As 2017 comes to an end, many businesses already have their sights on new initiatives for the upcoming year. Companies that still have remaining budget for the current calendar year, however, have a unique opportunity to utilize their full marketing budget by investing in materials, such as a trade show display or graphics, to be used in the upcoming year.
Use the Surplus or Lose It
While it is generally a good thing to save money, not using all of the marketing funds provided in a given calendar year can result in loss of funds for the future. By using any money that’s left over in 2017 to pay for trade show equipment like a new booth or graphics for next year, you create a new opportunity for those future funds to be invested in other new initiatives.
Even if the materials aren’t needed until 2018, you can still initiate the purchase order before the end of the year so the funds are allocated prior to budgets resetting. This will also provide ease of mind knowing that your materials are safely stored and ready to go when you need them.
Try Something New
Another use for your marketing budget surplus is to try something new. If your company has historically attended the same industry events year after year, now might be a great time to test the waters at a new convention. And, with 45% of trade show attendees visiting just one show per year, introducing your product or service at new shows means you’ll also have the opportunity to make new connections.
Under Tax Section 179, your company might be able to expense the cost of new equipment. Like many parts of the IRS code, though, there are exceptions to it, depending on a myriad of factors. Be sure to read this section thoroughly or talk to your accountant for more information and to make sure that you’re eligible for these benefits.
Ready to get a head start on planning your 2018 marketing events? Trust Nimlok NYC’s team of trade show experts to help you meet your business goals in the new year. From developing a strategy to executing the logistics — and everything in between — Nimlok’s versatile and nimble approach nets results. Contact us today to get started!