If you are fortunate this year, your small business will be receiving a tax return, hopefully a substantial one. But what to do with this windfall? However you decide to use it, it’s more than worth it to spend that extra income on one’s business, including the following three ways.
No. 1: Employee rewards. You can start by rewarding your outstanding employees, the ones that helped make your business the best it could be in 2018. Dedicated employees can be rewarded with a performance bonus, a raise, extra vacation days, gift cards or a nice lunch out, on you. This not only helps show your employees they are valued and you appreciate how they help your business succeed, but goes a long way toward employee retention and increased productivity.
No. 2: Upgrade with better equipment and services. Upgrading your website is always beneficial. For example, make it faster. Did you know that 40 percent of users will leave a website that takes longer than 3 seconds to load. Additionally, make it more mobile-friendly, as the majority of online searches today take place on mobile devices. If your tax return is large enough, you can also purchase new office machinery or other equipment that will help your business’ sales and productivity, such as a new printer, scanner, copier, etc. It can also be useful to invest in business services to upgrade one’s email marketing and/or website design.
No. 3: Donate a portion of your tax return to charity. Believe it or not, giving to charity can boost your business, while simultaneously helping people in need. By aligning your business with a great cause in order to increase awareness, you position it as a leader that cares about making the world a better place.
If you need help choosing a charity, The NALA has introduced a multitude of diverse small businesses to one of its many top-rated charity partners over the years, after which we announce these new partnerships in press releases, helping boost these businesses’ revenue as they assist people in need. The NALA works with a long list of affiliated national and local non-profits, such as Operation Warm, which manufactures and distributes high-quality, new winter coats to children in need throughout the United States; and Soles4Souls, a nonprofit global social enterprise that is committed to fighting poverty through the collection and distribution of shoes.
Other NALA charity partners include The Greatest Generations Foundation, Lily Sarah Grace Fund, USA Cares, Teddy Bear Cancer Foundation, GlobalGiving, Operation Homefront, Miles Against Melanoma, Crisis Aid International, Dream With Me Foundation and StandUp For Kids. People prefer to do business with people that care.