It’s that time. Current year (CY) budgets are coming to a close. You’ve no doubt received or are about to receive that “final call” email from your business manager, on the hunt for invoices, receipts and accounts payable that need to be shored up before the books get closed. And if you’ve still got cash left in your small business marketing budget, it’s the time to start ordering or prepaying so you can lay the foundation for a solid and on-budget year ahead.
Spend your marketing budget now, or you won’t have it later.
Here are 5 reasons we recommend using your marketing budget before the fiscal year ends:
#1. You Can’t Take It With You…
Like all good things, your annual budget is coming to an end – and, in most companies, that means it’s going away for good. Do yourself, your team and your customers a favor and spend that money wisely. If you don’t, it probably won’t roll over, and that means you can kiss it “goodbye” now or down the road.
Remember, that budget was allocated to you and your department so you could make the most out of it. Very simply, do that. Spend your money now or, at the very least, prepay for expenses you know you’ll incur in the coming year – expenses such as promotional items, upcoming marketing campaigns, office supplies and other tangible products and services.
#2. Next Year’s Budget is On the Line
Often, marketers and other stakeholders try to be good corporate citizens and underspend. The only problem? When the next fiscal budgets are being decided, the financial folks will see you didn’t need everything you were allocated – and that means you’ll likely get less. If this year was a fluke or you floated on prior year prepays, that could be a major problem.
#3. It’s Easy to Lock in Rates
There’s a cost to doing business – and that cost tends to increase over time. Many vendors reset their pricing in the new year, which means products and services you buy in January could be noticeably more expensive than they were just weeks prior.
Do yourself a favor and prepay with trusted vendors and partners, with an agreement that you’re locking in current pricing on products and services you want and need. Not only will this help you spend your CY budget but, at the same time, you’ll save money in the year ahead – Bonus!
#4. You’re Building Relationships
Prepay with a vendor, partner or service provider and you’re signaling to them that you value your relationship and their work – and that’s powerful. Often, a simple prepay can bump you to the top of the “preferred customer” pile, and help you gain greater access, insights and opportunities – or, at the very least, you’ll be a major consideration as that vendor looks ahead to the new year.
#5. Your Business will be Ready for Action
There are few things better than crossing something off of your to-do list! Whether you opt to order premiums, coordinate marketing campaigns or stock your supply closet now, the heavy lifting is done – you’ve found and allocated the budget which, often, is a stumbling block to getting tasks accomplished. So, cheers to you – you’ll no doubt reap the benefits next year and you’ve given yourself a head start.
Ready to order branded goodies you’ll use in the new year? Call us, the Promo Know-How people to lock in current rates and close your fiscal budget.