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5 Tips for Your Post-Pandemic Business Budget Author: Savy Huynh

It is that time of year again when businesses look to improve their marketing strategies and decide which company initiatives should take precedence. Now is the time to step back, reflect, and visualize how you can set up your business to prosper in a post-pandemic era. For continued success, you need to ensure your business budget is accurate and consider all the strategies that will enable you to stick to it. Here are some budgeting tips that will help your business thrive in this new era.

Create a Cash Flow Runway

Some good advice for any aspect of life is to “hope for the best, but always be prepared for the worst”. Several companies did not survive the pandemic because they were unable to successfully adjust their business models within the “new normal”. Being proactive with your cash flow enables you to forecast your anticipated funds and help prepare for any unforeseen disasters or seasonal trends. Small actions, like renegotiating existing service contracts for internet, phone bills, copiers, technology support/systems, and building maintenance, are worth the time it takes to shop around for a better deal. It is crucial to create and grow your cash flow runway so that your business can withstand any unexpected crisis that may arise.

Adapt To a Remote or Hybrid Model

The COVID-19 crisis caused many businesses to acknowledge that they can operate just fine, or even run more efficiently, with a remote workforce. Several companies are also realizing they can use this situation to their financial benefit. By not utilizing a centralized workspace, businesses are saving money on rent, office supplies, and other expenses that are required when employees physically occupy an office building. According to Forbes, “Before the pandemic, employers saved an average of $11,000 per half-time remote employee. Extrapolate that to a full year and every remote worker is reducing company costs by $22,000.” These monies can go right back into the corporate budget to help keep operations running smoothly. In addition, a recent FlexJobs survey shows that “the average remote worker saves $4,000 per year by not spending money on gas, coffee, lunches and more clothes for their wardrobe.” Companies that are not financially able to give raises or bonuses can use a remote or hybrid model to boost morale.

Set Realistic Budget Expectations

While planning your budget for the next year, it would be unwise to think that everything in your business will be back to normal right away. Instead think about where your company is currently, in which direction you want your company to go, what good and bad consumer trends to expect, your current cash flow, and how you expect your company to achieve its objectives. Do not compare your company’s budget to another as there are often many unseen factors involved. Instead, be realistic, pragmatic, and conservative – and proceed with equal amounts of caution and confidence.

Invest in Your Employees

When employees feel supported and appreciated, their productivity will be much higher. This ultimately means that they will be more engaged and will strive to work harder to help your business grow and progress. Consider investing in an incentive program such as a group travel program, where top performers are rewarded with an exciting trip of a lifetime for their achievements. According to the Aberdeen Research, “Organizations that provide non-cash rewards such as incentive travel have 3 times higher revenue increases.” Additional incentive options include giving employees the opportunity to earn points that they can later redeem for rewards of their own choosing. Points reward programs are meaningful to employees because those special gifts, the personally chosen rewards they earned, serve as reminders of how you recognized all the effort and hard work they contributed to keep your company alive and thriving.

Reach out and learn how Galactic can work within your budget to elevate your business to the next level with our incentive programs!

Created By
Savy Huynh
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Created with images by Mimzy - "wallet coins euro" • TheDigitalWay - "money grow interest" • ballardinix - "auditorium theatre seats" • QuinceCreative - "arrow target bullseye" • qimono - "beach people tropical"