You’re a business owner, so the chances are you want to champion one word and one word only; efficiency. That’s the overarching aim, right? To make more money in less time and with less effort; that’s what efficiency means in business speak. However, this word can be confusing, and, more often than not, how to become more efficient as a business is just a matter of being better with your time.
Below are our top tips on how to run your business more efficiently, all of which will allow you to increase cash flow with less effort. This will allow you to focus your efforts on more important areas, like growth. After all, you want to spend time on your business, not in it.
Write It All Down
The greatest invention of all time is the written word. Before then we had to remember everything. It must have been manic, even back then when there was just a fraction of the noise we have to process nowadays. Don’t fall into this trap. Don’t think you are smart enough to remember everything because you won’t; there is just too much going on. To do this professionally, have a business process management platform developed by a bespoke software development company; someone experienced in optimizing processes. Then get into the habit of using the notes app on your phone and couple it up with the Google Calendar. This will streamline your efforts and ensure things are done in half the time and not double.
In order to pay your own staff, you need to get paid as a business first, and the quicker they do this the more cash you have to work with at the end of each month. Unfortunately, getting paid by your clients tends to be more time-consuming than it needs to be and if there is one thing chasing clients does, it’s eating into your efficiency. The best way around this is to get your payments automated. If you do regular work for a client, request you are put on their payroll system. If you have to bill them for work completed, then do so through PayPal and set up a custom link so that there is less hassle their end. If it is the invoices that are eating up your resource time, have QuickBooks Online produce recurring invoices with you.
Accounting Made Easy
You’re a business owner, you have a lot on your plate, and that makes bookkeeping less and less attractive, which is why it gets pushed further and further down your to-do list. Well, to take the sting and pain out of it all, getting the right accounting software to suit your needs is the way to go. The reason is, that mad dash at tax time could come at a bad time, such as when the pressure is on, not to mention certain tax breaks could be missed. If you really don’t want to do it, then why not go down the outsource route and look at bringing a virtual bookkeeper to take the pressure off your role. At worst, the latter option will cost you a few hundred bucks a month, at worst.