Security is an important part of all of our lives, especially if you’re a commercial business owner. Budgeting is also a concern. Too much of your budget allocated for security will eat into your profits. Too little can do the same thing if your inventory is vulnerable to theft.
What’s the right balance? How much of your business’ budget should you allocate for security? Let’s help you identify a recommended percentage and go over some allocation options.
The Ideal Percentage for Security Budgets
For starters, let’s look at how much of your budget should be allocated for expenses in general. While opinions on numbers vary, many financial publications recommend that “your expenses should be limited to no more than (about a third) of your total revenue.” Take that number and use it to break down your spending. Most companies spend about five percent of their funds on security—which includes cybersecurity.
There are lots of variables and unique security considerations for each business, of course, but five percent of your expenses budget is a good rule of thumb to follow for your security budget. If you don’t need cybersecurity, use all five percent for physical security upgrades. If you do need cybersecurity, make sure you’re accounting for physical security as well.
Ways to Improve Your Business’ Security
Some of your security costs will be upfront, like installing a surveillance system or smart locks. Others may be ongoing, like camera monitoring from a professional security company. Budget for the year and you’ll have a good idea for the annual and monthly costs your business can afford. Once you’ve landed on a number, you can begin making upgrades.
Here are some commercial security options for you to consider:
- Unpickable locks
- Automated security systems
- Upgraded safes
- Master key systems
- Security cameras
- Access control systems
- Push and panic bars
- Lock rekeys and repairs
Finding the Right Commercial Security Company
Again, your budget needs are as unique as your business, so a professional consultation from a commercial security company will give you the clearest picture on how much you should allocate for security. Have you considered talking with a commercial locksmith?
At A-1 Locksmith, we have years of experience installing, repairing, replacing and upgrading security features for businesses across the Dallas-Fort Worth Metroplex. We have the reviews, professional partnerships, experience and customer service you need to have peace of mind about your business (and its budget).
If you have questions about your business’ security and are interested in the opinion of a commercial locksmith, call the team at A-1 Locksmith today.
