The Value of an Hour?
According to a recent survey conducted by eVoice, small-business owners view time as their most valuable asset. Overall, 40% of business owners surveyed said that they were working longer days and taking less vacation than they did five years ago. Half of the respondents said that lack of time and ineffective time management costs their business tens of thousands of dollars every year.
As the business’s owner, the bucks stops with you. If you fail to initiate a project, complete a task, or properly motivate your employees, then your business will inevitably suffer. But how are you supposed to find the time to manage such a wide range of responsibilities?
Conventional wisdom (and a number of expensive ad campaigns for fancy gadgets) would have you believe that greater efficiency can be achieved through multitasking. However, using complicated software or devices such as a smartphone to manage multiple tasks simultaneously fragments your attention and diminishes your focus.
If you really want to save time, then you need to 1) assess your priorities, 2) execute individual tasks to completion, and 3) sync similar processes and minimize wasted energy with time-saving tools. Here are a few tips to help you get started.
Take Advantage of Powerful Tools
The best way to manage business functions more efficiently is with powerful tools that simplify essential tasks. CreditBuilder™, offered by Dun & Bradstreet, helps business owners establish a public credit file quickly, and provides businesses with key metrics and automatic updates. A favorable credit record is an essential element of business success, but auditing your record can be time-consuming. CreditBuilder™ streamlines the process.
Learn to Delegate
Are you a micro-manager? As a business owner, you may want to have a hand in planning and executing every single task, but this is extremely inefficient. Many time-consuming tasks are non-essential (if your credit is mess, then social media can wait!).
Don’t waste time doing work that is below your pay grade. Consider outsourcing rudimentary tasks such as social media marketing or bookkeeping to subcontractors or assistants.