Time is money. Any business owner knows that adage. What many entrepreneurs don’t know is how to make the best use of their time. The most productive thing you can do is learn how to become more efficient. Here are seven easy ways to put yourself on that path to success.
1. Utilize Automated Tools
Rapid advancements in machine learning and algorithms have given owners and managers many valuable resources. Some of these are intuitive, like personal assistance and electronic scheduling systems. Others you may never have considered. Sales force automation and project management software help marketing teams coordinate efforts and automatize campaigns. Workflow automation tools can streamline tedious business processes saving time and energy. Shop around for the right solution.
2. Hire IT professionals
IT professionals can help you maintain safe and secure business networks. They can also help you keep an eye on cyber threats and vulnerabilities, which can help your business avoid costly losses. In addition, they can help you set up and administer security measures, which can protect your data from unauthorized access. Finally, they can provide advice on improving your cybersecurity practices. Cybersecurity measures can help protect your company’s data, intellectual property, and customers’ information. They can also help prevent identity theft and other financial crimes. Plus, they can help keep your business running smoothly during unexpected outages. They will also be able to keep up with the latest changes in the cybersecurity field, which will help you stay ahead of the competition. By engaging in fraud, violating your privacy, and participating in targeted extortion, cybercriminals can seize your data, damage your brand, and drain your money. To protect your company from hackers and formulate a comprehensive plan for closing any gaps before they become targets, you must hire the IT provider and compliance teams from Cmitsolutions. They will successfully implement protections that meet your needs without interfering with your business operations.
3. Learn to Delegate
For many entrepreneurs, the desire to tackle every task at once is strong. Doing so is rarely a good plan. A good starting point is the “70% rule.” This rule states that if someone can do something at least 70% as well as you can, you should give them the task. Psychological science backs the idea that multitasking is itself a hindrance to production. In other words, delegation and a strong focus are the keys to making the most of your own time.
4. Mitigate Losses
Many companies have entire departments devoted to loss prevention. It’s that important. Startup entrepreneurs rarely have that luxury. Many instances of lost revenue can be attributed to inventory issues and poor accounting. Updating accounting software is often beneficial. Rigorous training programs (see below) can help accountants stay sharp. Losses due to theft can be prevented by keeping security tight around inventory and setting a no-tolerance policy for theft. In other words, the best tactic for loss prevention is running a tight ship.
5. Employ Strong Cybersecurity
One potential source of catastrophic loss is a data breach. A worst-case scenario is the theft of customer identity information. According to IBM’s 2021 Cost of a Data Breach Report, theft of customer data costs an average of $180 per record compromised. Have antivirus software installed on all company devices. Update both operating systems software and defensive systems regularly. Make sure to enforce security compliance standards throughout your entire network. One weak link is one too many.
6. Nurture Great Employees
The best employees often aren’t the ones you hire. They’re the ones you train. A British study done years ago showed that a one percent increase in training added 0.6% value per working hour. Now multiply that. Technical skills aren’t the only ones that need to be taught. “Soft skills” like team building, interpersonal communication, and empathy can stop many problems before they start. An investment in people is all but guaranteed to pay off.
7. Optimize the Office Environment
Minor changes to a physical workplace can have a sizable impact on efficiency. Something as low-cost as adding ergonomic workspaces and furniture to the office can boost productivity. The same is true of changing up the color scheme to reduce mental stress. Incorporating nature into your workspace can also be advantageous. Exposure to natural lighting tends to make people healthier and more productive. Small changes now could prevent the need for large ones later.
7. Focus on Wellness
Keeping a focus on wellness is necessary for sustainable growth. Estimates of lost productivity from occupational stress approach $187 billion in the U.S. Taking a holistic approach to health is best. Holistic in this context means caring for the well-being of the whole person. The foods we eat have an outsized impact on productivity. The choline found in almonds, for example, has been shown to improve brain function. A company-wide focus on health should apply to workers, managers, and owners. Everyone has a role to play in the success of the enterprise, so every person’s wellness is equally vital.
Efficiency won’t guarantee success, but the lack of it will ensure failure. Thankfully, being more productive is closer than you think. Let these simple strategies become the first step in boosting your bottom line.