With the holiday season fast-approaching and a new year looming, companies are scrambling to spend their departmental and organizational budgets before losing them to the next financial period. If the business has surplus money available that it previously allocated to expenditures that didnt materialize, deciding how to spend it can be tricky.
Theres also the question about whether the company should spend the money in the first place, instead of rolling over to the next cycle and reducing the budget constraints for the following year. However, if the company does have funds available, now is the perfect time to find initiatives that will benefit the business in the long run. The irony is that by not spending the entire budget, the department or business unit will probably receive a smaller budget in the next fiscal year, so theres a clear incentive to find a worthy investment before time runs out.
5 Ways Companies Can Spend Their Surplus Budgets
Acts like the Section 179 Deduction seek to help small and medium businesses invest in their company. The Section 179 tax deduction allows firms to recoup expenses when they acquire new technologies or software for the business. However, this only applies to qualifying properties purchased in the current financial year. Besides Section 179 Deduction benefits, there are other ways companies can become more productive and increase their revenues in the next year.
1. Investing in New Technologies that Streamlines the Companys Processes
One of the best options available to companies during their end-of-year budget spending is to acquire new technologies. Office productivity tools will reduce stress on employees in the coming year and will help the office achieve greater efficiencies. Document Management Systems (DMS) and automated workflows can speed up the offices task processing while reducing the costs of printing with a digital solution.
2. Upgrading Legacy Hardware and Buying New Infrastructure
Theres often not enough to go around in the company budget to upgrade their hardware and infrastructure regularly. When looking for something to spend the surplus money on, a new Multifunction Device (MFD) can alleviate stress in the office while reducing the operational costs in the coming years. Modern MFDs come with eco-efficient technology that uses less ink and electricity. If the company still relies on outdated legacy hardware, then spending the surplus on a new device can help the office be more productive in the new year.
3. Rewarding the Companys Valuable Employees
Its well-known that employees who feel valued by their companies will go out of their way to do more for the organization. If the company needs to boost morale, deciding to spend the extra cash on gifts or other incentives for their employees can help them to start the new year on a positive note. The company can provide employees with water bottles, office chair accessories, or other ergonomic devices that make doing their jobs easier and more comfortable. Rewarding valuable employees will ensure the company starts the next year on the right path towards another productive cycle.
4. Help Employees with Professional Development
When a company invests in its employees, the business ultimately benefits the most. A team of skilled resources and expert technical staff can be expensive to recruit. If the company has the funds, sending employees on specialized training courses will help the business deliver better products and services to its customers. By empowering employees, the business will gain additional expertise, and the staff will become more confident in their abilities.
5. Invest More in Marketing and Promotional Materials
The company can also decide to spend the excess budget on improving their marketing programs and upgrading the promotional material distributed around the office. Old posters and banners can give customers the impression that the company is still operating in the dark ages. By investing in new vibrant displays and corporate communications, clients and employees are confident that the business is growing and keeping up with the latest trends.
Let Document Solutions Inc. Help Your Business Find a Valuable Investment for Your Surplus Budget
Document Solutions Inc. (DSI) has a range of innovative products, services, and solutions that help companies achieve new efficiencies and improve office productivity. Whether the company needs newer hardware or reduce bottlenecks from their daily workflows, DSI can assist with a comprehensive solution that caters to the organization’s exacting needs. DSI has provided office productivity tools to organizations for more than twenty years and can help any business gain a competitive edge in the modern economy.
For innovative solutions like Managed Print Services, Managed IT or Document, and Security Systems, reach out today to hear what DSI has to offer your company.
Jocelyn Gorman, the Executive Vice President of DSI, possesses a deep understanding of the unique requirements of growing businesses. With over a decade of experience collaborating with clients across various industries, she closely collaborates with her Sales Team to develop and implement tailored technology solutions. These solutions aim to enhance office productivity and minimize operational costs. Her remarkable ability to effectively address business challenges has garnered recognition from prestigious publications such as the Cannata Report and Family Business Magazine.