Three Clever Ways Entrepreneurs can save Time

3-clever-ways-entrepreneurs-can-save-time-and-money-delegate-automate-outsource

Entrepreneurs nearly all share one thing in common – they don’t seem to have enough time to do everything that needs to be done in a day.

 

It’s not always a matter of being inefficient, it’s just that solopreneurs and SMB business owners are doing so many jobs that a larger company would either give to a specialised employee or outsource. So, instead of working harder, why not work smarter?



Here are three ways you can save time, and still achieve your business goals.


1. Delegate

Many entrepreneurs and SMB business owners hesitate to give up a task for a few reasons. The first is that the business was their idea, they were its first employee and it is precious to them. When you’ve been doing things your way for a while, it can be challenging to trust someone else to do the job as well, or even better, than you can. However, the more you train and trust those who work with you, the more fruitful will be the relationships and the ideas that come forth. This will engender a greater sense of loyalty throughout the organisation.

Another reason for not letting go is fear of failure, thinking that others will perceive you as incompetent if you start handing things over to others. The obverse of this is pride in thinking you can do everything and need no help whatsoever.

The best leaders learn to delegate very early in their careers. You will find that by empowering your team to make decisions they will take more responsibility and you will build a strong culture of performance and accountability.

 Have you noticed our #FridayExpertTips... here's one that relates to #Delegating

“Learn how to DELEGATE your tasks… Even if you think it will take just as long to teach them what to do. If delegating doesn't save your time now, it will build capacity in your team so you can trust them with similar tasks in the future."

Related: Most CEO's miss these 3 thing when Scaling their Business



2. Automate
There are online tech tools for just about every aspect of business today. They are designed to simplify and automate a host of jobs to free up your time for working on your business, not in it.

There is no shortage of solutions that can be automated, including project management, booking appointments, database management and more. Filing systems such as CRM solutions and email and newsletter databases allow you to store details about prospects, vendors, and customers so your employees can quickly reach them. Social media posts and newsletters can be custom-templated and set up in advance to be sent whenever you want, as far ahead as 12 months in some cases.

Create templated responses to common questions  so you can cut and paste them in a letter, memo or email response. Set up email autoresponders to tell people when you will get back to them. This is especially important if your business operates across state and national borders; you can have a templated email signature which includes your time zone and that you will contact them, for example, within 48 hours.

Probably the tasks that most SMB business owners dislike the most are the financials. This is where cloud-based software comes into its own. Managing your accounts payable and receivables are ideal candidates for automation as are the billing and payment processes. Nevertheless, you still need to manage what is entered in, and see that your employees are entering in their receipts and time sheets accurately.



3. Outsource
Automated systems save time but if you find companies that automate tasks that chew into your day, consider outsourcing those jobs to them. Not only will that give you headspace and time for activities that generate revenue, but in many cases, their systems will add a layer of security your business does not have.

One of the simplest solutions is to send your bookkeeping and accounting to an Outsourced Accounting Firm. A bookkeeping and accounting service that handles automated systems can create invoices and bill your clients, eliminating the chance of human error, and pay your bills as well. Since their systems are cloud-based, you can access your information anywhere you have an internet connection.

They may even have suggestions about better software for your business. A key component of successful outsourcing is making sure the automated tools you choose work together seamlessly. For instance, accounting solutions like Xero, QuickBooks and MYOB; and other financial apps like Expensify and Tallie are able to interact with other software programs.

Many companies use outsourced bookkeeping and accounting services to handle all aspects of their financial department needs or they use it for part-time help or a particular project. Either way, companies who hire an outsourced accounting firm do not have to deal with the burdens and expense that come with having in-house employees.

Azure Group has the capability and experience to fully outsource your internal accounting functions from basic bookkeeping and accounting services to CFO-level strategy and expertise. Get in touch.

Related: How to transition from In-House to Outsourced Accounting?



The paradox of an entrepreneur’s life is, the more your business grows, the more tasks and responsibilities you will likely need to delegate, automate, and outsource. So, you want to find simple, efficient, cloud-based solutions that free up your time so you can focus on the jobs that make you money.

 Have you noticed our #FridayExpertTips... here's one that relates to #Accounting

“Running payroll can be complicated and time-consuming. There are a lot of legal requirements, which means there are serious risks to getting things wrong. Many business owners prefer to leave it to the experts and outsource their payroll."

 

Your Weekly Accounting must Do's and Dont’s
Federal Budget 2021-22: Key Implications of this Year's Budget

About Author

Azure Group
Azure Group

Azure Group is the leading Chartered Accounting, Business Advisory and Strategic Advisory firm supporting the growth & success of fast growing entrepreneurial businesses.

Related Posts
Super Guarantee rate increases to 10% from 1 July 2021
Super Guarantee rate increases to 10% from 1 July 2021
Changes to Single Touch Payroll reporting from 1 July 2021 for small and micro employers
Changes to Single Touch Payroll reporting from 1 July 2021 for small and micro employers
How to transition from in-house Accounting to outsourced Accounting?
How to transition from in-house Accounting to outsourced Accounting?

Comment

Subscribe To Blog

Subscribe to Email Updates