When it comes to deploying your customers’ virtual budget, you can reinforce your value by guiding them to ensure that their funds are properly allocated and utilized. A virtual budget is essentially a financial estimate that is used to determine how much money will be necessary to support the organization's deployment of virtual assets over a specified period.
This can include everything from cloud computing and SaaS to subscription or consumption-based offerings. When it comes to deploying a virtual budget, there's many questions to ask:
What business expenses are mandatory?
How can I reduce expenses without compromising the quality of my services?
How can I increase my budget?
How can I minimize risk while still achieving business goals?
This blog post will discuss some key things to think about when deploying your customers’ budgets in the IT space. By posing these questions to them, you can help them ensure their money is put to good use.
Figuring out the Why Before You Deploy Your Budget
Any business owner knows that a budget is essential for success. But what is the best way to deploy that budget? The key thing to remember is that you need to invest in a way that accomplishes business goals, aligns with operational needs, and keeps your customers coming back. Let's look at some critical questions your customers should have answers to.
What Are My Mandatory Business Expenses?
A company's IT infrastructure includes both virtual, cloud, on premise, as-a-service, and subscription components. As a customer, the most important thing to keep in mind is supporting your company's business goals. That means you need to have the right mix of tools and platforms to enable your team to do their best work. Working with organizations that provide platforms and resources help you better forecast for the future.
How Can I Reduce Expenses Without Compromising the Quality of My Services?
When it comes to provisioning tools, it is important to prioritize those that will have the most substantial impact on your bottom line. There is no point in paying for multiple platforms or software packages if you can get everything you need from one. This will help you save money, but it will also make it easier to stay organized and proficient in using software. Of course, this is not to say that you should not use free or open-source provisioning tools. However, if you regularly use a particular tool, it may be worth investing in a subscription. By doing so, you can be confident that you are getting the most bang for your buck. Purchasing IT from a reseller who prioritizes renewals can help their customers save money and reallocate it to other business needs. Two questions to ask your reseller is: do you have a renewal management portal like ServTrax? And what does your customer experience surrounding renewals look like? Partnering with a reseller who provisions an annuity management platform, coupled with well-defined internal processes and quality personnel, will use customer data to consolidate IT contracts and make sure customers aren’t paying for support on assets that don’t need it. Simply, the more strategic a VAR is, the more accurate mutual budgeting and forecasting can be. In addition, by not focusing on renewals, resellers are missing out on the opportunity to build a better relationship with their customers.
How Can I Minimize Risk While Still Achieving Business Goals?
There will always be some degree of risk present which is inevitable. However, what is important is how a business deals with that risk. The goal should be to minimize risk and focus on actions that will positively impact the bottom line. To improve the bottom line, businesses should focus on operational efficiency. This means reducing costs without compromising production or customer satisfaction to increase profit margins, resulting in a more profitable business model. In addition, streamlining processes and eliminating waste can reduce expenses and improve productivity and quality. In short, by making intelligent choices about how they operate, businesses can minimize risk and maximize profit.
Reflecting on These Questions
When it comes to making financial decisions, it's important to reflect on goals and objectives. The idea of a hybrid PaaS like ServTrax is to create an environment where you can achieve your vision as a VAR while also retaining delighted customers. With ServTrax, you can reduce your customer's risk of paying a return to service fee and never miss a renewal. In addition, our platform provides access to customer annuity agreements and asset inventories, which helps solution providers establish more engaging and productive relationships with their customers. As a result, you can be confident that by using ServTrax, you are making decisions and developing a strategy that aligns with the best virtual budgeting scenario. Get in touch with us here.