1. Use variable costs, wherever possible.
Assess your business costs to evaluate whether you can shift any expenses from fixed to variable costs. It’s critical to boost sales, and this change could prove to be quite beneficial. Take time to analyze all your expenses with care and caution as you make the transition.
2. Implement quick collection and payment processes.
When you structure customer agreements, ensure you’re able to collect payment upon completion of work. Ask for a larger deposit at the job’s outset so you have cash during the time it takes to fulfill your obligations. To avoid waiting on receivables, send invoices out right away. Some customers make it a habit to pay late. If you delay sending your bill, you could end up months behind where you should be.
3. Automate tasks.
Automate as many tasks as you can, including sending receipts and emailing or messaging your customers. Business automation is a necessity in today’s competitive market. It saves you time and streamlines your employees’ tasks, enabling them to redirect their energies to more productive activities. There is an upfront cost to put these processes in place, but doing so will cut operational costs and elevate your efficiency over the long term.
4. Hold short, daily meetings.
Meetings are considered essential, but they can tend to take up to too much time. Instead, run more efficient meetings that can be finished in 10 minutes. Smartly use these quick huddles to keep employees up-to-date on new developments. The narrow time frame forces you to keep your message to the point. Short, daily meetings eliminate the need for numerous meetings stacked in a single day.
You’ve been trained to believe you’re at your most productive when you multi-task. The reality is just the opposite.
Want to be really efficient? Try single-tasking. Focus on only one task fully until it’s complete. This allows you to do more, much faster. You’ll stop putting off finishing assignments or leaving projects half-done.
You might feel productive when you’re working on five or six things at the same time, but you’re getting very little meaningful work done on any of them. Single-tasking lets you concentrate and execute.
6. Control interruptions.
If you notice your employees having trouble meeting deadlines or completing their own tasks, a number of reasons could be to blame, check your office environment to make sure every device are working as expected.
These constant interruptions and distractions cause holdups and delays. If you can’t limit your company’s meeting schedule to one, short daily get-together, hold the week’s entire meetings on the same day to minimize disturbing your team members’ work routines.
7. Invest in task-management tools.
Even with individual team members single-tasking, a number of functions and operations are taking place at the same time within your business. It sometimes can be difficult to keep track of progress.
using software tools to assign, monitor, update and get feedbacks from employees will really go a long way to ensure that you are able to measure and record progress of multiple tasks going on in your company at the same time.
8. Focus on the present.
Time and money are your two most valuable resources and the quickest way to waste them is to plan your operations around future needs. Focus on your present problems. Identify gaps and identify your immediate growth issues, such as knowing when it’s time to add staff. Spend your time and energy optimizing daily problems, and you’ll be more prepared for whatever the future holds.
9. Monitor yourself: Pay attention to yourself so you can learn your realistic limits. Understand when you need to draw the line and press pause to step away. Not every process or task needs to be done right away. If your cash flow allows, hire or contract a team of experts to divide the workload.
10. Know when to step back.
It’s natural for small-business owners to try to sort out as many issues as possible. But your business can’t run smoothly if you overexert yourself and are always stressed out.