Partner Article

Time is money; so work efficiently

If you are a business owner, its highly likely that you’ll often feel overworked, underappreciated and over stimulated. But one of the biggest difficulties in running a microbusiness is that you need to be all things to all people - from a receptionist to a CEO – which makes time a commodity.

However, there are techniques that can help you recoup precious minutes, and sometimes hours. Here Ed Reeves, a serial entrepreneur and co-founder of leading telephone answering providers, Penelope and Moneypenny, highlights his tried and tested ways to scrimp and save time from across the business.

Avoid any meetings for meetings sake

As a start-up, you’ll be astounded by the amount of time that can be taken up by meetings. Don’t be afraid to say no and be discerning over who you meet. Have a checklist – only meet people when it may result in business. Otherwise, keep it to a phone call or ask them to come to you and explain you can’t give them more than 20 minutes of your time.

Learning to be concise with time is a learned skill - hopefully some of these tips give you some much needed breathing space so that you can focus on what’s important – growing your business.

Hire intelligently and outsource where possible

Never forget you’ll spend more time with your colleagues than your family, so it’s incredibly important that you are clear from the outset what skills you need and what type of person you want to work with. Be discerning and take time over hiring. It is very costly to train someone up, and very frustrating having to replace them if they don’t work out. Once hired, ensure that you delegate as much as possible. In the beginning it can be hard to let go and relinquish control, but it is well worth it to free up your time.

Outsourcing as many business processes is also win / win. If something can be done cost effectively by another organisation, then it is worth consideration – from receipt processing to call handling – it’s all time recouped so that you can focus on more pressing matters.

The skill of networking (and finding a mentor)

Networking, especially locally, is imperative to meeting potential customers, possible suppliers and other like-minded business owners. But it’s important to network effectively; don’t agree to go to every charity gala and Chamber of Commerce meeting, do a bit of digging and attend those events relevant to you.

Finding a business mentor can also expedite the success of your business. Starting a business can be a very lonely endeavour, and it can also be hard to stay motivated when there is no one else to report too. A mentor can help with this, plus they are great to bounce ideas off of, receive valuable advice and having a person not directly involved with your company to give you insight if you are too close to the problem. You will need to pay for a mentor but it is well worth the investment, especially in the early stages of a business’ life.

Read more and watch too

At the beginning of an entrepreneur’s career, you can feel a little lost. Often you have the gem of a great idea for a product or service, but not much understanding of what it takes to found a business and take it to market. That’s why it’s such a good idea to read and learn about the experiences of other entrepreneurs and CEOs. You’ll quickly get some tips on best practice and more importantly, what not to do, so that you don’t repeat any of their mistakes.

Reading business titles, trade titles and industry bodies’ newsletters will also keep you in the loop as to what is going on in your industry, as well as give you insights as tips on what is going in terms of market demand for your proposition.

This was posted in Bdaily's Members' News section by Penelope .