Whether your fiscal year ends in a couple weeks or is tied to a different schedule, we all often have a few pennies left in the budget that theoretically go away when the new fiscal year begins.
I’ve never been a fan of frivolously spending those dollars simply so that they replenish in similar or higher quantities in the next year. But even with just a couple weeks left, there are several expenditures that can benefit you immediately and well into the new year. Here are eight options I’ve found most useful.
1. Content: Especially if you have your buying journey mapped and know which buying stages you might be light on currently, fill that gap with some new content that helps you engage more members of the internal buying committee, helps your sales team close more deals, etc.
2. Research: Need new insights about your customers, prospects or market opportunity? How about commissioning new benchmark study research that can position your business as a thought leader and source of new insights? Strong research can be faster and less expensive than you think with the right focus and approach.
3. Go-to-market assessment, audit and/or readiness review: Get a third-party review of your performance over the past year (where are there opportunities, where should you focus to improve and sustain performance, etc.) or get another set of eyes on your new year plans to improve performance right out of the gate.
4. Lists: Augment your current target lists, build out more titles/roles based on your understanding of the internal buying committee, or add more data to your existing lists (updated roles, social profiles, industries, etc.)
5. Annual memberships or subscriptions: Renew your team’s MarketingProfs subscription. It’s the content and educational gift that keeps giving all year round! What other learning resources would benefit your team?
6. Loyal customer rewards and thank you’s: Small tokens of appreciation can go a long way. Hand-written notes? Donations to their favorite charity? Make it memorable.
7. Team offsite: Take some extra time for planning, brainstorming and/or team-building. Be considerate about how you use this time and it can have a lasting impact.
8. Sales and marketing culture-building: Similar concept of dedicating time out of the office, but do it with your sales team. This could be leadership-focused, management-focused, or something that involves more of the entire teams. Building out-of-office relationships can help with empathy, collaboration and results in the office.
I’d be curious to hear what other ways you’ve found to spend end-of-year budget in a productive way.
See something above that you like, or want to brainstorm other creative/productive ways to spend end-of-year budget? Call us!
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