For businesses with a fiscal year that starts with the calendar year, January brings a new budget and the opportunity to invest in growing your business. Here's a look at how to get your spending off on the right foot.

Don't put off complex purchases

Starting your purchasing year with a complicated buying decision, such as a VoIP system or a time and attendance solution, can be intimidating. These decisions require you to carefully assess your needs, compare multi-faceted proposals from different vendors, and weigh long-term company needs.

It may be tempting to put these types of purchases off and start with more straightforward decisions, but that may set you up for trouble down the line. For one thing, if you use too much of your purchasing budget on smaller items, you may find yourself in a bind when you do get around to the larger decisions.

In addition, larger purchases tend to have more of a gradual impact. A VoIP system, for example, involves a significant initial expense, but starts saving you money every month once it's up and running. The quicker you make a purchase like that, the faster you'll see a positive ROI.

Plan marketing expenses for the year

Unlike investments in equipment or software, many types of marketing expenses are ongoing. Even if they're not – you can purchase print ads or rent mailing lists on a one-time basis – making effective use of your marketing budget requires that you use multiple approaches to hit your target audience in different ways.

Without good budgeting, you can run into two different problems: not having enough budget left to run a good marketing campaign at the end of the year, or having money left over that could have been used to help your business through your slow times.

When doing your planning, be sure to consider special expenses such as trade shows, as well as adjusting your spending to coincide with your busy seasons. Also, consider starting ongoing programs as early as possible in the year, so you have time to judge their success or failure and act accordingly: many types of marketing programs can be either increased or adjusted as needed.

Start talking to customers and employees

Your internal business needs may drive some of your purchasing decisions: if you need a new phone system to support your growing business, make it a priority. However, your customers may be able to help you prioritize other types of purchases, so gathering their input can be a valuable way to start the new year. Ask what would make doing business with you easier and you may find some surprises.

The same applies to asking your employees for suggestions. While you may get some suggestions that are internally focused – improved 401(k) plans or health insurance, for example – you'll also get suggestions for tools that will help them do their jobs more effectively. Both types of purchases are worth considering: happy employees given the best tools do their jobs are more productive.

After you've decided what type of purchases to make, make sure you involve the employees who will be impacted by the decision: operators or maintenance staff for heavy equipment, IT and end users for software, etc. Have them help lay out your requirements and evaluate the solutions you're considering. This can both reduce your workload and lead to buying choices that everyone is happy with.

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