End of financial year is upon us, and for many that means not only planning for the next FY, but assessing how well you spent your budget this financial year.
You might still have budget to spend, which could sound like a win, but could actually be a problem. It might mean opportunities have been missed to increase your brand presence in the market and tell your story to your stakeholders, or that you didn’t execute the plan you had great intentions to see through at the start of the financial year.
Underspending on your budget can also tell your managers or CFOs that you may not need as much next year, and it can demonstrate disconnect between what has been deemed necessary for the brand and what has actually been executed.
Sometimes savings can be great, but not at the expense of brand momentum and presence.
If you happen to make some unexpected savings, use this as an opportunity and put it towards doing even more and getting better return on your budget investment. Be experimental with the remaining budget. If you’ve hit your targets for the year, why not try something new and branch out? Here are some ideas:
- Create some content that can be sliced and diced – get bang for your last remaining bucks and create some content that you can use on your website, social channels, EDMs – leverage it far and wide.
- Try something new on social – maybe you want to give Facebook advertising a go, or dabble in creating some GIFs on Canva. Now is a good time to test some new tactics on social.
- Have something interesting to share with media? Put your spend towards a media push or a tailored media opportunity. Even if you don’t get a media hit, you’re investing in building a relationship with a journalist or outlet, which can often pay off tenfold down the track.
Remember, though, that while you can think outside the box at this time, you need to think strategically as well. Make sure whatever you decide to do ladders back up to the plan you set at the beginning of the financial year.
ROI is key when investing any budget spend, but don’t let the remaining funds at the end of financial year scare you off taking a chance! Need some ideas to get the most out of your remaining budget? Drop us a line – hel[email protected]
Alex Williams