How to better your small business?

Getting more out of your small business usually comes down to four things:

• finding the time to identify opportunities for improvement,
  
• acting on good up-to-date information and advice,
  
• carefully managing your cash-flow, and 
  
• making the most of any benefits and rewards.
  

This newsletter is continuously bringing to you helpful tips, tools and resources to assist you in your every day activities, and in helping you to grow your small business efficiently. Part of that growing is that you as the business owner or entrepreneur is required to free up time to focus on your business.

Spending  less time working in your business and more time working on your business is a well-known recipe for success. But when you are running a small business, you can be so busy doing the doing, there never seems to be time to look at how the doing is done. This week we'll look at how we can handle the first item above, so here are few quick tips to help you get started.

Find out exactly what you do

For a day or a week, record everything you do, as you do it. If you need to - hire a student or ask someone to follow you around and record it for you. It may sound odd but that it is all about getting things done without any excuses. Make a note of every call you take, every email you read, every conversation you have - the lot.

For each activity note the time it took and have some columns to tick with headings like, planned activity or unplanned activity, productive or unproductive, completed or needs a revisit, manual task that has an automatic option - you get the idea?

Look for opportunities


Once you've recorded what you do, here are some simple time saving tips that could help you spot opportunities to stop doing some things, do some things differently or start something new.

1. Handle each piece of paper only once: Avoid the trap of opening, reading and thinking, then deciding to action it later. You will just end up repeating what you have done.
2. Batch similar tasks and do them together: For example, try to check your email at set times of the day only, rather than letting each one interrupt what you are doing. Remember to allow yourself time to action them there and then, even if that means booking time later to address what's required.
3. When you leave a phone message, suggest a time when they should call back: That way they are less likely to call when you are unavailable and you will avoid a time-wasting game of phone tag. Even better, use email instead.
4. Avoid entering information multiple times: This will save time and reduce errors.
5. Look for ways of doing things that do not lock you into specific time of day: For example, ordering supplies online or by phone and getting them delivered means you won't have to interrupt what you are doing because your supplier's not available.
6. Try to reduce the number of steps in any process: For example, with the eftpos machines, bank cards and credit cards use are so accessible and convenience nowadays - you can ask your customers to pay on the spot after completing a purchase or a job. It saves several steps of paperwork, plus it is quick and easy for the customer.
7. Look for tasks that could be automated: Even simple things like paying your regular bills by direct debit or automatic payment.
8. Plan ahead: A little time spent planning can save a lot of time later. Allocate time for the big tasks first and let the small ones fit in around them. Plan to minimise travel time. Make a list of things to take with you, so you won't forget them in the rusg later and waste time doubling back.

So take action and start the ball rolling. Chances are one or two straightforward opportunities to free up a little time will quickly appear. Make them happen as soon as possible and make sure you use the extra free time to investigate more ways to save time.

By repeating this process you'll soon be able to set aside a regular block of time for working on your business, rather than in it. After that, further time savings can be used to get more doing done and lift the productivity of your business.

Save time with online services like Internet Banking


With more and more banks now offering online services you can make use of that for both of your personal and business banking activities. If you are not sure what online services your bank is currently offering - make time to visit your bank and discuss this with them. By taking advantage of your bank online service is an easy business tool that can free up your time so you can focus on your business. Here is how:

1. Get your online business banking done whenever it suits: You can get this done from anywhere as long as you have access to the internet. Quickly check on your transaction, get wages done or pay bills. This kind of flexibility can really boost your business productivity.
2. Separate your business and personal banking: For small businesses it is all too easy to let your business banking become tangled in your personal finances.  This can lead to time-wasting re-work when it comes to doing the accounts. It also makes it difficult for you to keep your finger on the financial pulse of your business.
3. Eliminate financial re-work and put an end to repetitive accounting data entry: With internet banking for small business you can quickly sort, filter and download your banking history into excel or popular accounting software packages. It not only saves time, it also removes the opportunity for data entry errors.

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