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Stimulus bonus

Assuming you qualify, you may get (or already have) a bonus from the Government as part of the stimulus package. Remembering this is a tax free payment (how many hours would you have to work to get that much after tax?) have you seriously thought about how to use that money?

I think there are two useful ways to spend your bonus – pay off debt (credit cards or mortgage) or investing it (shares, property, etc, or to your super or in your business.) Either way, the bonus can then go towards your financial future. Of course, the aim of the stimulus package is to get us spending rather than saving which is why I think the bonus could be well used for your business…

  1. spending on your business is an investment that can increase your long term profits – which means you can spend more later!
  2. whatever you purchase will help another business and stimulate the economy!
  3. this tax free money can buy you things that are tax deductible – and I suspect your accountant will approve of that!
  4. depending on what you buy, it may also be eligible for the extra tax deductions available at the moment – this can make bigger things much more affordable for tight budgets

Given we’re potentially talking about $600 or $900, I don’t mean buying a few pens and a ream of paper! Investing in your business could include some of the following expenditures:

  • upgrade your computer or some software
  • update your website – think about a CMS, shopping cart, design, content, new photos and graphics
  • attend some training – seminars and conferences can pay back their price and time many times over through information, ideas and people met
  • get some professional help – a trademark lawyer, accountant, coach, writer, image consultant and so on can make a long term difference for your business
  • hire some help, whether it is a cleaner, VA, packer or letterbox deliverer
  • buy a good chair – your comfort is worth it especially if you sit for hours to run your business, and it will increase your productivity
  • buy some resources – books, DVDs, videos, business guides, magazines
  • get some flyers or postcards printed or some promo items made to spread the word of your business
  • look for some sponsorship or prize opportunities to help others and build exposure and publicity for your business