There’s a better way to use your end of year budget. Your Surplus!
By investing your surplus budget in the right place and program, you may have a lot more revenue to look forward to next year.
From professional development and employee engagement investments to rewards, we have compiled a list of opportunities for your unspent budgets.
How to spend your end-of-year budget?
Here’s how you can spend your end-of-year budget wisely.
Invest in Employees’ Intrapreneurial Spirit
Although establishing a platform for building an intrapreneurship culture is a priority action for most, often, innovation strategy ends up being theoretical and not practical. But since you have an unspent budget at your hand, answer a few questions:
- Is innovation a core part of your business strategy for the upcoming year?
- Will you need new ideas, research, or resources to achieve innovation goals?
- Do you need to streamline operations and automate innovation processes?
- Do you need teams across verticals and bases to perform their roles better?
- Are you expecting your company to grow in the next year?
- Are getting more invention disclosures a part of your objectives?
If your answer is yes to most of the questions, you must go ahead and invest in innovation with the help of idea management software.
Your business benefits from investing in innovation:
An innovation culture empowers every employee to innovate. You discover a plethora of ideas to transform business processes, engage customers and business partners, and get diverse revenue streams.
Show Your Gratitude to Your Loyal Clients
Sending small gifts and tokens of appreciation is a win-win for both your company and the customer. I don’t like gifts, said no one ever. People like being celebrated and recognized, so spending your unused budget on providing a positive user experience goes a long way. This can be done through little gestures and offers, such as accumulated bonus points, discounts, gifts, free monthly subscriptions, a hotel reservation with an all-paid meal, and so on.
Pro tip: You can also allocate your unused budget towards winning your potential clients. Since it is the time of the holidays, you have got yourself a perfect excuse to woo them with presents without coming out too pushy.
Offer In-House Counseling and Therapy Support
A few years back, mental health was considered taboo, but today workplace counseling is the need of the hour. In organizations where business innovation is a priority, employees tend to make hefty efforts, and by the end of the year, they feel burnt out.
This is where you can help them out!
Using the leftover budget, you can do great good for your employees.
Workplace counseling and therapy session is usually short-term and provides a liberated and specialist resource for individuals working across all verticals and in all operating environments. By giving all employees access to free, confidential counseling, you show them that you care about their health, physical and mental.
Adopt Top Innovation to Streamline Business Processes
Every year, the hostile market environment brings new challenges for your business. Yesterday, it was a pandemic, and today, it’s the recession. This calls for you to stay on top of your innovation game by leveraging the top innovation trends.
You can achieve that by:
- Upgrading your technology, hardware, and software.
- Equipping your workforce with high-tech tools.
- Making cybersecurity upgrades.
- Using the extra budget on arranging technology training for your staff.
- Upgrading the existing business tool or subscription, such as your accounting, productivity, and project management tools.
Excess Budget is a Sign to Fulfill Your Social Welfare Responsibility
Spending money for the benefit of society as a whole can help you set an example of organizations doing their part in solving the largest of the problems.
Be it a problem of achieving sustainable goals, children’s education, illiteracy, unsafe drinking water, or malnutrition, your company can make a large-scale impact. You just need to take a small step towards it.
For example, you can use your end-of-year budget to arrange books, laptops, meals, school uniforms, and whatnot for the future of our world, i.e., children.
Based on your budget and spending limits, you can contribute as much as you want and involve your team for the purpose.
End-of-Year Funds Call for a New Year Party
Go into the new year with a bang!
You’ve achieved business targets, your employees worked hard round the clock, and your customers remained loyal to you. It calls for a grand celebration.
So go ahead and give stakeholders, employees, clients, and basically, everyone to take a moment and let loose.
TL;DR
Here are the End of Year Budget Spending Ideas:
- Invest Your Unspent Budget in Employees’ Intrapreneurial Spirit
- Show Your Gratitude to Your Loyal Clients
- Offer In-House Counseling and Therapy Support
- Adopt Top Innovation to Streamline Business Processes
- Excess Budget is a Sign to Fulfill Your Social Welfare Responsibility
- End-of-Year Funds Call for a New Year Party
