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Sep 05

Budgeting to Maximize ROI

By Michael Feit | Budgeting , Modern Law Library , Resources

Will you play it safe or take a risk for greater returns?  

The Modern Library requires individuals to change their mindset from maintaining the status quo and becoming open to new ways of doing things. Budget season is here. Now is the time to consider how you will shape your budget with new solutions to your organization’s anticipated changes in 2018.

Checklist of budget items to consider adding or changing in your 2018 budget:
  • ERM (Electronic Resource management system): If your firm doesn’t already have an ERM, it may be time. Read more here.
  • Content Aggregators: Influencing the firm’s bottom line with current awareness on clients and potential business.
  • Library Membership Fees: Save on subscription costs, fill content gaps at a lesser cost, access to archival and historical collections and just-in-time document delivery.
  • New Software: Consider software that offers newer efficiencies, extensive analysis and taming big data.
  • Outside Services: Budgeting for value-added insights on those special projects, allocating funds for consultancy services or to purchase resources that will provide critical insights on pricing, creating efficiencies and library modernization to name a few. Tap into Feit Consulting’s white papers or other consultants’ resources.
  • Conferences and Events: Be smart in which topic class or conference you decide to attend. Think about who may also attend as networking is as valuable as the content offered. Specialized topics covered by ILTA or the Ark Group offer valuable takeaways on timely topics that will affect your bottom line. Discounts available for multiple attendees from your organization.
  • Staffing: Do your foresee a need to add staffing capacity? Will it be a short-term need or long-term? Hiring temporary or permanent staff is one option as well as outsourcing depending on how each option delivers return on the expense.