Office Management Budgeting: What to Consider When Creating Your Office Budget
Budgeting is one of the most important tasks of being an office manager. An office’s budget serves as an anchor: many decisions, from event-planning to employee benefits, are related to the budget.
In this article, we’ll examine some of the main things you should consider when creating a budget for your office.
What Stage You Are in Your Business
The first thing you need to consider is what stage you are in your business. With the CEO and other executive members, come to a consensus of how much leeway you have with spending. This is how various stages of your business could impact your budgeting:
When your company is expanding, you could increase the budget for various things that aren’t a top priority. This means you could invest in things like more events, snacks, and better furniture. However, an expanding business also means you will need to invest in hiring and recruiting so there is a good reason to proceed with caution and not shell out on amenities.
A downsizing business needs to make decisions that can be difficult for your employees. In some cases, this means letting go of some of your employees. On the other hand, this could also mean cutting back on parties and catered lunches while postponing anything that could be potentially costly like an office redesign.
Your workplace might be unsure of its future. Though this could make budgeting a bit ambiguous, it doesn’t mean you have to cut down on costs. Instead, use this moment of uncertainty as an opportunity to clarify your workplace’s priorities and move forward from there.
Your Workplace’s Priorities
If your company can afford to spend more, this will be a chance to outline what your workplace wants to be prioritizing. Ultimately, you will need to get feedback from your colleagues regarding what your company should be focusing. Here are how some priorities could have an impact on your broader budget.
1. Having The Best Technology
Your colleagues could be desiring better technology. A recent study found that 48% of employees wanted their workplace technology to be as good as their personal tools, devices, and software. If you could afford it, why not try to improve this issue? Before making any promises, look into how much it will cost to upgrade your technology and software and whether or not you can allocate funds for doing so.
2. Improving Workplace Culture
Employee burnout is a serious issue. A CareerBuilder Survey found that 61% of current employees are experiencing it. On top of that, 79% said that their companies don’t offer any classes or programs to mitigate their stress. Though some might think that things like events, yoga, and other perks aren’t necessary, they could actually help combat this issue.
Here are some workplace culture initiatives you can invest in:
- Yoga classes
- Pilates classes
- Offsite events: arcade, mini-golf, ping-pong, painting, cooking classes
- Motivation coaches
- Therapy dogs
- Catered meals and snacks
- Quirky office events
- Holiday parties
By investing the extra money in your budget in these perks, you will be showing your colleagues that you care about their well-being.
3. Redesigning The Space
Chances are there’s something in your office space that coworkers would like to fix. Maybe it’s finally time to get rid of that carpet that’s always getting dirty. Perhaps it’s time to spice up your wallpaper and get some paintings, posters, and pictures. Something as simple as just getting new furniture can really boost your office’s aesthetic.
Unfortunately, office managers occasionally need to make tough decisions and cut back on wasteful spending. But as long as you’re being transparent and honest with your colleagues, cutting costs doesn’t have to be detrimental to workplace culture. If anything, this could be a positive opportunity for change.
1. Keep Inventory Throughout The Year
Is your office spending way too much on supplies like paper, binders, folders, and paper clips? Throughout the year, diligently keep an inventory of your office supplies and check which items you’re spending way too much on.
2. Survey Your Employees
Does your workplace really need an endless supply of the trendiest coffee? Or is there a software that’s simply not being frequently enough to justify its costs? By conducting a survey, you will be able to get valuable insight from your employees.
3. Environmental Makeover
To cut down on costs, you can start an environmental initiative at your workplace that will get rid of things that are simultaneously bad for your budget and the planet. Here are a few eco-friendly things you could implement to save some money:
- Eliminating paper
- Stop buying products with plastic
- Eliminating snacks and meals that contain meat
- Shutting down electronics after the workday is over
Benefits of Automation For Budgeting
We are living in the midst of an automation revolution. In addition to making workplaces more efficient, transitioning to digital platforms could also save your company money. Here’s how:
1. Money Equals Time
The time your colleagues are spending doing the old-fashioned way is eating into their productivity time.
2. Less Stress
Automation makes things seamless. By decreasing employee stress, you will make them more productive and improve your company’s overall growth output.
3. Connects You With The Best Workers
When a custodian, caterer, or IT person does a subpar job, you will probably have to ask someone else to help. This search for the right contractor can get pretty costly. Eden, a workplace management platform, allows you to connect with the contractors that are right for your office.
Budgeting: Face It Head On
Budgeting might not be the most glamorous part of being an office manager. But as long as you remember that it’s a team effort with your colleagues, it will help your company move forward stronger than ever.
Are you interested in making your workplace more efficient? Check out what Eden’s Workplace Management Platform can do for your office.