In theory, a budget surplus is a good thing because it means you spent within your means and have money left over. But sometimes a budget surplus can be a double edged sword. Depending on the budget parameters you may be required to return the money you didn’t spend or be required to use all of the money you’ve been allotted before a specific deadline. If you’ve spent money on everything you can think of it can sometimes be difficult to figure out where those extra funds should be spent. Not to worry Checkers Cleaning Supply is here to help! Here are some savvy ways you can spend your leftover supplies and cleaning budget.
1. Create a Corporate Social Responsibility Initiative
If you’ve used the funds you have to purchase all of the items you need for your business and still have money left over consider using the left over funds to create a social responsibility initiative at your company. Giving back to your community is always a great idea and a fantastic way to invest your corporate or company savings. Not only does the community benefit but your company will too. Creating an initiative will help your company build a positive image that people can trust, increase your brand exposure, and improve the reach of your messaging. Such ventures can also help you gain points and traction with local institutions. Being in good standing can open doors to improve your financial success and help your company navigate tough times or regulation issues that may arise in the future.
2. Invest in Staff Morale
If you bought all the supplies and cleaning products you needed for your business and still have money left over and are allowed to spend it on other things besides supplies, we recommend investing in something that will boost morale and make your loyal employees feel seen and appreciated. After all, if you spent all the money you could think of on supplies and still came in under budget, that’s a sign that you budgeted well and that your team used the resources they had effectively. So why not reward your employees with care packages, a team building event, or personalized gift cards that will make them feel valued and reward them for their hard work?
3. Create an Emergency Cash Reserve
If you’ve spent all the money you need to on supplies and cleaning products, you still have money left over, and are able to bank it for future use we recommend using it to create an emergency cash reserve. Getting caught off guard by a business emergency is never fun and can be both costly and dangerous to the survival of your business. However, you can avoid those risks by having a cash cushion ready. A cash reserve can also help your business run smoother and facilitate growth as it will allow you to react and adapt more quickly without the constraints of financial access. It will also give you peace of mind knowing that you won’t have to worry about future emergencies because of your reserve.
4. Conduct an IT Audit
If you’ve got all the supplies you need, still have money left over, and are able to use those leftover funds for other things we recommend conducting an information technology audit. Regardless of what kind of business you run in this day and age in order to stay relevant and get your products or services in front of potential customers and clients you need to use technology in one capacity or another. Team leads and project managers coming up against IT limitations that weren’t foreseen at the start of a projects is a common occurrence these days. If you have extra money to spend getting someone with the proper expertise to review your network hardware, software, and technical capacity for future projects is a smart move.