When running a small business, time is one of the most treasured ingredients. It is essential to invest your time wisely to be successful in your business. That means you may have to let go of some control at times and find more efficient ways of doing things. In this article, we will share with you a few ideas and free calculator tools for your business to minimise some of your workload.
Common Time/Energy Thieves
First-time entrepreneurs spend so much time in developing a perfect process they forget to keep it simple. As a result, small businesses often struggle with low productivity figures.
Complex/lack of systematic accounting
Many sole entrepreneurs struggle to get the hang of simple accounting. It results in unnecessary panic and worries when Tax Day comes. They may be forced to hire extra bodies to sort it at the last minute.
Failure to plan cash flow
If you do not keep track of your profit margin, eventually you will face a stiff cashflow situation. Whether you deal with creating new software or sell soda pop, keeping an eye on the profit margin will save your business from drying up one day. Break down your costs of production and ensure each item/service you sell brings in a profit. Eight out of ten start-ups close because of lack of cash flow. Don’t be one of them. Use these simple tools to keep track of your money and reduce your cash flow worries.
Free calculator tools for your business
Here are the steps to minimise effort, maximise productivity and track your money.
1. Get a sound inventory management system
Inventory sucks money out of your cash flow. Setup a free inventory management system like Zoho to track and manage your inventory levels. Use it not only for your product but also for the supplies you need. There are a lot of free and trial software, try one at a time and stick to the one that fits your needs.
2. Reduce time wasters
New ideas may be the lifeblood of your business. But if you are constantly bombarded with new plans, it will be a challenge to be productive. Whenever you get a new idea, write them on a sticky pad and get back to work. Review the sticky pad the next day and assign a time to explore the concept. Ask your employees to shut off Facebook and other social media distractions, except for those who use it for business, like your social media manager, etc. You can also use a time tracking app like Paymo to track productivity and billable hours.
3. Use free calculator tools
Use free calculator tools to track expenses in your business and keep an eye on your product margins. If you are spending 15% of the product price on wrapping, maybe it is time to look for an alternate packaging supplier or find a cheaper method to pack your product. As an entrepreneur, you should be able to quote your ROI, cash flow, conversion rate even in your sleep. Instead of investing in a bunch of software to track your sales tax, etc., use the free tools when possible. Buying a new appliance should be a last resort. Instead, borrow or rent whatever you need.
4. Use another pair of eyes.
By using these simple methods, you can up your productivity by at least 10-15%. To get the best results, we recommend making one small change at a time. Track how it works. If it helps, retain it, and if it doesn’t, scrap it and try another idea. The key is to make the process efficient and straightforward. Whether it is baking bread or verifying code, making small adjustments can help you hack your time and be more productive.
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