Increase Profitability

Time is Money: Are You Working Efficiently?

Businesswoman reviewing her phone at her desk

Some business owners are so inefficient that they don’t know any other way of doing things. Although it means many hours of wasted time, it has worked for them in the past so they stick with it in the future. If you want to become a more efficient business owner, thus saving yourself time and reducing stress, here are five things you can do today:

1. Create a Schedule

It doesn’t matter if you do this on paper or with one of the many productivity apps that are available, a schedule can keep you on track day after day. There may be times when you deviate from your schedule, but it will go a long way in keeping you on track for the most part.

2. Forget About Multitasking

You may think you have the mental capacity to focus on two or more tasks at the same time, but this is extremely difficult. Don’t go down this path. Instead, complete one project before you pick up another.

3. Get Help

This may not be a solution for every business owner, but it is an idea to consider. Do you have current employees who can assist with particular tasks? Are you in position to hire one or more workers to provide relief? When you delegate to others, it won’t be long before you realize how much more time you have for the most important tasks.

4. Remain Organized

There are people who love to stay organized, as well as those who don’t do this at the office or their home. You can waste a lot of time searching for lost items. From expense reports to office supplies, when something goes missing it can kill your efficiency. Fight against this by doing whatever it takes to remain organized.

5. Give your Mind a Break

The more you work the more you can get done, right? This is true to a certain degree, but there comes a point when you need to take a step back and realize it is time for a break. There is nothing wrong with adding downtime to your schedule. This can be as simple as a 15-minute break every afternoon, or a vacation that you look forward to every summer.

Learn what’s right for your business

Visit SunTrust’s Small Business Best Practices Guide for a straightforward checklist of best practices in six important areas of financial management, including starting and growing your business.

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