Every nook and corner these days, has a startup based out of it. The number of people jumping into the “I’ll do something of my own” bandwagon, is unimaginably high. But, not everyone enjoys the same amount of success, in business. So what is it, that differentiates the flourishing entrepreneurs, from the drowning ones.
Well, one very important determinant, is the organization’s ability to make optimum utilization of time. And, as simple as it may sound, it is one of the most peculiar things to do in real life. Because most businesses end up spending too much time and effort, in the least fruitful activities, and hence, end up giving themselves too little of it, to do the most critical Job — Thinking.
So let’s look at a few ways in which business can free their up time, to use it for more meaningful endeavours.
Automate your processes: Gone are the days when every task required human intervention. With the advent of technology, almost every routine business problem has an automated solution ready. Smart businesses make use of software, and lessen the burden of work on individuals. This reduces the time taken for every activity, as well as, annuls the lag caused by human dependency.
Successful businesses are, inevitably, ones that automate as many processes as they can, and spare more time for their employees, to do activities that machines can’t.
Outsource: Outsourcing is not new; it’s just that it has changed forms. More and more organisations realize, that in this day and age, they simply can’t spend time trying to manage tasks that are nowhere close to their core competencies. In order to succeed, organizations must remain as lean, in terms of their operations, as possible. Handing over work that is beyond their expertise, is not a signal of weakness; it’s a sign of wisdom. Today, there are ample outsourced services that are affordable. Take for instance, at Fiverr, you can get a voice over of 100 words in Rs 325/- while independent agencies will charge thousands of rupees for the same.
Outsourcing not only improves the quality of output, it also saves a lot of time, that could be used to better the core functions of the organisation.
Do smart online accounting: Accounting is one of the most tedious exercises in business. However, in modern business environment, the focus has gradually shifted from financial accounting, to managerial accounting. In simple terms, the emphasis is no longer on just keeping the books correctly, but to utilize accounting information to make better analyses, and decisions for business growth.
A smart way to do this, would be to use online accounting software such as Giddh that don’t just keep a record of the financial information, but also present them in pictorial forms, identify patterns, identify bottlenecks, and are easily accessible.
Smart online accounting can be an asset in terms of knowledge and time conservation, for the organization.
End micromanagement: Organizations, these days, realize that employees can never contribute to business growth, if they are just made to walk on a pre-designed path. The focus has shifted from process, to results. Independence to choose their own way of solving problems, goes a long way in letting employees become more efficient, and involved.
Yes, there may be concerns of integrity and accountability in these cases. But it is here, that the tools which allow easy sharing of information between various parties (Employees and Management, in this case) come in handy.
Once entrepreneurs stop micromanaging the tasks of their subordinates, and instead focus on the bigger picture, not only do they save time; they also create an environment of trust and belongingness, that goes a long way in boosting the employee morale.
For God’s sake, move to cloud: One big factor, that blocks an organization’s effectiveness, is the lack of availability of information, at all times. And the only thing that can solve this pain point, is the use of cloud-based tools — be it CRM or accounting software. Cloud makes data accessible from whichever place you are at. That means if you have an immediate requirement of information, you need not wait till the office hours to access it.
Once the constraint of location, or a specific device, is done away with, the speed of work can go up multifolds. Moving your database to cloud could be the single biggest factor that could determine where you end up in your pursuit.
Freeing up time is not just about decreasing the workload; it is mostly a function of identifying what are the critical component of your startup — the ones that will differentiate you from the rest — and focusing only on them. All the other processes can be levied on to technology, or someone else, who can do it more effectively. And the sooner an organisation understands this, the better its prospects of success shall be. Otherwise, as they say,
Time is what we want most, but what we use worst.
If you wish to use your time better especially in financial matters, feel free to talk to us.