[This article was written by Dominic LoBianco.]
The biggest challenge for startups is time management. Since the business is still trying to understand the market and boost sales, a lot of time is wasted on trial-and-error strategies. You try different methods until you find one that works for you. Unfortunately, this leads to a lot of inefficiencies. To protect your startup from these problems, use the following methods.
According to research, the majority of businesses use 300 minutes to manually process payroll every month. That’s a lot of time to spend on a process that can be easily automated. Your small business should invest in payroll automation to save on time and resources. The payroll software is more accurate and fast. It helps you minimize errors that could attract hefty taxation penalties.
A small business needs to maximize profits and minimize costs for it to grow. One mistake that new business owners make is doing everything on their own to save on labor costs. Despite having the best interests of the business at heart, doing everything alone can lead to costly mistakes. For example, you can leave out important business expenses in the accounts book. Create a provision for a bookkeeper or accounting software. You should also have a separate account for borrowed money and accounts receivable. That way, you always know how much your business owes.
Task Management Software
Going back and forth between your email and worksheet can be exhausting and time-wasting. You should invest in a task management software to streamline workflow. These platforms combine messaging and worksheets. The software will allow you to communicate with your team members and perform office tasks at the same time. You won’t have to switch between tabs.
Project Management/Time Tracking Software
You cannot manage your projects or your employee’s time if you don’t know how it’s used. Use a time tracking software to find areas of inefficiencies. Here is how it works, employees input the time they start an activity and then a timer starts counting. When they finish the task, they stop the timer and that activity is recorded in the software database. The application can produce a weekly or monthly report on how your employees have been using their time. If there’s an activity that takes more time than you thought, you can automate or outsource the process.
There are times when you’ll give an employee a task and expect them to complete it by a specific date, but they don’t deliver. You know that this worker is a performer, and they have never let you down. So what could be causing the delay? The answer is quite simple – interruptions. Yes, you can easily get distracted at the office. Sometimes, it’s not your colleagues that cause this interruption, its technology. You could be working on a task and then you receive a new email notification. The email could be useful or too personal for work. Turn off all notifications and pause the inbox to prevent distractions.
There was a time when the office environment couldn’t do without printers and papers. But technology has changed all that. You can use your phone to open a document, sign, and send it back to the recipient. Avoiding paper in the office will help you reduce lead times and get rid of inefficiencies. Only use the printer when it’s really necessary.
By being more efficient, your business reduces time wastage and increases productivity. Use the above methods to streamline your core processes. You should also empower everybody in the organization so that they know what you expect from them. When your employees know their roles, the business grows.
Dominic is a content contributor on behalf of OnPay Solutions. Dominic covers a wide array of topics such as small business finances, financial technology, and capital management.