Tuesday, May 27, 2008

The Economic Stimulus Package - 5 Ways to Invest the Rebate in Your Business

Uncle Sam has your best interests in mind this year by doling out a sizeable chunk of change to each tax payer to spend on whatever your heart desires. There is some debate as to how helpful the rebate will really be for the economy, but that argument aside, you have the ability to do something REALLY great for your business with the funds.

How much do you get? Provided you paid taxes and filed a tax return for 2007, you may be eligible for up to $600 per taxpayer, $1200 per couple, and $300 per each dependent child.

Entrepreneurs can be a lazy bunch. They are known for working day in and day out on the technical aspects of the business, and not looking at the big picture. They can ignore the long term plans for business growth just to keep up with the daily grind. They can ignore the need for knowledge growth and can lose sight of the need to delegate. They can also let themselves off the hook for doing those key actions that really grow the business.

Here are some ways you can get the most out of the rebate:

1. Hire a Virtual Assistant – What tasks are you doing day in and day out that are really not your cup of tea? Consider your hourly rate versus the administrative tasks you are performing. If your rate is $100 per hour and you spend five hours per week on bookkeeping, then you are spending $2000 per month on tasks that can be delegated for far less.

2. Rebrand your business – Is your brand exciting? Do you stand out from the crowd? If not, consider hiring a professional design company to rebrand your business. The easiest way to attract the best paying clients is to present a professional business image.

3. Invest in Your Business Skills - Take a workshop – What skill do you need to upgrade? Look around for workshops and seminars to help you improve skills you need to grow yourself and your business.

4. Invest in YOU – Are you happy with your life? Are you stuck in “all work and no play”? What could you do to improve your personal life? You could take a Life Planning Workshop, invest in a counselor to work out some old issues still plaguing you, or take a mini vacation.

5. Hire a Business Coach – Remember when you where involved with sports in school? The coach didn’t let you get away with slacking. Having a business coach to help you brainstorm ways to bring in new business will help you grow your business because you’ll be accountable to someone and they won’t let you off the hook if you’re not doing what you say you’ll do. Go to the International Coach Federation, click on “Find a Coach”, and enter the key terms for the type of coach that would be most helpful to you.

Whatever you do, don’t fritter away this tidy sum of money. If you chose to invest in your business it will pay off big time!

Grow Your Business & Prosper!
Suzanne Muusers
Business Coach for Entrepreneurs & Financial Advisors
Scottsdale, Arizona

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