Using Your Tax Refund to Strengthen Your Small Business

The tax season is over – WHEW.

If you’re one of the fortunate small business owners getting a tax refund – or if you owe less than you budgeted for - have you thought about how to use the extra funds?

Here are some simple ways you can allocate extra money to help your small business move forward.

Freshen Up Your Workspace

Have those broken blinds been bugging you forever? What about the ratty rug, out of style lamp or dirty walls? Your professional environment is important and can help boost your mood and productivity. Bring in plants, paint the walls or add artwork to your workspace. If your desk or chair isn’t ergonomically sound, look into upgrading.

Invest in Low-Cost Marketing Activities

If you’re active on social media, you can see big returns for a small spend. Take a look at your data to determine what kind of posts or types of images have worked best to increase awareness or sales and put a bit of money behind them.

Printing postcards or business cards is another low-cost strategy that can bring new customers in the door. Check out Five Pro Tricks for Marketing with Postcards for good information to help you get the best return on investment.

Elevate your profile in the community by seeking local sponsorship opportunities. Sports teams, schools or organizations usually put up banners or perform some sort of promotional activity in return for sponsorship. If there’s a local event, consider getting promotional items – like water bottles or recyclable bags - printed with the name of your company to hand out.

Hire a Professional Organizer

If you find yourself trying to find things frequently, an office organization overhaul can spike your productivity. Most people who hired a professional organizer spent roughly between $250 and $750. There are lots of “professional organizers” advertising their services out there. Make sure you find a reputable organizer who specializes in professional offices. Check online reviews and call clients for recommendations. The National Association of Professional Organizers is a good place to start.

Shore Up Your Emergency Fund

Take a look at the amount of funds you have set aside for emergencies. How much you put away will depend on your industry and other factors unique to your business. If you’re not sure how much you should have saved, check with a financial professional. Our friends at NerdWallet have a good article about how to build an emergency fund.

Pay Down High Cost Credit Cards

If you’re carrying a balance on high interest cards, paying some of that down is a good strategy that can help improve your cash flow. If you’re struggling with costly debt, one solution is to refinance that debt with a low cost SBA loan. With low rates and long terms, SmartBiz has helped hundreds of borrowers save thousands of dollars that they can put back into growing their business.