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Planning your business budget for the year ahead

Apr 15, 2016
Tips for budgeting for a new financial year

A new financial year is upon us, and new corporate budgets will have been set. Have you planned how you’re going to be spending yours yet? We’ve got some tips to ensure your spending is effective.

Prioritise

Has something been holding your company or department back lately? Maybe there’s a piece of software that’s not quite the right fit for your team that needs replacing. Use your budget to address any immediate issues before thinking about the bigger picture.

Think about return on investment

Return on investment should always be at the forefront of your thinking. Will an investment improve your departments or company output? Will it improve the quality of the service of product you’re offering? Whether the return on investment comes in the short-term or the long-term, it should always be an influence on how you spend your budget moving forward.

Try to avoid spending on impulse

The more planning there is behind the spending of your budget, the better. Even if an incredible offer presents itself to you, it’s best to ensure that you’ve thought it through thoroughly. If you’re only considering something because it seems too good of a deal to pass up, you’ll need to ask yourself what the overall benefits will be to the company.

Consider your staff or team members

A big motivating factor for employees is how valued or appreciated they feel at work. People are a key component of any business, and as a leader it should be a priority to ensure your staff members are happy. You could consider using some of your budget to hold some training off site for them. A change of scenery can work wonders, and you could even use the day to run some team-building exercises. If you’re looking for a venue in Dundee, take a look at the various conference and meeting rooms you could use here at West Park.

So if your budget is burning a hole in your pocket, use the above advice to ensure it goes a long way.


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