Working people who decide to become entrepreneurs often aren’t aware of all the responsibilities they will need to handle. They’re usually between two equally important halves of their business organization: productivity and management.
On the one hand, it’s important to stay as efficient as possible to generate high revenues and ensure steady cash flow.
On the one hand, there are numerous everyday activities that every business owner deals with. From assigning tasks and communicating with employees to negotiating with clients, new entrepreneurs have a lot on their plates. So, let’s get into some organizational hacks to keep your business rolling.
1. Dealing with lucrative projects first
Mark Twain wasn’t a business owner, but he was a writer, i.e. an artist. One of his most famous proverbs was the one that says that in case that you need to eat two frogs in the morning, eat the bigger one first.
When applied to the business niche, this can be interpreted in the way that SMB-owners should first deal with more lucrative and complex projects.
In line with that, you should make an action plan. Write down a list of tasks or projects and attribute different levels of difficulty and their values, together with deadlines for each of these tasks/projects.
After that, schedule your tasks from most lucrative ones to those that won’t bring you a lot of money, but which will come in handy in the perspective.
2. Outsourcing when necessary
New business owners might not be sure when to cope with business tasks by themselves and when to outsource. If we continue from the previous item, you could draw a line below one of the tasks on the task list. It’s up to you where you’ll draw the line. One of the criteria for this move could be the worth of the project and its complexity. As you’re creating your plan of activities, once you realize that you won’t be able to deal with remaining projects within the given deadlines, start outsourcing.
If you decide to find outsourcers online, pay attention to ratings and previous results of the potential outsourcers/freelancers.
As your workload keeps increasing, think about establishing a more serious relationship with some of these outsourcers. Simply put, those who do your tasks on time and without mistakes deserve higher rates to keep the best ones by your side. By doing so, you’ll create a trust of knowledgeable professionals, which will ensure higher productivity in the long run.
3. Going through meetings in advance
If a business owner wants to stay productive while managing business tasks successfully, meetings need to be concise but informative.
Having long meetings is exhausting both for business owners and their employees/collaborators.
Here are some of the tips for meetings that will ensure efficient and fruitful meetings:
- Devising meetings in advance. In addition to writing the meeting agenda, it’s necessary to go through every meeting in advance. Write down all additional comments, think about the potential reactions of meeting participants and your potential responses. Also, make a meeting schedule and stick to it.
- Assign a recording secretary. For more serious business meetings, such as those with your clients or shareholders, you’ll need to assign a recording secretary, i.e. someone who will take the minutes of your meetings.
- Send out topics to participants. All the meeting participants, regardless of their level in your business, need to know the agenda and topics of meetings a few days before. This will give everybody enough time to prepare for it.
4. Keeping expenses low
Making high profits is one of the key goals of every business owner. However, this is only one side of the medal. Satisfaction and joy of being an entrepreneur will be lost if high revenues are you’re your only business aim.
As opposed to that, SMB-owners who find a balance between business management and leisure are more likely to effectively run their business for a long time.
In order to get there, it’s important to keep your expenses low. Otherwise, you’ll end up chasing your tail aiming at a higher income.
Finding the right balance while cutting your costs is the winning combination. In that light, rely on part-time collaborators instead of full-time employees.
Moreover, avoid glitzy business offices and cut on unnecessary costs, such as excessive business lunches or other similar expenses.
5. Relying on digital tools
Business owners who want to be effective in both productivity and expense management software should rely on digital tools.
For starters, utilize the power of social media, from Facebook and Instagram to LinkedIn and other professional networks.
It’s recommended to use the power of business websites. As the experts from a Houston web design company put it, a business website should be easily approachable, from a visual and practical point of view. If you offer a lot of services or need eCommerce features, think about launching an app, as well.
SMB-owners are more likely to manage their ventures smoothly if they turn to account and project management apps, as well.
The more digital features your use – especially those free ones – the better your chances are to organize your tasks at low costs and with high efficiency.
Being a productive business owner and successful manager takes a lot of energy and commitment.
If you’re not focused and if you don’t pay attention to details, you’ll be facing a lot of challenges along the way.
Therefore, form a pool of reliable collaborators, rely on digital media, and outsource minor tasks.
Also, prepare thoroughly for your business meetings and hold the reins of your expenditure.
These elements should keep you on the course of successful and efficient business management.
Liam Collins is a tech pundit and Web enthusiast working at TuiSpace.com. He spends most of his time reading and writing about the current affairs in the world of information technology. When he isn’t working, he likes going for long bike rides and walks in nature.