Use Your Small Business Tax Refund Wisely

How Your Refund Can Drive Results

Under United States Tax Laws, small business owners have a number of opportunities to earn a significant amount of money for their tax refund. For example, small businesses that report a net loss over the tax year can carry those losses back against the previous year’s profits, helping to offset those profits and earn them a larger refund. A tax refund can be an important or necessary cash injection for a business, and using these funds properly can help to drive further success for the business owner.

What You Should Invest Your Refund In

There are a number of ways you can invest your refund to help drive results in business. Depending on what your company needs, you have the ability to use those funds to help accomplish your goals. By putting a tax refund back into the business, it becomes possible to improve the business from within – extra funding provides the opportunity to launch new products, invest in marketing, and even purchase new technology. Here are some of the best ways a small business owner can use their refund.

Upgrade Your Business Technology

As many of us know, there is an amazing number of tools available to help small business owners run their company is the most effective, efficient and profit-producing manner. No matter what industry your company operates in, chances are there is something out there that can help make your business better. Unfortunately, many small businesses have to pass up this kind of technology due to budget constraints, but a tax refund is the perfect opportunity to invest in tech that helps the business grow.

Outsource Important Projects

As mentioned earlier, a small business’s budget can often hinder owners from doing many things that can make the company better. Many small businesses do secondary tasks themselves to help keep their budget under control – some of these projects may include customer support, payroll, accounting, marketing, and deliveries. Investing your tax refund gives you the opportunity to move some of this work outside the business. Not only does this ensure professionals are managing those tasks properly, it also means your employees have more time to focus on the business and their specialized work overall.

People are an Investment Too

Your employees are your most important resource, so investing in them only makes good business sense. It is important to make sure that employees feel appreciated and supported, while also making sure they have the most up to date education to do their job to the best of their ability. A staff that feels empowered and invested in by the business owner tend to work harder and be more loyal to the company – a report from ADP shows that organizations who do not invest in their people lose over $2,000 a year per employee due to lack of work ethic or employees who are overworked.

While it is important to ensure that your business receives the largest refund possible, it is even more important to make sure those funds are invested properly. A tax refund is “extra” money that is not built into the business’s established budget – this makes your business’s tax refund the perfect avenue to use when you need to make changes or updates to help your business thrive. Investing those funds back into the business, whether it is through technology or employees, is a smart way to use that money.

If you do not have your own business yet, maybe you would like to use your personal income tax return to start your own home business. You can start part-time and branch out over time as you become more confident. If this sounds like something you would like to pursue, it may be time for you to talk to Stacy O’Quinn. To learn more about Stacy, click here.

*Photo Courtesy of Chris Potter via Creative Commons License

Small Business Helping to Improve the Economy

As larger corporation pull back on hiring new employees during these times of economic uncertainty, small businesses are beginning to hire more, helping to create the majority of new jobs. Although many economists believe that the labor market growth with slow throughout the year, it is possible for smaller businesses with 50 employees or less to help keep the market relatively stable. Recent employment reports from the Labor Department are continuing to show a decrease in the addition of new jobs.

According to reports put forth by the National Federation of Independent Business, or NFIB, small businesses added an average of 0.18 workers per firm during March of this year. This is one of the best readings that NFIB has reported in the last 10 years. In addition to this great news for employment numbers, 24 percent of the small businesses recently surveyed are planning to add more workers, while only four perecent are planning to make cuts to their work force. Early in the recovery of the recession, big businesses were rapidly hiring, but small businesses are now helping to support and improve the economy.

Mark Zandi, Moody Analytics’ chief economic officer, says “I think small businesses will account for a larger share of the job growth this year than at any time since before the recession.” Zandi also believes that small businesses will contribute to well over half of all employment gains for 2015.  According to reports put out by the Labor Department, the creation of new positions is down almost 140,000 jobs from February to March, but Bill Dunkelberg of NFIB doesn’t believe these decreases will last long.

Dunkelberg, the chief economic officer of the National Federation of Independent Business, expects these surprisingly weak new job totals to beef up in coming months, especially since the reports from the Labor Department do not always fully capture the hiring patterns of small businesses. Another factor to take into account is the increasing approval for small business loans – banks approved almost 22 percent of small business loan applications in February, which is a significant increase in the post-recession.

One company that is taking full advantage of the improved situations for small businesses is Method Savvy, located in Durham, NC. This 16 employee business has added three fulltime employees in the first quarter alone and plans to add up to 10 more positions throughout the year. CEO Jake Finkelstein attributes the additional hiring to the 60 percent revenue growth the business will see in the coming year. “A lot of companies we work with are more willing to take a calculated risk,” says Finkelstein.

Are you ready to jump in with both feet? Are you ready to start your own home business? Stacy O’Quinn has helped dozens of individuals not only start a business but also succeed in business. If you would like to learn how Stacy can help you, click here.

*Photo Courtesy of Simon Cunningham via Creative Commons License

Are You Ready to Grow Your Brand?

Easy Tips to Help Your Small Business Grow

It's Time to Grow Your Brand

Spring is a time for refreshment and rebirth – plants are coming back to life and animals are coming out to enjoy the weather after a long, cold winter. Spring can also be a great time to refresh your business’s brand and get back to the basics of running your company. Just like plants are coming back to life, so are consumers since Spring is the time of year when sales begin to swing upward once again. Now is the time to dust off and rejuvenate your brand, and here are simple tips to help you succeed.

Launch Something New

New flowers grow every spring, so why not offer your customers something new to get them excited about your small business again? This is the perfect time of year to launch a new piece of merchandise or offering to rebrand one of your more popular products while also giving you the opportunity to appeal to a whole new market. By diversifying your products, it is possible for your company to stand out from the competition, helping to retain your current customers while also attracting new ones.

Give Back

Spring is a great time to partner with a local charity or community organization and hold an event or volunteer your time. Consumers love to see successful businesses giving back and statistics show that customers are more likely to choose businesses whose core values align with their own. Plus, volunteering and fund raising is a great team builder for your staff.

Speaking of Partnering …

A great way to rebrand your business is to partner with another company. Think about businesses in your area that sell products or services that compliment your own – for example, if you own a gym, consider partnering with a nutritionist. By working together to offer consumers the full package, such as working out and eating healthy, it is possible to attract more business. Work with your partner business to develop special offers or discounts for consumers who use both businesses services.

Sponsor a Local Youth Sports Team

Baseball season has officially begun and many youth teams are starting to get out on the field. A great way to get your business noticed is to sponsor one of these teams – there are a lot of ways this can be done, from something small like providing sports drinks for the team to something even larger like purchasing their uniforms or outfitting their concession stand. This is a great way to give back to the community in which your business operates while also giving the company some positive exposure.

Get Back to Basics

Spring is also a time when we clean out a lot of things in our lives – our attics, basements, and even our landscaping. This is also a good time to clean out the clutter in your business and get back to the basics of operating the company in the most streamlined way. Remember what consumers love about their favorite business – customer service excellence, great products, top services, and accountability should something go wrong. Keeping these things strong within your business will keep your brand strong too.

Do you need help getting your “brand” started? Did you know Stacy O’Quinn has already helped dozens of entrepreneurs start their own business and he would love for you to be next! For more information about Stacy, please click here.

*Photo Courtesy of David Joyce via Creative Commons License