You have almost made it to the end of your budget cycle and you’ve managed to stay within budget across the board. What should you do with your budget surplus to really get your property set up for the coming year? Using your surplus effectively now can really help you ensure that you’re within budget next year. Some of the most effective areas to use a surplus budget are repairs and preventative maintenance.
Unexpected damages are a common cause of blown budgets. While using your budget surplus to repair issues is a great use of that money, preventing those issues in the first place is even better. Using your budget surplus this year on preventative maintenance can help prevent an unexpected failure next year. Preventative maintenance reduces the likelihood of major repairs and increases overall operational efficiency.
Take a look at the assets your facility has and decided which ones are most critical. Compare this list to the maintenance that was done this year. If any critical assets are older and undermaintained, then those are good options for budget surplus funds. Putting an emphasis on preventative maintenance for these assets will also help your budget in coming years.
Most facilities have some surfaces that could use some degree of repair. Deferred maintenance is a big issue for many facilities, but a budget surplus can help reduce those problems. Sometimes, the repairs are not serious enough to warrant being fixed immediately, so they go unrepaired for long periods of time. However, these problems don’t typically go away, they just get bigger. Using a budget surplus to fix neglected repairs is a great use of that money. Look at repairs that will cost significantly less now than they will in the future if they are not repaired. Your future budgets will thank you.
Finishing the year with a budget surplus is a great accomplishment. Don’t let your surplus go to waste. After looking at all of these areas where your budget surplus could be used, try to determine what will have the biggest ROI for your facility. Using the surplus effectively this year will set you up for success next year.
When you decide how to use your budget, you can make smart decisions to help your facility. The experts at KC Restoration can help you out in this area, offering maintenance and repair services. Get in touch today, and talk to us about how we can help you make the most of your money.