As the end of the year approaches so does your company’s budget. Most companies adopt the “use it or lose it” method, which means you can be left with a tough decision. It’s important to weigh all the options and think strategically about where that budget will be spent. Here are some suggestions on how to use up your budget that could have a positive impact on the company and the employees that work there!
Company Outings / Team Building
Think of this as an investment in your people. Team building boosts employee engagement and increases morale. Plan a retreat or team-building exercise! Go axe throwing, bowling or head to the bar for drinks. Whatever it may be it does not have to be related to work, in fact, being able to share an experience and make connections outside the office are key to helping the overall energy in the office. End of the year celebrations are always a win and helps your team head into the new year refreshed and engaged. According to this study, companies with engaged employees see 233% greater customer loyalty. So, celebrating your employees is a win for everyone!
Donate to Charity
A charitable contribution is a great way to use up your budget. Especially around the holidays, this form of giving can go a long way. Choose to donate to a cause that is in your community or something that your company supports!
Gift Your Employees/Clients
To thank your employees for a great year give them something tangible that they will cherish. 81% of employees feel appreciated when they receive gifts from employers, so why not use that budget as a means to thank them for a great year? Whether it’s holiday-specific or a way to celebrate a successful year, the people who work hard for you day in and day out will appreciate the gesture.
Think outside the box and play with the branding. It doesn’t have to be a logoed item but perhaps something more subtle or insider about your brand that will make employees feel even more a part of the team. Stick to a theme, or make it a kit! Whatever you choose you can have a lot of fun with it. These same rules apply to client gifts as well.
Spend it on Marketing
Reinvesting the remaining budget into the company via marketing could be the right move. If you’re met with restrictions throughout the year on marketing spend, now’s the chance. Promote your content on social media, invest in an SEO strategist, revamp your blog or website, purchase a project management or automation tool! Whatever the strategy may be, pouring these efforts into Q4 marketing can set your company up for success next year.
You can also do fun internal projects with your team. An idea Hover’s parent company, Tucows, had was to make a branded merchandise video to show off their new brand and swag. Check it out below for some serious year-end #inspo:
Year-End Budget Conclusion
It’s important to remember to review all your options and think about what is best for the company and its employees. Finding the most effective way to spend the remaining budget can lead to future success and boosted morale. Hopefully, these ideas gave you some inspiration on how to spend yours!