Use It or Lose It!
2018 is quickly coming to a close, and for many of us that means taking a closer look at what we can do to maximize this year’s budget to prepare for 2019. The problem is NOT a lack of options – there are plenty of ways to spend money. The real dilemma is figuring out how to get the best return on investment for whatever remains in our budget. Even if you won’t lose excess discretionary budget, making an investment now can pay off down the road.
Here are three things to consider with a “Use it or Lose it” budget:
1. Work smarter, not harder
Training teams are too commonly asked to do more than their resources allow. How can you use discretionary budget now to set yourself up for success in 2019? Find solutions that allow you to focus on things that matter and reduce the demands placed on your workforce. Any money spent on making your team more efficient will show short and long term gains for everyone involved.
2. Invest in your Team
Few things will pay bigger dividends than a team that has the right tools and training to succeed. Take a look at making worthwhile investments in your team and set them up for success. This will not only allow them to perform better, it will also create a positive workplace culture that can yield additional benefits. Training and support initiatives are a great place to start!
3. Anticipate Future Needs
In the dynamic global marketplace we now operate in, making wise investments now can become huge value added later. No one can predict the future, but paying attention to current industry trends can help you avoid being surprised by big changes. Consider what the next 6 months may bring. Is there something you can do with extra budget now that could help you down the road? Tools that will help you scale can be game-changers in this scenario.
Every team has different goals and challenges, but these tips will go a long way towards helping you maximize your resources now for better results in the year to come.
When considering end-of-year budget expenditures, remember that money should not be the only factor. Between the holidays, PTO, illnesses and work demands your time may be at a premium. Whatever you decide on be sure that it makes your life easier, not harder!