The end of the year is fast approaching, leaving many businesses looking over their 2017 budget to see if there’s any money leftover. If there is, that's great news! Having an end-of-year budget is a huge business advantage. Now you've just got to decide how to responsibly spend it:
Don’t let it get to your head.
No business can depend on a budget surplus happening annually but for the year(s) it does happen, it can feel like a second Christmas. Before going on a spur-of-the-moment spending spree, carefully consider the best places to spend your end-of-year budget in a way that maximizes your company’s benefit. Use this as an opportunity to evaluate your needs and invest in your business for the year to come.
Think of your team members.
If you’re having trouble coming up with a way to dispose of your excess money, investing in your employees with recognition gifts is a great way to go. The end of the year is a great time to show your appreciation to your employees and with a little extra budget on hand, you could really do something nice for them. According to a Reward Gateway study, 70% of employees say that motivation and morale would dramatically improve with managers saying thank you more. An even greater majority agreed that employers should reward their staff for great work.
Drawing a blank on what to buy for your employees? Here are several terrific gift ideas.
Lowest Cost per Impression.
It’s estimated that promotional products are used anywhere from 1-5 years. Even if an individual uses the item once a week, the number of impressions created per year is 42.
Increase in Booth traffic.
What better way to grab the attention of the consumers at trade shows than promotional gifts? They help in gaining a lot of traffic at your booth and potential buyers, as compared to your competition who don’t offer a promotional gift. Promotional gifts aren't the only deciding factor of increased booth traffic so also make sure your display is organized and visually appealing!
Huge Return on Investment.
Promotional products don’t have to incur high cost to the company. The products can be simple, ranging from apparel and cups to bags and pens. Along with a unique design and a quality product, branded giveaways can go a long way in helping your company grow as a result of increase in sales.
Prospects Remember Your Brand.
The primary goal at trade shows isn’t just to sell your product but also to make sure that the consumers remember your brand, in a positive way. People remember the name of brands who benefitted them, which is beneficial for the company and can be the start of a long relationship with your brand.
Improves Your Brand Image.
While conceptualizing the promotional products for the event, make sure they’re of good and branded quality and not an old or outdated stuff, because they represent your brand’s image. Among the many booths at a trade show, a company with giveaways stands out and has a better brand image in the eyes of the customers than those who’re reluctant to give out free products.
Write something about yourself. No need to be fancy, just an overview.