By Marilyn Cox – Vice President of Marketing and CRM
Year-end budget spending has gotten a bad rap. As the fiscal year ends and budgets remain unspent, there is a sudden rush to make sure that the money is used, lest it be lost. And because of the rush to spend there’s a belief that end of year budget-burn is frivolous and fraught with bad decisions.
So in the spirit of excess and opulence, below are 5 ways to totally blow through your 2016 budget.
- Increase litigation.
- Corporations are constantly fielding lawsuits, often as the defendants, in various types of litigation. When you factor in those costly retainer fees, lengthy discoveries and depositions, and settlements, it’s very easy to burn through your cash. Perhaps you could save yourself the legal heartburn and address issues before they arise. While it’s difficult to stop the onslaught of litigation, you can certainly create a corporate environment that’seducated and compliant. Spend your resources informing and educating on what behavior constitutes harassment and bullying so you can build an inclusive and supportive organization.
- Buy another building, build an addition, or acquire even more gaming systems.
- According to Accenture, the average company has 30 to 50 percent more real estate than it actually needs. Exposed bricks and piping, Xbox One (or maybe we’re on version Two?), and ping-pong tables are all the rage. They’re meant to make you a fun hip company that Millennials flock to and will foster an environment of togetherness. Or, you could ask your employees to bring their own bricks …. Consider investing back into your employees through skill development.What really fosters collaboration is an other’s-focused culture. By tapping into this mindset and practicing these skills, your team can generate more ideas and solve problems more effectively in an environment of support and play (minus the ping-pong table).
- Buy back more stocks.
- Stock buybacks continue to reach a record high. This spending is designed to drive up stock prices and increase demand for the stock that remains available afterward. Totally legit even if it does make you want to question all business practices. Of course you could always put some additional dollars into actually growing the company and your people, resulting in new customers. Maybe you’re better served with programs designed to boost innovation and creativity. With a ‘Yes, And’ approach to business you learn to affirm, build, and heighten the value of everyone’s ideas. Create an atmosphere that encourages risk-taking and produces better understanding and success.
- Host another meeting.
- And we’re talking about the meetings to discuss the pre-meeting, followed by a meeting and a post-meeting follow-up meeting. One in four workers believe they spend more time in meetings discussing the work that needs to be done than actually doing that work. Why not spend more time coming up with great ideas and actually putting ideas into practice? And why not also do it in a super-cool place (like, not a hotel ballroom). You’ve spent the time and money planning and bringing everyone together –make it an experience that everyone will value (and that will ease your workload a bit).
- Increase your company’s political spend.
- That dirty corporate secret. It’s happening, employees know it, and they hate it. And on the heels of election season everyone is exhausted. People need a good laugh.Take those topics that no one really wants to talk about and bring it to life. Identify what’s true and important and turn it into content that educates, inspires, and supports your corporate message. Invest in influencing those inside your company, instead of those outside.
So if you’re looking to use it before you lose it (budget of course), hop on down the page and let us know what your 2017 priorities are.