With 2018 right around the corner, there are only a few weeks left to use up the rest of your 2017 budget. Remember, the money you don’t spend won’t be rolled over. And if the financial department notices, it could also result in a lower budget for 2018.
Depending upon your spending habits over the last year, the amount of money left over can vary. To help you spend wisely, we’ve outlined a few ways to use those dollars at each range.
Make payments in advance
Take a look at your monthly spending – what bills could be paid ahead of time? Think small hosting fees or subscription services. Ask your current vendors and providers if they’d take payment early. It’s safe to assume most would lend a hand in this matter – after all, it’s a win-win for them.
Instead of making payments ahead of time, use the extra cash to purchase new office supplies. Before purchasing, really think about what you need. What tools do you use every day? As much as you want that cool disco ball for the office, it’s probably more sensible to replace the printer that barely works.
Throw a staff party
Reward your hardworking staff by throwing an end of year party. Use the extra cash to reserve a venue, order food and drinks and maybe some special decor. This is also a great opportunity to thank your staff and get them geared up for 2018.
The holidays are such a busy time. The week of Christmas hits and it feels impossible to get everything done. Next thing you know, it’s New Years Day and you completely forgot to do your year-end review.
This year, instead of stressing, hire some else to do your year-end KPI analysis. This analysis can help you see what’s working and what’s not. Use the data to help inform your decisions in 2018.
Ideally, you’d use up every last penny from your association yearly budget. But, sometimes plans change and items you thought would be a large expense turn out not to be and vice versa. As you review your expenses, see what was missing and plan accordingly.