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The 6 Biggest Time Wasters in Every Business: What’s Holding You Back From Reaching Success?

StrategyDriven Managing Your Business Article |Biggest Time Wasters|The 6 Biggest Time Wasters in Every Business: What's Holding You Back From Reaching Success?Entrepreneurs have to make every moment count if they hope to succeed in the world of business. Building a new company from the ground up can be exciting, but it also frequently proves to be an all-consuming task.

Waste even a bit too much time while leading a young company and crucial duties can end up being neglected. Find ways of addressing the following six common issues and you will have more time to focus on the business-related details that matter the most.

1. Bookkeeping and Accounting

Every business needs to maintain accurate books and have access to informative accounting reports and insightful analysis. Unfortunately, many small-business owners end up wasting time trying to stay on top of related duties that they are not well-equipped to handle.

Accounting Firms are inevitably better-positioned than entrepreneurs to take charge of these all-important financial activities. Because they are much more efficient than part-timers, professional bookkeepers and accountants tend to offer highly cost-effective services.

Not needing to worry about issues like payroll, accounts payable, and tax preparation will allow a business owner to adopt a more commanding, supportive style of leadership. Even when hiring full-time accounting help cannot be justified, on-demand assistance is always available.

2. Email

Hundreds of billions of emails are sent every day, but many of them have relatively little to say. Many a modern entrepreneur starts each working day by spending an hour or even more filtering through a packed inbox.

While there will always some emails that need to be read carefully, thought about, and acknowledged, these tend to be fairly rare. Small-business owners who learn to quickly assess whether given messages merit much attention will free up time for more important activities.

3. Overly Demanding Customers

Many entrepreneurs subscribe, at least superficially, to the idea that the “customer is always right.” A focus on customer satisfaction, in fact, is a valuable asset for almost every kind of business.

Some customers, though, are simply too demanding and unreasonable to be worth devoting time to at all. Entrepreneurs who learn to identify and deal with difficult customers effectively will spare themselves many headaches in addition to saving time.

4. Micromanagement

Hiring a first employee or even adding to a growing team is often a sign that a business is on the right track. Becoming an effective, efficient manager, though, does not always come naturally to entrepreneurs.

One problem many small-business owners face is a compelling need to exert too much control. Try to specify and direct employees’ activities too precisely and time will inevitably be wasted.

In fact, workers who struggle under the burden of micromanagement tend to be less productive, creating a twofold cost. Entrepreneurs who learn to give their employees some breathing room will have more time to spare and become better leaders, as well.

5. Vendor Churn

It always takes time and effort to find a new supplier or other type of partner. Become too quick to switch to a new vendor at the slightest sign of trouble and the wasted time will add up. Business owners should never feel that their vendors are holding them hostage, but accepting an occasional, honest mistake is normally the best policy.

6. Meetings

Some large companies have become infamous for making unproductive meetings central parts of the workweek. Unfortunately, even a fair number of relatively small businesses fall into this trap, often with ostensibly good intentions. Meetings can be useful but should always be designed to repay the investment of time required to hold them.

A Proven Way to Build a More Successful Business

Many small companies end up being held back because of time being wasted by the owner. Avoid the six especially common time-wasters above and you will have a better chance of leading your own business to success.

Can Text Messages Help Your Accounts Receivable Department – Yes!

StrategyDriven Marketing and Sales Article |Accounting|Can Text Messages Help Your Accounts Receivable Department Yes!Our lives are hectic, and technology can help the situation and make it worse at the same time. However, if your company wants to communicate effectively, it needs to rely on text messaging as a way to be more efficient and increase revenues. We look at how in this article.

Increased Response Rate

According to research, text messages are opened at a rate of 98% when compared to emails which are opened at a rate of only 20%. Also, text messaging is the preferred method of communication among millennials. Lastly, most people carry their phones with them wherever they go, which means that if you want to reach someone with an important message, you should consider texting them.

Knowing that, let’s take a look at how your accounts receivable department can benefit from text messaging.

Texts Notifications Are Pervasive

More and more communities, governments, and outreaches are adopting text messaging as the way to get vital information out to people. Nearly everyone checks their phone when they get a notification even if they don’t immediately act on it.

Texts & Accounts Receivable

Now that we’ve seen how widely used text messaging is, and people are more likely to read their messages, let’s look at how your company’s accounts receivable department can benefit.
Sending out paper bills that get left on the counter for days is old fashioned as is waiting for a customer to send in a check. Many customers now prefer to pay their bills via autopay or by visiting a website or using an app to pay with a credit card. Text messaging encourages a quicker response to pay a bill and ensures that invoices don’t get lost in the mail or forgotten about.

Also, sending out a text message as a reminder is seen as less intrusive to people than a phone call, and is more likely to be acted on than sending a letter in the mail.

Increased Response Time

Another considerable advantage to using text messages to notify people about invoices is that you’re more likely to get an immediate response than if you inform them by other means such as email, phone calls or snail mail.

When a person receives a notification of a bill that’s due, and an easy way to pay, generally speaking, they pay right away, which means increased cash flow for your company.

Makes Accounts Receivable More Efficient

In addition to a higher response rate from your customers, your AR department becomes more efficient thanks to text messaging too. The less time your AR department has to spend sending out letters and making phone calls trying to track down money means they can spend more time expanding their reach and becoming more efficient.

If your company isn’t making use of text messaging and push notifications, it’s high time that you research the benefits and experiment and find a system that works for you; you have nothing to lose and everything to gain.

Ron Kinkade is the Director of Marketing at Call-Em-All, an automated calling and  mass texting company that provides solutions for small and medium sized businesses, large corporations, membership organizations, community groups, and individuals. Ron has more than 15 years of experience with a proven track record of success. Ron is a graduate of Illinois State University.