The Importance of Controlling Your IT Business Assets

Imagine running a business where your website suddenly goes offline, your customer relationship management (CRM) software stops working, or your networking equipment fails, and you have no way of fixing it because the third-party company that set it up is no longer available. How much downtime are you willing to accept? This scenario is not uncommon and can be devastating for your business operations. In this post, we'll explore why it's crucial to maintain control over your IT assets and how to ensure you can always access and manage them.

Why this is essential:

Business Continuity: Keeping your business generating revenue and operations running smoothly. Keep in mind that every business has a finite amount of time to recover from downtime, and having control over your IT assets ensures that you can always access and manage them.
Flexibility: Owning your IT and software assets provides flexibility to switch vendors or partners if needed. If you decide to change your IT support company or software provider, you can do so without the risk of losing access to your assets or having to start from scratch.

Examples and Scenarios

Let's consider some practical examples:

Domain Names and Websites: Your domain name is the address of your website, and losing access to it can be catastrophic. Ensure your domain is registered in your name, and you have the login credentials for the domain registrar account. Similarly, for website hosting, have access to the hosting control panel.
Software Licenses: For critical business software, such as CRM or ERP systems, make sure the licenses are purchased in your name. Have access to the software vendor's portal where you can manage licenses and download necessary updates.
Networking Equipment: For routers, switches, and other networking devices, keep copies of the configuration files. If your IT partner manages these devices, ensure they provide you with regular backups and documentation.

Strategies for Retaining Control

To ensure you maintain control over your IT and software assets, consider the following strategies:

Create Accounts in Your Name: When partnering with IT or software companies, insist that all accounts (domains, hosting, software licenses, etc.) are created in your name. This way, you retain ownership and can grant access to the vendor as needed.
Delegate Access Wisely: If you need the IT or software company to manage your assets, provide them with delegate access rather than full ownership. Most platforms allow you to assign administrative roles to other users while retaining overall control.
Backup Configurations and Data: Regularly back up configurations for your networking equipment and data for your software applications. This ensures you can restore systems quickly in case of failure or if you need to switch providers.
Document Access Information: Maintain a secure record of all account credentials, configurations, and access information. This documentation will be invaluable if you need to transition management to a new provider or take control yourself.
Ask Questions / Seek 2nd Opinions: You absolutely can ask your partnering IT companies questions for how to best set up the above scenarios to help take control of or retain control of your IT assets. Expressing your concerns up-front will give you a chance to evaluate their business practices. Talk to multiple IT service providers to verify the info that you're getting. Often, you can ask IT service providers to help audit your systems (or even other IT companies).

Conclusion

Even if you are not an IT expert, maintaining control over your IT and software assets is crucial. By ensuring these assets are registered in your name and you have access to all necessary credentials and configurations, you can protect your business from disruptions and maintain operational continuity. Partnering with competent IT companies can enhance your operations, but always retain ownership and control to safeguard your business's future. Remember, it's better to have control and not need it than to need control and not have it.

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