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.
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.
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.
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.