If you’re reading this towards the end of the year, you’re probably breathing a big sigh of relief right now.
For one thing, the year is almost ending and you’re probably in the middle of reviewing your business and closing up loose ends. (But hey, it’s almost done! Give yourself a pat on the back!)
And if you clicked on this article, you probably have one more reason to be happy— you managed to survive the year with a budget surplus for your business! After all, an excess budget is always better than running out of it.
But what now? How should you spend your excess business budget, or should you at all?
Here are a few ideas to help you spend your money wisely!
Invest in a new tool
When we say “tool,” we mean things that can help make your work easier, either by making the process quicker, lightening up your load, freeing a bit of your time, or managing things for you. Here are some things you can invest in:
—– Technology: Start subscribing to a service or an app that helps you with your work. Try out ClickUp, Slack, Google Workspace, Freshbooks, etc.
—– Services: If a task normally gets in the way of your work, you can always delegate it. You can hire a cleaning service for your office, water delivery, or delivery service for your products. Additionally, you can also hire someone to help you upgrade your tech and hardware for your business.
—– Hardware: Speaking of hardware, you can also invest in new machines or devices with your excess business budget. Depending on the kind and size of your business, this could range from actual machinery to things like printers, photocopy machines, security systems, or even air conditioners.
Save it for next year
Or you could, you know… just save it for next year. Things have been pretty unpredictable lately and nothing’s wrong with looking ahead and being prepared.
Donate to charity
The end of the year is the season of giving, after all. Why not take your excess business budget and donate the money or goods to a charity that you care about? If you’re an organization, you can use the money to directly support your cause or create a special campaign for it.
Treat your team
Speaking of giving, you can also use your excess business budget to treat your employees.
This doesn’t always mean giving out bonuses (although let’s be honest— they’ll probably love you for that)! You can also use your budget surplus to throw them a party, get them something thoughtful, or invest in something that would make their work life more enjoyable (like an espresso machine, comfy desk chairs, or a nap area).
Refurbish your workplace
Being in an ideal environment is essential for boosting productivity, focus, and motivation. Use your excess business budget to invest in a more ergonomic work setup, make your workplace more comfortable, or even give it a major makeover.
Psst! Want to start decluttering and organizing right now? Here’s a free checklist from us!
Invest in your marketing
Hear us out: marketing is one of the most important aspects of your business. When done right, your marketing efforts can grow your business, earn you more business opportunities, and establish a community for your brand.
Aside from investing in marketing tools, why not try outsourcing your marketing?
Even with a surplus in your business budget, your time is still a more valuable resource. When you work with a marketing company, you can focus on other aspects of your business and grow that area as well as enjoy time for yourself. All while knowing your marketing is being handled by pros that know what they’re doing.
Not entirely sure yet? Read until the end for a free offer from us!
There are many smart ways to spend (or save) your excess business budget. But ultimately, it’s up to you to decide what to do with it and what’s best for your business.
However, deciding your next course of action isn’t always easy, especially if you have no idea about it. With your marketing, you’ll want to make sure that you’ve got a superstar support team that can guide and help you through your campaigns. That’s where we come in!
Want marketing tips or ideas for your business? Or do you have burning questions that need answering?
Book a free 30-minute marketing consultation with us! Or Follow us on social media for more quick tips & inspiration!