5 Ways Your Business Can Run More Efficiently
Business owners like ourselves are interested in making more money in less time to become more productive, but the reality of handling the daily tasks of a business make it hard to implement cost-saving ideas. Fortunately, there are a few simple habits to adopt and online tools to make it easier so that you can create a more efficient business without sacrificing a lot of your precious time or money.
Below are five ways that your business can run more efficiently so that you can boost cash flow and spend your time focused on what made you open your business in the first place.
Use Bookkeeping Software
Are you the type who puts off your accounting tasks, only to find yourself in a rush when tax season comes around? If you don’t have enough time to prepare your return correctly, there is a good chance you’ll overlook a few deductions on your tax return because you are too busy locating documents for expenses and preparing annual reports.
This the primary reason many business owners use bookkeeping software. In addition to saving you time and eliminating the hassle of getting organized during tax season, the total amount you will owe in taxes will likely be reduced. You can even contract the services of an accountant online to manage your cash flow for a reasonable fee every month.
Every business has to maintain a steady revenue stream to keep the doors open. The faster you make the payment process for clients and vendors, the more cash you’ll have going through your account on a monthly basis. The goal is to automate payments so you can avoid chasing down outstanding bills. Below are three ways to automate receiving payments:
If you are routinely sending a recurring invoice to certain clients or vendors, consider automating the invoicing process using an online invoice template. After the client’s information is entered, set your rate and schedule when the invoices should be sent every month. The end result is that you get paid consistently without having to spend any time filling out these invoices.
If you send invoices to clients through PayPal, you can customize a link for each company. When a client clicks to submit a payment, their company information is automatically populated and they can simply make a payment via PayPal balance, credit card, or checking account. The less clicks they have to make, they faster you receive payments.
Payroll of Regular Clients
If you complete regular work for a particular client, request that you are added to their payroll system as if you were one of their employees. Everyone saves time and money by doing so because you don’t have to send an invoice and the client doesn’t have to process the invoice.
Work in the Cloud For Free
There is no need to waste time emailing updates back and forth anymore or making notes in a Word document when you can take advantage of free solutions in the cloud to automatically sync files.
Services like Dropbox and Google Drive work on any computer, with any data type and updates all changes made. These services also allow you to backup your files regularly if you don’t already have an external hard drive backing everything up on a schedule. You want all of your important documents and files to be backed up in case of any computer issues.
Develop a Plan for Emergencies
What if your internet goes out or your computer breaks down on you? What happens if you have to handle a family emergency or a personal health issue? To stay afloat and be successful, a small business must be prepared to handle chaos and a plan for emergencies does just that.
You want to reduce or eliminate the stress of your business altogether while you deal with any issues that arise. Use a disaster recovery tool that goes over everything your employees, contractors or regular clients might need to know in your absence. Include a list of all important contacts and outline the procedures your team should follow.
Jot Everything Down
We all might like to think that because we are intelligent, and nothing ever slips past us. The truth is, that with everything going on in our business we are bound to miss a few important details here and there.
That’s why you should adopt the habit of taking good notes about your business and personal life. It might come in handy one day if you have to ask for a refund or contest an expense so be sure to write down the date and time as well.
Using an online calendar is great way to keep track of appointments, but it can get hard to follow if you include the details of deadlines and make notes. Consider adding a digital task management system to your arsenal of online tools–these will automatically sync with your mobile devices if you want to make notes on the fly.
Be Accepting of the Changes
Implementing these ideas will increase productivity and help your business run more efficiently. Spending a small amount of time to set up these systems and configure the online tools will allow you to save money and time down the line.