While you are working on your next project, it is essential to have strict control of the assigned budget. The reason why I always advise you to follow the budget as carefully as possible is that it helps you save some extra dollars. Life is uncertain, and you might not always have enough money, especially for the things you need and for the people who are important to you. These extra dollars will then serve as your life-jacket.
Most of us have a misconception that just because I am aiming to save some money, I am willing to compromise on quality and pick everything cheap – cheap machinery, cheap software, affordable technology, and whatnot. But as I said, its nothing more than a ‘misconception.’ Because undoubtedly, it will help you save money, but will you survive in the long run? Will you be able to maximize your wealth? Ideally, No.
Before I begin to cite ways that can help you reduce cost in your IT project, I would like to quote Warren Buffet, because now this makes a lot more sense –
“If you buy things you don’t need, soon you will have to sell things you need.”
Invest in what you need, not what you want
We all have studied economics, and even if we haven’t, we know the fundamental difference between needs and wishes. The idea is to prioritize your needs over wants. It is human nature to desire the best, even if it isn’t in our budget.
When you are out there, buying software for your next IT project, the recent models with the best specifications and updated technology automatically pulls you closer. Stop, right there!
First, analyze if these specifications and added features are going to benefit you in the long run. If you don’t find immediate answers – drop it. It is not worth your investment. It is easy to be blinded by these so-called new listings, so pre-determine your goals before you go out hunting for the right technology. Most of the time, you will observe that by the end of your IT project, half of the technology innovations are left unused.
So carefully assess each of the features, seek advice from your teammates before you make the final purchase.
Make the best use of cloud computing
Cloud computing has been a life-savior for all small firms. The advancement of cloud computing made IT projects more affordable for startups and relatively more minor organizations. Apart from that, it served as the backbone to help them survive the availability of the best storage technology with big firms.
And if you want to reduce the bombarding IT costs, cloud computing is your best bet. Take advantage of the flexible storage options they provide. I recommend not sign up for any fixed storage plan, in the plea of saving money. At first instance, it might seem so, but it will keep you locked with limited options. IT projects are incredibly dynamic and demands changes with the developing technology. And if, at that time, you fail to make the necessary adaptations, the entire project will fail. So before stamping any of your decisions, think long-term.
Reduce the unnecessary costs
When you spend some considerable time with the IT project and analyze every aspect carefully, you would be stunned to observe the expenses on useless things like printing and stationery. The reason why the side-expenses deserved a special mention. Most of the time, we don’t even realize these expenses until the final figures are released.
So it’s always better to set ground rules for these details – for instance, you can specify the kind of documents that require printing and the types that doesn’t. Similarly, look into the other aspects too, for example, minimize the usage of paper. Apart from saving costs, you will also give your bit to the environment.
An in-house team is undoubtedly more controlled and disciplined, but the costs that you have to bear is not always justified. Outsourcing not only eliminates the R&D and Training costs but also lends an expert-eye into your project. Plus, it generates a lot higher ROI than what it costs.
Hiring average employees who require hardcore training in your premises, demands both time and money. And trust me, outsourcing might seem expensive, but it is not. You are hiring specialists for particular tasks on a project basis. It saves you all the time and money that can be invested in the further development of your project. For example, you don’t need to hire a designer just because you need some social media graphics, and you can either hire a freelancer or make use of a tool like Canva to do the task for you.
Consider remote staffing
Office space, utility bills, and infrastructure can cost you a fortune, well, what’s the alternative? There is – remote staffing! Regular staffing and remote staffing have one difference, that is, as the name suggests, remote staffing considers work-done outside of your workspace.
As it’s said, the world is now a global village, so why not take advantage of it? Technology has turned the tables and brought the whole world’s talents in one place, accessible and reachable from anywhere, at any point in time. It reduces the overhead costs, serves you an endless number of options for your staff recruitment, and also helps you employ people all over the world. The best thing is, each of your staff can focus on the work-delegated at the ease and comfort of their homes.
Adopt strict security measures
Ransomware, malicious hacks, and other security issues are the worst nightmares in the world of IT. It is the worst thing that can happen, especially to any IT project or firm. Heard of “better safe than sorry?” believe in that and comprehend the fact that security is the key, irrespective of the scale of operation. Thinking that your firm or project is not at risk, is calling for one.
Look out for security measure that trades total security and adopt them in your IT projects. Lenient security protocols attract criminals, and this is the reason why small and medium-sized firms are targeted. If you don’t want to lose your hours of hard work and days of blood-and-sweat, it’s wise to pick the best of the best (at least when you know what’s at stake!).
Think smart, not cheap!
This article wasn’t entirely to help you pick the ‘cheaper’ options. It was to guide you through smarter choices. The cheap route is not the best always. Futuristic approach, intelligent decisions, and rational thinking can help you save those hard-earned extra dollars. And maybe in the trade of that. You could pamper yourself with a short trip to a nearby getaway after the successful completion of the project! ????
Prince Kapoor is a seasoned Marketing Analyst and Blogger. With his skills, he has been helping fellow marketers and brands worldwide.