How to Spend Your EOFY Budget Like a Hero

We all know preparation is key, so it’s time to get strategic! Be the hero this EOFY (and the accounts team favourite) by maximising your output with remaining budgets before the clock strikes midnight come June 30. Sounds good, right – but how do you do this exactly? Keep on readin’ as we’ve mapped out a few ways to spend your EOFY budget like a boss (and we promise it’s easier than an IKEA bedside table instruction). 

How to Spend Your EOFY Budget Like a Hero

1. Evaluate Current Needs: Take a little look ‘round pal – review your department's goals, priorities, and ongoing projects to identify areas where additional resources are needed. Consider factors such as equipment upgrades, software licenses, training programs, uniforms, stationary essentials, or hiring needs.
   
   
2. Invest in Long-Term Growth: Time to play the long-game: allocate funds towards investments that will have a lasting impact on the growth and success of the business. This could include upgrading technology infrastructure, implementing new systems or processes, or investing in employee development initiatives (including morale: hello merch packs!). 
   
   
3. Address Immediate Needs: What does your team need for success, asap? Prioritise spend on critical items or projects that require immediate attention or support such as essential supplies, maintenance issues, or fulfilling outstanding obligations. Been holding out on protective gear for the company tech, or uniforms for new starters? Say less – problems solved.
   
   
4. Consider Strategic Partnerships: Explore opportunities to collaborate with external vendors or service providers to leverage their expertise and resources. This could involve outsourcing certain tasks or projects to streamline operations and improve efficiency, or even internal workshops or lunch and learns.
   
   
5. Communicate Value to Stakeholders: Clearly communicate the rationale behind your spending decisions and the anticipated benefits to key stakeholders, such as senior management or board members. Articulate how your investments align with organisational objectives and contribute to overall success. Not only will your next round of proposals (hopefully) be approved, but they’ll also see your personal value, too. 
   
   
6. Negotiate Discounts or Deals: Take advantage of EOFY sales, promotions, or discounts offered by vendors or suppliers (*clears throat*.. have you seen ours?). Where you can, negotiate terms or pricing agreements to stretch your budget further and secure valuable resources at a lower cost.
   
   
   
7. Allocate Funds Strategically: Team-up! Distribute funds across different categories or departments based on their respective needs and priorities as well as balance short-term needs with long-term investments to achieve a well-rounded approach to budget allocation. This is the time to unite the company and teams within. 
   
   
8. Track Spending and Results: Monitor and track your spending throughout the EOFY period to ensure that funds are being used effectively and efficiently (hopefully this is already in the works). Evaluate the impact of your investments against established goals and metrics to measure success – speak to your accounts team for more information and how you can work with them next FY to make budgets go even further. 
   
   
9. Focus on Employee Well-Being: If we’ve learnt anything the last few years it’s to invest in the work-life balance of employees, their satisfaction and engagement. Think wellness programs, professional development opportunities, gifting wellness branded products like gym towels, picnic rugs, water bottles, or rewards and recognition programs to boost morale and productivity.
   
   
   
10. Plan for the Future: Look beyond the current fiscal year and consider how your spending decisions will impact future budgets and initiatives. Develop a strategic plan for allocating resources in the upcoming year based on lessons learned and evolving priorities. As the saying goes, better late than never, but never late is better! 

Ready to hit those budgets like a boss?
For more inspo, check out these 13 epic ideas to boost your brand!