Productivity is a buzzword in today’s corporate and social circles. We envy people who can regularly tick all the items on their to-do list, and still have enough time to stay productive and receive ample rest. For small business owners, productivity means much more than crossing off items and tasks on your to-do list. You are not only striving to manage your time and activities well but also aiming to run a profitable business.
Over the years, I have tried different productivity hacks in my business. I realised that taking stuff off your plate, empowering your team, and embracing technology can give you the best returns both in terms of time and profit.
Here are a few productivity tips that allowed my small business to thrive, what you can learn from it.
1. Delegate your tasks
The greatest threat to your small business is not bad economic conditions. It is your unavailability to focus on core business matters. For instance, although I am well-versed with accounting, I often took hours to complete all of my tax returns. This cost me a lot of time and money, and in the end, I wasn’t sure if I had done a good job. As I cracked my head over the accounting books, I had lost opportunities to market my products, and engage with my customers.
Outsourcing to an accounting firm can be a lifesaver for you and your business. Firms which specialise in accounting and bookkeeping services for small businesses can help you to save time, and help you to manage your business’ finances. If you are looking to reach out to an accounting firm, then you can speak to us.
They offer SME accounting services in Singapore and are ready to meet your financial needs. Their team of professional accountants are not only experienced in many different fields and industries, but their main priority is also to ensure that the integrity of your books is maintained properly. They also provide timely financial updates and analyses so that you can find the best financial option available to continue expanding your business.
2. Empower your team
When starting a small business, one thing I kept in mind was to hire talents for my team. As the company grows, the team grows. The purpose of building a team is to have people who can take up work from your plate and execute it better. Delegating is not possible without a team, and you should look to ensure that they can efficiently carry out their tasks.
With that said, hiring, training and upscaling the skills of your team can be taxing for a small business. Fortunately, there’s an alternative route to achieving the same – outsourcing to professional firms. You can outsource various finance functions such as bookkeeping to firms offering corporate accounting services in Singapore.
Their team of professionals can help you to calculate all of your business finances, and provide you with the necessary financial records and statistics. While you may struggle to have a proper understanding of business finances, their accountants can provide you with accounting services to ensure that you are up-to-date on your business’ financial standing. You can place your trust in them to provide you with the financial information you need to succeed against your competitors.
3. Embrace technology
Delegating and empowering your team will make your business thrive and boost your profitability tremendously. However, in this age, technology rules!
With plenty of innovative solutions available today, I was able to make my team more efficient and carry out my work much easier. Similarly, there are many accounting software today that my business could benefit from. While I may not have the proficiency and skills to understand them, I was able to delegate this task to an outsourced firm so they can fulfil my business requirements much more efficiently without costing a hefty price.