Tag: budgets

Four Strategies to Consider When Reallocating Budgets for Virtual Workplaces

Now that many marketing teams and agency partners are working virtually as a result of COVID-19, it may be time to adjust budgets accordingly. Here are four new strategies to consider when reallocating budgets during COVID times, according to a piece in PRNEWS.

Talent

Businesses that find themselves without offices may want to consider spending those freed-up resources on talent. Now is the time to invest in people, particularly since geographic limits no longer apply.

Face Time

 Since face time with employees happens less frequently, it behooves businesses to budget for gatherings that cultivate relationships between employees and support a shared company vision. Invest in employee gatherings, whether a team off-site, working dinner or day trips.

Technology

Since virtual work is reality for the foreseeable future, update your technology stack and research new tools that could foster collaboration among the team.

Business Operations

Make sure that your business operations coincide

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IT budgets 2020-21: Planning for business continuity in uncertain times

The conclusion to last year’s instalment of this article stated that “IT budgeting is challenging at the best of times, but for 2020 an extra helping of political and economic instability — possibly even global recession — will make things even harder for CIOs.” That was with a backdrop of international trade tensions — particularly between the US and China — and, in Europe, the UK’s protracted and increasingly painful extrication from the European Union following the 2016 Brexit referendum.

None of these factors have gone away — but they have, of course, been overshadowed by the COVID-19 pandemic, which began in Wuhan, China, in December 2019 and has come to dominate the fortunes and agendas of individuals and families, businesses and organisations, and nations.

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Image: Google Trends

In this article, we’ll summarise the emerging macroeconomic trends, examine analyst forecasts for IT spending in 2020/21, and look at the responses

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