5 Smart Ways to Spend Remaining Yearly Budget

November 19, 2020

Decisions are being made on your company’s remaining budget. Don’t let it go to waste. Invest it smartly with these 5 tips.

As we get closer to the end of the year and the beginning of a new one, goals are being made, and strong endings/beginnings are being discussed. Along with that are decisions on the remaining budget. It’s strongly encouraged to not just let this go into random things to just make sure it’s spent, but to think carefully about investing it to both end and begin strongly. Here are 5 smart things you can do with your remaining budget for this year.

Invest in a New Software

Software often plays a huge role in businesses of today. Whether it’s virtual reality training software or accounting software. Rethinking where your money is going in terms of software is an important step to take every year. Every year something new hits the market, and it’s often looked past until it’s needed. Now is a good time to look for new software that may be able to do what you’re doing more efficiently and effectively. For example virtual reality training software can be used for most physical and technical companies to both streamline training and knowledge testing of employees. This would be a great way to remove outdated training software and bring interest and life to the training of newer employees.

Invest in Employee Growth

Investing in the growth of your employees is investing in the growth of your company. Giving your employees the time and space to grow is an important way to keep the minds on your team active and ready to adapt to any kind of changes both in and outside of the office. If you ask around, you may even find your employees have been itching to learn about a certain subject or two. Using your remaining budget to pay for an online course in coding or marketing can end up helping you in the long run. Having more knowledgeable employees can never inhibit your company’s growth, and will most likely also begin a deep appreciation for your leadership among employees which leads into the next point.

Invest in your Employees’ Happiness

Investing in your employees’ growth often leads to your employees’ happiness. You employees’ happiness however must still be seen as a separate thing. There is a big reason for the amount of perks often given, community building events, and happy hours at some of the larger businesses like Google and Microsoft. These changes may not even cost that much money, from a free dinner at a nearby restaurant to allowing dogs inside with a small collection of dog treats available, companies would be spending the bare minimum while also showing an appreciation for their workers. When you invest in your employees’ happiness, you give them a good reason to not only stick around, but the mental freedom to work harder with good intentions.

Spend on Marketing & Advertising

Spending some of your end of year budget on a well thought out marketing and/or advertising strategy is a great way to make sure you can begin the new year strongly. Reexamining your strengths and weaknesses and devising a plan to play out for the next 2 or 3 months not only allows you to focus on how to do better going into the next year, but allows you to be a bit more experimental with the plan with little losses. You can think of setting up billboard advertising, augmented reality advertising, and other interesting and effective ways to advertise your business that people often forget.

Invest in a Business Tool

Investing in at least one business tool is a must for many businesses. We, at ARSOME, in fact, use a good few business tools. If you have an issue or something that you believe can be done better or more timely then a business tool can help you with it. From scheduling and posting social media posts on Hootsuite, to keyword research on ahrefs and quick designs on Canva, business tools can make all the difference in managing your time as effectively as possible.

No matter what you choose from this list, you won’t regret it. Just do us a favor, and don’t let you budget mindlessly run out before the new year!

ARSOME Technology is an Augmented & Virtual Reality company based in Manchester, Connecticut. ARSOME Technology is a highly established and driven company that works for and with companies interested in bringing an AR, VR, or Mixed Reality experience to their businesses. ARSOME Technology has worked with a museum in the past to bring characters and information to life. Contact us at ARSOME.com to learn more.