No one gets a blank check for security, so when it’s time to budget, planning should be about more than just capital purchases and operating expenses. Security budget planning should be part of your overall enterprise strategy with consideration for short and long-term protection goals. Unfortunately, many leaders in charge of the security program are never given the responsibility to develop a budget or don’t have enough experience to create one.
This can put your entire security program at risk.
Developing a security budget will force your organization to closely examine security gaps and develop plans to address those gaps. Simply as an exercise, this will help you focus on areas that matter most and build better systems.
A security budget plan can be complex but is vital for the health of any modern business
For most security projects, the benefits should be outlined in terms of cost savings (time and money), revenue generation, and risk management.
A security budget allows companies to set clearly defined goals, therefore, less time and money is wasted because they already have a clear idea of what’s needed. Highlighting any security gaps, options for corrective actions, return on security spend and cost avoidance is a solid approach. By allocating specific costs with a set amount to each security need, companies minimize the risk of wasting money.
Increase Sustainability & Decrease Risk
Failing to implement adequate security could result in lawsuits in the event of an incident, which may cost the organization and these estimates should be worked into the plan.
Strategic Planning & Financial Predictability
Setting expectations for a 1, 3 and 5-year plan provides your organization with financial predictability and helps avoid surprises in the future. This approach also ensures security is appropriately sized with the correct amount of funds without competition for resources. Your security plan will evolve over time and need continuous re-evaluation. Planning for upgrades and replacements should be factored in so processes continue to function flawlessly and failures can be addressed appropriately.
It’s important to be aware of your overall business strategy and make decisions about what the security priorities are in comparison to the operation’s most important objectives. The plan will need to consider and define the need-to-value ratio for spending resources relative to other organizational priorities.
Identify your most valuable assets, both physical and intangible, along with the level of importance each has in accomplishing your business objectives.
Define potential threats and impacts such as theft, the potential for injury, protecting brand reputation, legal penalties and any other means of losing revenue or resources.
When choosing equipment, first determine what you already have, how it’s been working for you and how it’ll integrate with anything new. Layers work best when they overlap with one another. After you’ve completed this inventory, consider the risks associated if you chose not to add new equipment.
Security is an investment and isn’t just protective. Robust security can boost revenue, increase sales, improve safety, create efficiencies, lower insurance rates and add value to the real estate and the entire business. The budget needs to be financially justifiable and bridge the gap between physical security needs and organizational value.
Here’s a simple format for your budget planning:
Start with a problem statement, identify the importance of and negative impact to the organization if security issues go unresolved. Next, be clear about your security needs along with timetables for funding and completion dates. And perhaps most importantly, highlight the expected benefits and positive outcomes that your organization can expect from deployment.
Security is directly proportional to safety, efficiency and success. When security works right, your company runs smoothly and is ready for any trouble that may come along. Build a security budget plan and everyone wins. Otherwise, security will be marginalized and deprioritized.
ASI has been serving nationwide clients from Quincy, Illinois since 1974. A UL-listed central monitoring station and Honeywell Platinum certified, ASI remains one of the largest, most experienced security integrators designing, installing and maintaining whole systems. In addition to Fire and Life safety system, ASI also offers PA and Medical Alert Systems (PERS), Environmental Monitoring, Nurse Call, Real-Time Location and Wander Management and more!