achieve your sales targets as specified in your Business Plan.

Current Costs

Securing a budget for a given department or business plan can be a much sweeter “pill to swallow” if you have been able to save costs in other areas. Before you embark upon any changes, it’s a good idea to ensure that your existing costs are at a minimum. TechnoMagazine Identifying savings to your phone bill, for example should be a relatively easy exercise.

However irrespective of the size of business or the funding required, any expenditure required must be cost justified, not only in terms of whether you can afford it but also in terms of the additional financial reward to be gained.

Business Plan

Attempting to secure a larger market share cannot be achieved without a sound business plan. If you determine what you want to achieve then the acquisition of new technology will be far easier and more logical.

Marketing Plan

To achieve the goals set out in your business plan, you must have a method to get your message out to prospective customers. The tools required to carry out your marketing plan should be the focus of your prioritization for budgeting.

There is no point replacing a server if you intend to spend the next twelve months ramping up a telesales campaign or recruiting new sales people. GadgetsMonk To start at the beginning, your Marketing Activities will probably consist of the following:The above activities will/should be focused towards the existing and prospective customers you hold on file.

In order to efficiently manage your marketing activities, a CRM Database should be used such as GoldMine, Salesforce, Act! etc. They are not just address books; these packages can help structure your business processes in order that you can standardise repetitive tasks such as sending out letters and automating tasks for new customers. techitree E.g. if you have a process whereby a new prospect is sent a series of documents over a period of time, CRM packages can automate these tasks leaving both marketing and sales departments to concentrate on serving new customers whilst the technology can be left to do the “donkey work”.

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