Time is the most valuable resource we are given. For many, it can also be our most limited resource. We constantly hear friends and colleagues complain about the restraint their schedules have on them. Time is something we are all bound by. Everyone is trying to figure out how they can get the most from the amount of time they’re given. The problem is, we’re not always thinking about how to make the best use of our time. It’s easy to get caught up in the everyday habits and patterns of life without pausing to think about whether or not they are serving you or others.
Developing new habits and patterns can be a challenge, but being able to earn back more time is always worth it. When the freedom of time is granted, we are able to think. Exciting questions can be asked like, ‘what would I be able to do with more free time?’ A deeper question could be ‘how would this area of my life improve if I dedicated more time and energy to it?’ If you are a business owner, these questions are more of a necessity than a luxury if you want to continue growing your business in an ever changing, competitive landscape. The unfortunate truth is that many businesses are tied up in processes that are unproductive, where time could be better spent elsewhere. We see this a lot when it comes to accounting and payroll. Our goal here is to highlight a few areas we see in business that are a waste of time, while also pointing out thoughts that could help save more time.
Time Wasters
Lack of Process
When it comes to accounts payable for a business, the more simple the process the better. Think about how many people need to be involved in the process currently. Is that the most productive use of an employees time? Having a clear process, with the least amount of hands touching different accounts is going to eliminate wasting time and free up employees with more time to focus on important tasks that grow the business.
Mixing Business and Personal
You are walking on thin ice if this is currently a habit. At the end of the day, the benefits are not worth the risk here. As far as being a time waster, you and/or your accountant will have to sort through receipts and statements to try making sense of these different decisions. Separating business and personal expenses is a discipline, and is strongly recommended in order to eliminate wasting time.
DIY Accounting
When you are first getting started, yes, take the initiative with your accounting. Learning the steps and processes is certainly going to add value to you as a business owner and help you learn important aspects of your business. But after a few years and some strong financial growth, it’s time to find someone you trust who can take this massive burden off your plate. You started your business because you believe the product or service you offer would make the world a better place. Did you really start your business to be an accountant? It may be difficult, but there are trusted professionals like Perfect Balance LLC who would take great care of your accounting needs. This would allow you to spend more precious time on growing the business.
Time Savers
Continuing to Adjust Pricing
We live in a time where the economy is unpredictable. The cost of materials will go up in a sneaky and unexpected way. If your pricing isn’t adjusted, the business could start losing money quickly on each sale. What are some uses of time that could help you stay ahead of the inflation curve? It may be worth looking into, and may save some time in the process.
Budgeting
Goal setting is easier said than done, but all successful business owners know it’s the key to not only growing the business, but also saving time. Having monthly, quarterly, and yearly budget goals will keep your mindset focused on the future instead of spending time trying to figure out ways to change the past, failing to do so.
Conclusion
At Perfect Balance LLC, we live in the wonderful world of numbers. We believe a well documented and efficient accounting process is the way to decreasing wasted time for your business. We also gave a few tips focusing on ways to save time. We are here to help small businesses in the Racine and Kenosha area with their accounting needs and would love to help your business save more time!