Times are tough out there for a small business. Especially over the last two years, many small businesses have struggled to keep their doors open during the pandemic. In 2020, nearly 30% of small businesses in the United States had to shut their doors.
If you’re a small business owner, you might be looking for ways to cut costs to keep your company afloat, and we don’t blame you. But one thing is for sure—cutting your IT budget is not the way to go. IT services are crucial to your overall success as a company.
Over 41% of small businesses have cut their IT service and cybersecurity budgets since 2020, and it comes as no surprise that cyber attacks are taking advantage of that fact. In the past year, the number of companies that were hit with security breaches increased from 38% to 43%.
Although your small business might not need as big of an IT package as some large-scale corporations, you do deserve the same quality of support.
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Old Equipment Isn’t Saving You Money
You might think your company is saving money by holding on to old and outdated devices or software—but you’re only costing yourself more in terms of security risks.
In a 2017 Ponemon Institute study, approximately 70% of employees believed that their company’s existing security solutions are outdated and inadequate, and in a survey by Microsoft, over 90% of people said they would reconsider doing business with a company that uses outdated technology.
Older hardware and software lack critical security updates and can be susceptible to data breaches and malware attacks. Old devices also require more maintenance, which results in extra downtime that can result in a huge financial hit for your business.
Your Employee and Customers’ Information is At Risk
When you cut your company’s IT budget or try to find the least expensive option for cybersecurity, you’re not only putting your company’s data at risk but the personal identification information (PII) of your employees and customers. As a small business owner, you should be doing everything you can to protect your customer and employees’ PII, and that includes keeping up with quality cybersecurity practices.
You Could Damage Your Reputation
Having quality tech support and security means you also have the potential for great customer service, and cheap IT that doesn’t do its job can damage your reputation. Customers who find out a company has had a security breach or are being careless with their personal data can quickly lose trust in a business.
A study from IDC found that approximately 80% of consumers will stop dealing with a business if their information has been compromised in a security breach. In addition to that, you need to think of how news of a poorly handled security situation can spread like wildfire, losing you potential customers and doing irreparable harm to your company’s reputation.
An Interactions Marketing survey found that 85% of customers who are involved in a bad experience with a company will tell others, and 33.5% will complain about it on social media. Avoid the risk and invest in your IT!
[Related: Creating a Disaster Recovery Plan for Small Businesses]
Save Money a Different Way
Instead of cutting costs, consider how to increase revenue to boost your bottom line. Cutting costs should only be done for efficiency’s sake. If you can do something just as good or even better with less expensive resources, then you should make that informed decision and go for it!
Otherwise, especially when it comes to IT services and cybersecurity, avoid cutting corners and looking for cheap solutions.
Connect with a Small Business IT Professional
The easiest way to find the right IT support and cybersecurity services for your small business that won’t break the bank is to find the right IT professional.
CMIT Solutions is an expert in small business IT solutions. We know how hard small businesses in all industries work to provide excellent service, and we understand the hardships you face.
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CMIT Solutions of Richardson is ready to adapt to your changing needs and find the perfect IT support package for you. Contact us today and let’s get started!
