Effective Time Management Tricks for Your Small Business

Author: Sara Amato | January 17, 2019

Time is precious for every business owner, particularly when you’re a small business owner wearing many hats. Between numbers to crunch, clients to meet, vendors to negotiate with, shifts to schedule, and deadlines to track, there are never enough hours in the day.

If you’re constantly in shock over how fast your days disappear, you might need to develop some time management skills and put them to good use.

Here are some ways to ensure you are working as efficiently as possible and using smart financing to help you save time:

Upgrade equipment

Small business budgets can be very tight. However, many equipment upgrades tend to pay for themselves by improving performance and productivity. Upgrading older equipment eliminates the stress and worry about it breaking down further down the road.

If you’re worried about money, there are plenty of flexible equipment financing options to consider, and you can use a calculator to determine how much an equipment loan will cost. Like a car loan, the equipment you finance will act as collateral for the loan, making it easier to qualify for an equipment loan than a traditional term loan.

Common uses for equipment financing include expenses ranging from furniture and appliances to technology upgrades such bookkeeping software or payment processing solutions to even bigger equipment such as vehicles, forklifts, freezers and ovens.

Prioritize

To streamline your operations, start by making a list of things that are taking up a bulk of your time and notice what you could automate. As you’re investing in equipment to improve your performance and productivity, you should also consider investing in automation such as inventory management or online scheduling software. Both items are worth the money and can help manage your time a little more wisely.

Once you’ve streamlined operations as much as possible, prioritize your remaining tasks and create lists. This will help you feel a sense of accomplishment and move you closer toward your goals.

One way to do is create categories for yourself, such as:

  • Important and/or urgent
  • Urgent, but not important
  • Not urgent and unimportant

Do the important and urgent tasks as soon as possible. Then, find ways to fit in the non-urgent tasks during your down time.

Build a cash buffer

It’s easy to forget how an unexpected event can threaten the financial stability of a small business. However, unavoidable life situations, along with their unpredictable expenses, don’t have to be catastrophic. Make sure your business has a rainy day fund in the form of cash supplies, a line of credit, and access to other types of small business financing to keep your business operating through tough times and emergencies.

With a sizeable cash buffer, you can focus on growth and strategy instead of fretting about what to do if and when the unexpected happens.

Learn to delegate

Small business owners can do many things, but they can’t do everything.

Take the time to find and hire people you can trust, train them well, and then give them room to work in the business while you work on the business. Hiring capable employees will give you time to focus on tasks that will help your business scale.

You may not be able to afford to hire dedicated staff for every department of your small business; prioritize your investment in the right employees that will make the most difference. To do this well, consider investing in a recruiter who can help you find prospective employees with diverse backgrounds and across-the-board experience that will be a good fit for your needs.

While it may cost you more money up front to recruit and vet out the most well-rounded candidates, finding the perfect match will pay off in the long run.

 


Thanks for reading our 5-part series, How Smart Financing Can Solve Big Problems for Small Businesses.

Want to catch up on the previous articles in the series? Read on:

No matter the size, the time in business, or the industry, every small business faces a myriad of challenges daily. Access to capital is arguably the biggest roadblock to every business owner’s ability to address these pains and problems. This 5-part series pinpoints some of the most common bumps in the road for small business owners as well as smart, effective solutions for navigating these challenges. Learn how to deal with hiring frustrations, cash flow woes, business owner burnout, customer retention issues, and time management struggles, as well as how to be proactive rather than reactive when it comes to accessing the funds you’ll need to face these issues head on.

Ready for more?

Apply for funding and find out if you qualify today