Years ago, when we first launched Tyrannosaurus Tech, one of our clients was a young executive riding a rocket ship up the corporate ladder.
He was doing all the right things: growing the customer base, driving user engagement, and uniting his product team around an innovative vision for the future.
But as a newly appointed VP of Product, he made one oversight. He failed to use his department’s budget surplus. Next year, his team’s funding was cut.
He would not make that mistake twice.
As the closing of the fourth quarter approaches, technology leaders like you have important budget decisions to make.
This way of thinking sets you and your team up for success in 2024 and beyond.
If you’re one of the lucky leaders grappling with the question of how to invest those dollars before it’s too late, here are 4 strategic ways:
Maximize Research & Development Tax Credits
Love a good tax break? Us too.
Investing in research and development (R&D) is an effective way to fuel innovation, maximize tax credits, and stay ahead of your competitors. For tech companies in Atlanta, it can lead to breakthroughs and setting new industry standards.
This is your reminder to max out this free money. 💰
Renew Software Licensing Early For A Discount
Got software your department cannot function without?
Consider asking the provider to pay next year’s annual contract in advance for a discount. This can be particularly beneficial if your team is planning to grow in 2024 and you will need to license more seats.
With SaaS organizations looking to close the quarter strong, there’s huge motivation to strike a deal.
Implement Low Effort, High ROI AI Tools
The demand for Artificial Intelligence (AI) tools is booming, and for good reason.
They not only save time and effort, but they also have a high ROI. By investing in AI tools that can automate repetitive tasks or provide data-driven insights, you are freeing up your team’s valuable time to focus on more complex and creative projects.
At Tyrannosaurus tech, we are loving Github’s co-pilot. Not only are we empowering our engineers to be more productive, but we are also helping our client’s achieve greater ROI on their spend with us.
Here are some other AI tools you may consider to improve productivity:
- For customer support: AutoGen by Microsoft or Writesonic
- For content generation: Jasper AI or Copy.ai
- For research: Microsoft Bing
Level Up Your Team’s Skills With Continuing Education Stipends
Investing in your team’s skills is always a smart move.
With the extra budget, consider offering stipends to your employees to attend conferences and workshops, enroll in online courses, or attain certifications to expand their knowledge and stay up-to-date with industry trends.
In the tech world, we’re seeing huge demand for employee training around:
- Prompt Engineering
- Cyber Awareness Training for AI
- Managing Personal Identifiable Information (PII)
No Surplus, No Problem.
You can innovate and keep your competitive edge without a surplus.
But you will need to shift your mindset about how you allocate your organization’s year-end resources. If you’re interested in implementing low effort, high ROI AI tools or getting a head start on innovating in 2024, we can help.
Send us a message and we’ll be in touch.