Most companies end their fiscal year on December 31st, meaning they need to spend their yearly budget before then. If you want to get the best Return on Investment (ROI) for your business, it's crucial to spend that wisely. This time of year is also the last time to make tax-deductible write-offs. Here are our tips on how to make every last cent of your budget count!
1) Create Marketing Materials
Many businesses forget that marketing doesn't end in December. Creating marketing material ahead of time means you can write them off for the ending year and be prepared for the next. For example, we work with a lot of professional services. Tax accountants are much too busy in March and April to create marketing videos. Instead, our clients create their social media videos in December. This way, their marketing is all set for the first quarter of the next year. Over the years, we've seen first-hand that this strategy can generate significant ROI and be a lifesaver during a business's busy season. That's one of the reasons we offer our in-studio video packages for filming social media content. You can create an entire month's worth of content in just one afternoon
2) Purchase Office Supplies
December is a great time to stock up for the next year, and many companies have big holiday deals. Before ordering more of the usual stuff, make an inventory of the supplies you typically use or have used in the past year. It's easier to stay organized when you know what you have, what you need, and anything new you think would work better. We always stock up on editing hard drives, backup hard drives, printer ink, paper roll backdrops, shipping materials, and cables. Using your budget surplus to stock up on supplies at the end of the year means you won't have to worry about the little stuff for next year, and you can focus on the business itself.
3) Give Client Gifts
In our Thanksgiving blog post, we talked about showing your appreciation and giving back to your clients. Doing so can help build strong relationships and keep your customers/clients coming back. We suggest local-themed gifts, like a treat box from a local bakery or donating to a local charity. We also recommend giving branded swag with a thank-you. Stocking up on swag and other thank-you goodies is a great way to spend your budget surplus, and you'll be all set for the next year!
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