Your business has come away from the effects of the pandemic in great shape. In fact, your profits could be as much as nearly half of the 50 largest firms in the U.S. Since you didn’t have anything to spend your profits on during the height of these shutdowns, you have a surplus to spend.
Of course, you want to devote a good deal of it to strengthening infrastructure, increasing security, and hiring top-notch employees. However, there’s still enough to splurge a bit. To help you decide what to buy, here are 5 luxuries to include in your business budget.
1. Private Jet Fees
A private jet isn’t as gauche as you might think. Truth be told, when you calculate everything connected to the private jet price for your business it’s not that expensive. Plus, there’s a strong return on investment.
When you use a private jet you and your employees don’t have to go through the processes of a large airport. Plus, you don’t end up paying for tickets that fluctuate in price due to shortages or fuel costs. On top of this, since you can fly out and land at smaller airports, you and your employees don’t waste time.
2. Business Retreats
You’ve been able to get together through Zoom calls and small gatherings. Yet, there’s going to come a time when you want to bring everyone together for several days. This is where a business retreat comes in as a luxury.
The purchase or rental of a large home on the beach or in the mountains is a great idea. It allows everyone to decompress and commence with team building. Even though real estate prices are high, consider a place with several bedrooms and a good-sized common area.
3. Spa Treatments
Spa treatments are a perfect way to help your employees decompress. Especially when they’re involved in a strenuous and deadline-driven project. Providing a respite for them, even if it’s an hour or so, does wonders for their mind and body.
If there’s no space in your office for a masseuse, then work with a local spa. Set up free treatments for all your employees no matter what department they work for.
4. Individual Offices
Yes, an environment of cubicles does promote more teamwork. However, as fears of coronavirus still linger, some employees are reluctant to return to the office. Minimize this issue by adding the construction of individual offices to your business budget.
This has worked at other locations in the past and present. Walt Disney gave his illustrators their own offices. Pixar has done the same thing. This concept doesn’t mean total isolation for your employees. Transform cubicle farms to common areas with enough activities to draw out your workers.
5. Electric Vehicles
Electric vehicles are more than a luxury. They’re a necessity if you maintain a fleet that provides transportation for employees. Not only are they more efficient but higher-end models offer the latest in security features.
Plus, it’s a sign of a forward thinker when you invest in electric vehicles. Companies like Tesla have equipped their cars with autonomous driving technology. Thus, with the development of smart roads and better wireless communications, electric transportation could be 100% self-driving in the near future.
Other items to consider are:
- A stadium box for baseball and football games.
- Vacation homes and condos for employee use.
- Ergonomic upgrades to office equipment.
- High-end smartphones and tablets
- In-house exercise room or free memberships.
The 5 luxury items listed above aren’t the only items to include in your business budget. However, they’re the ones currently available without much customization. Furthermore, they have stable returns on investment.
Of course, you can’t spend money on luxuries without planning. Not doing so causes you to lose your money quicker than you earned it. On top of this, your stakeholders could express concerns related to your financial management skills.
In the end, it’s best to perform an audit of possible luxuries. Poll your workers on the items they’d like to have. Once you narrow the choices down to the top three, then start researching their costs and return on investment. If everyone feels confident of their worth, then they should be implemented.