6 Time-Saving Ideas for Your Business
When running a small business, you’ll likely agree that the phrase “Time is money” couldn’t be more accurate.
Every hour of every day is an opportunity to earn, but it’s also rife with pitfalls that could drain your revenue. In fact, the Small Business Expo reports that “small business owners lose 10 to 15 hours a week to admin work that no customer ever sees or pays for.”
To help you be more efficient as a leader and help your business achieve more, try these six ideas that could slash your time investment.
1. Reduce duplicate work
Review some of your major workflows, and you may find that multiple employees are performing the same task or giving it unneeded scrutiny. For example, you might find that two people are reviewing your cash sheet at the end of each day. Consider eradicating this duplicate work to free up extra time and direct it elsewhere.
2. Simplify your daily workflows
In some cases, it may not be your team’s tasks themselves that are the problem; it could be how they’re displayed. Convoluted or cluttered productivity software can leave team members feeling overwhelmed or make them waste time organizing and reorganizing as they scroll through their daily tasks. Instead, try an option like Trello, which eliminates unnecessary features and clutter for a clean, simple task-list interface that anyone could easily utilize. (As a bonus, such software can also cut the training time needed when onboarding new employees.)
3. Slash unnecessary meetings
“This could have been an email” is a common joke in the business world these days and a sentiment your team members could share. So it’s important to reassess whether you are holding meetings for their own sake. Look at your calendar for the rest of the year, and determine if any regular, ongoing meetings are actually beneficial to your team. Do they require back-and-forth conversation and input? Keep the date. Are you simply using these meetings to convey information? Find another route for sending these details, and let employees use this freed-up time to remain productive.
4. But schedule important ones
That being said, some meetings are actually good for productivity. Stand-up meetings, for example, are excellent ways to get you and your team on the same page, discuss goals and progress, help them start the day feeling motivated, and encourage them to communicate any roadblocks. But keep these meetings short; about fifteen minutes should suffice.
5. Automate with software
While some business programs like CRM and accounting tools can be pricey, their time-saving advantages could make them well worth the investment. They can reduce the time needed to manually input and compile data, and they can help your whole team track important information from their own workstations.
6. Look to your customer base
Could you be investing time in a product or service that simply isn’t profitable? Consider directing your effort toward maximizing your higher-earning offerings. To identify where your time is best spent, read client reviews, send feedback emails to loyal customers, and even ask customers for their thoughts and experiences face-to-face. Treat their input as free consulting that you can use to optimize your strategies.
While every small business has different priorities and needs, saving time is an across-the-board issue, and taking at least one of these prior steps can help you do so. Should you make improvements, you can boost your productivity and track the impact on your revenue in the weeks to come.