Time is a commodity many people feel that they lack. This is especially true of business owners whose list of responsibilities seems endless. There’s never enough time in a day to get everything done, so it makes sense to do away with unproductive activities and embrace time-saving strategies that make life easier and more efficient. In this article, we’ll discuss some of the most effective strategies to help you save time – and money – as a business owner.
1. Automate As Much As You Can
Automating as many tasks as possible will save you tons of time that can be used to conduct the manual activities of your business. For example, implementing accounts payable automation software will enable you to pay your bills on time, which will build your “on-time” record with suppliers and strengthen your relationship with them. Also, AP automation software gives you more payment options beyond the traditional paper check. These options are usually faster and more secure, so you don’t have to worry about chasing payments.
2. Ration Your Time
Understanding how much time you actually need to complete your daily duties will help you prioritize important tasks and get things done more efficiently. Keep track of the time you spend doing various tasks to gain an idea of how many hours each workday needs to have allocated to it. Pay special attention to those important projects that may require more attention. Fail to ration as much time to these tasks as they need, and you’re at risk of having to leave them unfinished.
3. Create A Manageable Schedule
Nothing stresses out a person more or wastes more time than taking on too much and having to constantly rearrange and reschedule. As a business owner, you should strive to create a manageable schedule that allows you to focus on and tend to each task before moving on to the next. Avoid the temptation to take on more than you know you can comfortably handle, and learn to delegate tasks others can do. Just because you own the business doesn’t mean you should do it all yourself.
4. Use Your Downtime Wisely
Downtime? What’s that?
You may not have a lot of it, but when you find yourself with a little during the day, you should use it wisely. Take care of small, miscellaneous tasks like returning phone calls, paying bills, browsing your schedule, and thinking about your next big idea. These small tasks don’t require much mental bandwidth, but they add up and can consume big chunks of your time if not handled as they arise. Your downtime is the perfect time to get them done in a timely fashion.
5. Keep Meticulous Files And Back Them Up Regularly
Technology is a great thing, but it does fail from time to time. As such, you need to keep meticulous files that are easy to find. Backing them up regularly will reduce the time it takes to recover them should a crash destroy your data or a cyber attack encrypt it. Keeping a backup of your files also allows you to archive infrequently used files, so the data you use all the time can be accessed quickly and easily.
6. Keep Good Notes
Business owners deal with a plethora of people, and it can be challenging to remember what each conversation or meeting was about. Carry with you a digital or paper notebook for jotting down notes. That way, you’ll always have a record of what matters.
Time is something many of us never have enough of, and this is especially true of business owners. Use the strategies above to utilize your time better.