Squeezing the most out of your budget as you head into the last quarter of the year takes both skill and strategy. It’s an art and something you get more efficient at with experience.
I get questions like:
- Should I reduce spend and improve my NOI or spend some to get more leads?
- What should I invest in and what should I dial back on?
- What will give me the quickest return if I do tick up my spend late in the year?
Learn how to balance saving and spending now so you can be the budget season hero at year-end (and into 2024).
Here are my three tips to use your 2023 budget wisely and get returns—and recognition—in the future:
Focus on Bottom-of-Funnel Efforts
Review your lead-to-tour and lead-to-lease conversion rates. It’s very likely you don’t need MORE leads, but you likely do have an opportunity to convert better on the ones whyo are already on your radar.
Work to identify the leaks in your funnel…where are leads falling off and failing to take the next step? Invest in tools that help you convince those prospects to convert.
Consolidate Your Tech by Re-Demoing Your Current Vendors
No matter what services and tools you have, start NOW and schedule a demo with as many of those partners as you can. Even a 20 minute call can help you discover gaps that can be solved with a tool or product you’re already using – and many times, at no or low additional cost.
Additionally, you may find you’ve had some “tool overlap” and can start to consolidate, which saves money and helps with NOI or, will help you find savings that you can then reinvest into something else you have a need for, but couldn’t yet afford. Every day our industry is evolving and if we don’t take these small steps to keep up with the tech, we’re leaving money and improved performance on the table.
Consider Short-Term Spend that Has Long-Term Results
Have you managed your budget effectively this year and have savings in a specific line? While we don’t ever want to spend money just because we have it, it can be beneficial to make some strategic investments with late-year budget savings.
For example, if you’ve identified you need to address your conversion problem and want to layer in a conversion tool, you could potentially pay for that conversion tool now with your 2023 savings, but get the service for all of 2024 without it ever hitting your 2024 budget.
Many services offer a 5-10% discount for paying in full versus monthly and this can be a resourceful way to squeeze more out of your 2023 budget, with benefits and ROI that extend into 2024.