3 Smart Ways to Use Your Tax Refund to Reinvest in Your Business and Yourself
by Claire Parker, Staples® Contributing Writer
If you’re like most small business owners, it can be difficult to separate your work and personal lives when juggling the roles of proprietor, marketer, accountant, visionary, husband/wife/partner, friend, caregiver or parent. It’s exhausting to maneuver from one aspect to the next, even with a stellar staff.
But if you’re due for a tax refund this year, then now’s the time to invest in yourself and your business. We enlisted the help of small business coaches and owners to find out the best ways to spend your tax refund — or other cash — on yourself and your business, so that dividing and conquering comes as easy as humming the lyrics to a pop song.
Spending on Workspace
Stacks of paper, disorganized notes, even nagging thoughts of appointments and deadlines can result in scattered priorities. The key: strategic streamlining.
Try a new desk organizer, says Jason Parks, owner of The Media Captain, a digital marketing agency in Columbus, OH. “I honestly felt like a new person after my desk was organized,” he says. “Instead of feeling overwhelmed when I walk into the office, I feel prepared and ready to tackle the day ahead of me.”
And don’t be afraid to rethink the office layout. Ditch cubicles for open workspaces, like Parks did. Consolidate with one long desk for several employees or use other designs that encourage collaboration. If someone doesn’t want to plug in to the group discussion, they can simply opt out by putting on headphones, which signals they are off limits, Parks explains. You can also promote better health with a standing desk or workstation, which improves posture and blood pressure, and reduces hip and back issues.
Money for Multi-Tasking Tools
Another crafty way to achieve balance is to invest in multi-tasking technology, like smartphones, computers and even headsets, which perform multiple functions simultaneously.
And if you’re looking for great products that can help you, say, consolidate emails or to-do lists, you won’t have to blow your refund.
“Use free technology apps that constantly upgrade and organize, all while leaving room in the budget,” suggests Michelle Burke, marketing supervisor for WyckWyre Food Industry HR Systems in Conklin, NY. Apps such as Asana and Todoist integrate communications to keep her staff of home-based employees on task while they work remotely.
Burke uses a mix of cloud-based technology, such as Google Docs, and traditional software, such as Microsoft® Excel, and suggests looking for tools that boost everyday business basics. “Even our headsets increase productivity, because you can type and talk at the same time,” she says.
You can also use a multi-tasker to balance work and life demands. A treadmill desk allows you to pursue fitness and business goals at the same time. The additional cost of the desk is offset by what you save on a gym membership and time going back and forth. Buy a Fitbit or other fitness tracker to further improve your overall wellness.
Outlays for Outsourcing
But when you can’t find an app or tech-savvy product to handle fundamental tasks to your liking, try outsourcing.
“Hiring a tax consultant, lawyer or specialized professional, like a video editor, keeps my stress level low,” offers Michael Stratford, speaker and business coach in Laguna Hills, CA. “Basically, anything I don’t want to do myself or that I don’t have mastery of, I outsource.”
If you don’t have the budget to outsource, delegate internally. Invest in programs, devices and services to help staff members take on some of your duties. If there’s a talented bean counter in the office, give him or her access to QuickBooks®. If you’ve got a social media master on board, provide access to a premium version of Hootsuite. If someone needs a skills upgrade, pay for them to attend an online or in-person class.
Make financing your own success a priority and reap the benefits of investing in the person or people who make your business tick. It’s money well spent to give you and your employees the freedom to fully dedicate time to work.