Budgeting can be an intense process throughout the year whether it be re-forecasting, unforeseen expenditure or maximising what you have.
So it’s great when you have some money left over. But this in turn can present a real challenge with timing of invoices and end of year accounts condensing the window for effectively spending the end-of-year budget you have left. With this reduced timeframe and everyone having a different opinion about where the money should go. The goal is to spend it responsibly and in a way that maximises your company’s benefit for the coming year.
Here are some useful ways to spend your budget, help your team, and set yourself up for growth:
1. Thank your employees.
The end of the year is a great time to show your appreciation to your employees that also create a long term benefit on a personal and professional level. Not only can this be a great way to improve morale before you enter a new target year but it can also allow you to invest in staff development and training that keeps up with best practices or pushes your team to grow.
2. Invest in a business tool or subscription.
The market is flooded with helpful tools, services, and applications that automate and simplify business processes. Are you using the free version of a tool or service? Would the premium version better serve your company’s needs? Then using leftover budget into purchasing or upgrading that business tool or subscription is a great way to do it. A few tools you could try include:
3. Research & Insight
Conducting research is one of the best ways to gain insight and support your planning for the coming year. It does require a fair amount of groundwork. If you don’t have the capacity or know-how, consider commissioning a report or research, investing in data analysis of your contact database, or using a data service to uncover interesting insights.
That understanding can help inform your business, strategy, and decision making—and help you uncover trends, insight and potentially even product or content ideas.
4. Give your digital marketing a boost.
Have you produced some great content during the year? Or could you use more traffic, clicks, or leads? Then allocate that leftover budget into promoting your content on social media. Or give your Google Adwords budget a short-term increase so you can finish off the year with a spike in traffic and awareness (and leads, hopefully).
Spend your end-of-year budget on something worthwhile.
You can’t depend on a budget surplus happening every year. So when you have leftover budget, it can feel like a great opportunity but also challenge to make sure it counts. That’s why it’s important to make sure it represents a return of investment. This is an opportunity to evaluate your needs, invest in your employees, tools, marketing, and ultimately growth.