If you’re unsure of how to strategically invest your end of year budget, you’ve come to the right place.
With the fiscal year coming to an end, the time is now to use remaining financial resources before they disappear come January 1. Without a sound strategy in place, finding opportunities to maximize on unspent dollars can feel daunting, maybe even impossible for those who wear many hats in their profession. And while we’d all love a cash holiday bonus, this isn’t always feasible. There are several ideas for end of year budget spending that deliver ROI, improve company culture, and cultivate a genuine connection between employees that increase profitability altogether.
Of course, spending your remaining 2022 funds wisely starts with knowing what not to do.
The Mistake Most Businesses Make When It Comes To Profitability
“Use it or lose it” budgets are common in the corporate world. Failure to use these funds can be compared to throwing money away. This is the biggest mistake a business can make when it comes to seizing an easy profitability opportunity. Deciding how to allocate your end of year budget should go hand-in-hand with your long term business strategy. If you’re not thinking about employee retention being a pivotal element of your business’ growth, this is your sign. Countless studies show that profits skyrocket when employees feel appreciated and taken care of by their employers – and who can blame them? No one wants to work where they’re not fulfilled. As you narrow down smart ways to spend end of year funds, ask yourself the following:
- What can we do to make operation processes more efficient while simultaneously supporting our employees?
- Should certain in-house responsibilities be outsourced? If so, what?
- What tools can we provide to prioritize the mental health and wellbeing of employees who work remote or hybrid schedules?
Answering these questions can guide your next steps on how to get the most out of your budget. Depending on how much you actually have to spend will also dictate the best course of action. All in all, your focus should be on implementing resources that empower your team and investing in the magic that is team chemistry.
Practical (And Effective) Ways To Spend Your Remaining 2022 Budget
Upgrade Your Company Holiday Party With A One-Time Corporate Massage Session
Company holiday parties are a must if you’re looking to improve company culture. We’re not talking about the overdone pizza party with liters of pop. If you really want to foster employee engagement, you need to host an event that shows your team you value them for their hard work. As you plan out the details of your upcoming event, consider using remaining funds to book an in-office massage employees can take advantage of during the party! This extra perk will not only solidify attendance, but help everyone relax after a year of grinding. This can either be the main attraction of your party or a nice addition people can utilize if they need a break from socializing (we’ve all been there).
Our best advice? Booking at least two weeks in advance gives you ample time to spread the word throughout various departments and get the most out of your session!
Refresh Your Employee Benefits Package With Stress Management Programs
Maybe you’re not looking for a one-time upgrade, but rather a long term improvement to your business model. Your end of year budget can pave the way for refreshing employee benefits through stress management programs. The last few years have turned “business as usual” on its head, but not necessarily in a bad way. Newer hybrid and fully remote work schedules obviously reduce face-to-face time with fellow colleagues, however there are still plenty of opportunities to invest in employee wellbeing. Even industries that cannot integrate with these new models (like healthcare) can use end of year funds to invest in programs that support the mental and physical health of their workers.
Doing the legwork now to outsource stress management will save you both time and money as the new year unfolds. Body Techniques partners with law firms, tech giants, and small businesses alike across the country and Canada to offer wellness programs designed to fit their unique needs. By adding stress management support to your benefits package, you’re equipping your employees with tools that help them not just on the job – but in everyday life. Workplace culture (or lack thereof) fueled the Great Resignation that still haunts many employers today, but with the implementation of programs like online yoga classes, corporate massage, and fitness classes for employees you’re doing your part to strengthen company morale.
Use (Or Lose) Your 2022 Budget Before It Expires
You have a lot on your plate right now. There’s no reason to add extra work when you can partner with a third party to help end 2022 on a high note. Don’t make the mistake of letting remaining funds expire when you can effortlessly use those dollars to increase your bottom line in the years to come. In-office massages are a great addition to your upcoming company holiday party if you’re seeking a one-time event.
Should you find yourself wanting to use your budget to invest in a long term program, our team is trained to help you build out a custom stress management plan to help you reach profitability and performance goals. Reach out to us today to schedule your one-on-one consultation to get started before the holiday rush!
