It’s Tax Season! 4 Ways Your Return Can Help Grow Your Business
April can end up being the best or worst month of the year depending on your tax return situation. Ignoring the worst case scenario, when that check rolls in, what do you do? There are so many avenues ahead of you and as always there are better and worse options. Below are just a few possible ways to invest your newly received tax return back into your growing business:
- Reinvest in Yourself: As a small business owner you must constantly expand your understanding of both complex and simple concepts that can help you run your business. Knowledge truly is power and spending your return money (or at least some of it) on expanding your knowledge through online courses is solid bet. Not only do you better yourself, but you are better prepared for being the best boss/business owner/strategist you can be.
Some affordable options for any business owner are:
- Colorado Technical Institute ~ Business Administration (Associate’s Degree)
- Coursera’s Online Business Classes
- Lynda’s Online Business Training and Tutorials
- Attend a Relevant Trade Show: Trade shows and conventions are an incredible way to network, learn, and see what is on the horizon in your field. They are also a great opportunity to get out of the office, or your businesses hometown and do a little travelling while having fun and bettering yourself and your business. A couple websites that help business owners find the right trade shows for them are M + A Expodatabase and Expo-Guide.
- Add a Business Tool to Your Arsenal: Feeling a little overwhelmed? A little too much on your plate? Using your “free money” to add a relevant business tool to your team. Is always a wise choice and can come in many different forms. Waveapps is a remarkable finance app that allows you to do accounting, invoicing, and helps you manage your funds. It also allows you to hire accredited financial professionals. If you have to interact with social media (side note: you 10000% should be interacting with social media) Planoly is a visual social media planner which also offers analytics and insights into your ongoing social media strategy.
- Build Morale: Whether you are a lone wolf business owner or run a large team, there are always opportunities to build morale with the people who are involved in your inner or extended business circles. Team building events can be a great opportunity to blow off some steam, show appreciation and talk shop in an unconventional setting. The size is up to you, but this option can be as big or small as you like. A pizza party, dinner and a sporting event, or an out-of-town retreat are all possible ways to build morale within your team.
No matter what you decide to do with your tax return, it needs to be something that makes you better. Whether that is reinvesting in yourself, paying off some debt, or putting it away as savings, make sure you put it to good use. If you are lucky enough to get money back, look at it is a reward for doing a good job – don’t squander it on fleeting options. Value adding should be the name of the game because there won’t always be free chunks of money laying around, and the next time you’re strapped for cash you’ll be eternally grateful.
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