Saving is pivotal for business owners when it comes to their business. Whether it’s saving money or saving time — you should aim to save it. However, ’save time and money’ is the most overused inspirational cliche, well, ever, so you’ve probably heard it a million times before. But, when you think about it, you can’t save on both at the same time, not really. This is why you should break the two down to the separate entities that they are, and that way you’ll find yourself saving on something, at least.
Save on time
When it comes to time, there aren’t enough hours in the day to get everything done, right? Wrong. There are plenty of hours in the day if you save time on each individual task. Prioritising tasks by importance is a hugely beneficial way of making sure time is saved on less important aspects, so that time can be spent on any potential task that may be more difficult. You need to become obsessed with efficiency if you are to do this: begin by drawing up a physical plan of any tasks that need doing on that day; then delegate them out to your employees who have the strongest chance of optimising them correctly; then set them deadlines to be done by — it’s as simple as that. Also, you can save time in regards to your business having factoring accounts receivable in just eight business hours; this is a way of speeding up your ability to plan your cash flow when it comes to projects that you have planned, in comparison to only being able to do it a few days, or even a few weeks, down the line, at which point it might be too late. This means you can keep a handle on the future growth of your business, without having the pressure of that future being thrust upon you sooner than you’d like. Because we can’t get time back, like we can with money, it needs to be saved wisely.
Save on costs
But that’s not to say we shouldn’t spend our money wiser either. Ways to save on costs, without drastically cutting all kinds of different expenses, are achievable. If you pay by the hour, then every hour is money spent. So, simply, cut down on the hours given to employees. There are a number of ways to do so: one is to hand out set contracts, one is to cut down on hours, and one is to outsource and hire those who don’t demand such a high wage, i.e. apprentices or interns. All are risky endeavours; for example, hiring an intern may result in you hiring someone who isn’t as skilled at the job as you’d like. You can find those diamonds in the rough by dipping into the talent pool. This being said, you could also very well come across somebody who does a great job, for half the price you’d normally be paying. Other ways to take control of your business’s finances include cutting down on your printing habits and buying pre-used equipment.
It’s time to start saving time, and saving money, where you can because you might very well need an extra dose of either in the future.