You finally completed your tax return (or got your accountant to do it!) – hooray! Even better, you’ve found out that you will be getting a nice sized tax return this year. Although you might be tempted to start your shopping spree before the money has even hit your bank account, there are plenty of productive ways that you can use your tax return to start the new financial year off right. Don’t burn through your money, instead invest back into your business with these ways to make more bang for your buck.
Learning something new isn’t reserved for those just starting out in business or uni students. If there is one area of your business that you need a little more advice on (like SEO, Facebook Ads, or even using social media for business), there will be a workshop or course for you that can provide you with this information. You could also upskill by learning something that would allow you to charge more in your business. For example, a writer may take a copywriting course to allow them to be a blog writer and copywriter.
- New Equipment
Have you been in dire need for a new business laptop or a new POS machine for a long time, but never had the upfront lump sum to pay for it, or maybe something else has always seemed like a more necessary spend? Getting new equipment that will make you work better and more efficiently will save you time and money in the long run.
- Annual Subscriptions
Almost all subscriptions or monthly payments have an annual option, and most of them give you a discount for paying yearly instead of monthly. Shopify, GSuite, and Adobe, are all monthly subscriptions that offer hefty discounts if paid a year in advance. Even domain names and the ASIC offer annual discounts. Go through your payments and see if there are any you can pay upfront to cut some costs.
Probably the most obvious one, investing money into your marketing plan will almost always see a bigger return for you. If you have any sure fire marketing plans in place, such as Facebook Ads, beef them up with a little bit more investment. Or maybe take the leap and invest in a brand-new marketing strategy, such as print advertising.
- New Headshots
When was the last time you got professional headshots done? Was it a year that had two zeros in it? Or worse, have you never had headshots done? Professional photos of you, your business, and your brand are so valuable, especially in the online social media space. People want to see who you and your business are before investing their own money into a business, and professional headshots make sure you present your very best.
- Thank Your Customers
If you have a good following of customers, thanking them with a small, but valuable token will be sure to keep that following very loyal. Customers love little surprises and bonuses, and are more likely to return to a business they feel valued at. They are also likely to put instances of businesses doing good on social media, and spread your business through word-of-mouth.
If there are jobs in your business that you just hate, or are not very good at (and you don’t want to upskill or try to learn how to get better at it), outsourcing those less-loved jobs is the answer. Outsourcing is widely beneficial to businesses, as something that may take you days (such as writing a fab blog post!) can take someone with the skill and experience only an hour. It frees up your time to do the jobs you really are great at and that make you money.
There are plenty of ways to invest your tax return this financial year, and see that your business grows even bigger and better when tax time rolls around next year! If you’re looking to invest your tax return into making more revenue in your business, check out our print advertising strategies that can help your business grow.