It’s great to have money leftover—and a pain, because now you’ve got to decide how to spend your end-of-year budget.
You could consult your staff, but everyone will have a different opinion about where the money should go. The goal is to spend it responsibly and in a way that maximizes benefit.
If you’re having trouble coming up with ways to dispose of your excess budget, here are a few suggestions:
Thank your employees
The end of the year is a great time to show your appreciation to your employees. And with a little extra budget on hand, you could really do something nice for them.
In fact, a majority of employees (70 per cent) say that morale would dramatically improve if managers said thank you more.
An even greater majority (88 percent this time) agreed that employers should reward their staff for great work. If you’re drawing a blank on what to buy, here are several terrific gift ideas for your employees.
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 funnel that leftover budget into purchasing or upgrading that business tool or subscription.
Sign up for a conference next year
Send your employees—or yourself—to a conference. They’re prime opportunities to listen to panels discussing your industry, current trends, and best practices.
It’s also a chance to build your network by getting to know your fellow attendees. Additionally, the end of the year is typically your last chance to receive early bird specials on your conference passes.
Give your online marketing a temporary boost
Have you produced some pretty slick content during the year? Or could you use more traffic, clicks, or leads?
Then pour that leftover budget into promoting your content on social media.
Or give your Google Adwords budget a short-term shot in the arm so you can finish off the year with a spike in traffic (and leads, hopefully).
Invest in infrastructure
If you’re running an office, then chances are there’s something you should replace or upgrade. Maybe your staff could use new monitors or better chairs.
Or, if you’re expecting company growth next year, that budget could go to outfitting new hires. At Jive, we recommend upgrading your business phone system to one that requires less hardware and is easier to manage.
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 second Christmas.
That’s why you can’t let it go to your head with a spur-of-the-moment spending spree. Carefully consider the best places to spend your end-of-year budget. This is an opportunity to evaluate your needs and invest in your employees, tools, marketing, or office.