Running a business is an exciting experience. Being the one in charge of a selected and productive group is a practice that will give you invaluable learning and skills. When working in teams, you have the chance to learn how to adapt to situations. There is also room for problem-solving, cooperation and delegation. All these are assets that can be translated into successful business opportunities.
There are many things to manage within a company. From paying personnel to organizing the workspace. Activities are all important and must be taken care of in the right order. The time devoted to one activity is not coming back. This is why there are so many different techniques to managing time effectively
How to manage your time
1) Set your priorities
It is necessary to establish what are the main goals and objectives of the company or project. And distribute time accordingly. If a new marketing project is coming, it will need more time and attention and long-term goals. It is not advisable to forget about the rest. It is a matter of devoting some special time and effort to the most pressing topics.
2) Break into smaller pieces
Long-term plans seem to be unattainable sometimes. The best option is to break them down into smaller chunks. Chunking is a lot more controllable than whole projects. Dividing the plan into smaller units also allows you to delegate tasks to the rest of the team.
3) Set your weekly worksheet
Have a piece of paper with the whole week ahead. Fill the time frames with the smaller units of, the bigger plan. There you go! Your weekly worksheet is ready. With a weekly worksheet, you make sure time is effectively used in the present project. Fixed amounts of time are allocated to such activities, and therefore progress is being made every day.
The best part of a weekly worksheet is that it allows you to track down who is working with what part of the project. Assigning the tasks per day can help your team feel they are all working at the same rhythm and towards the same goal.
How to manage your bills
Bills are a hot topic in every single company. Expenses are not something to be taken lightly. There can be severe financial and legal consequences if bills and payments are not handled carefully. Every company must have some system to organize and classify bills, invoices, and payment effectively.
1) Chose the system that best works for you
Every business is unique. You need to find the financial structure that best suits the needs of the office, whether it is paper-based or online, maybe in the cloud or in traditional files or books. Daily updated or weekly updated. Those are small decisions that will shape the system and make it work for you. Consolidated online invoicing can be an advantage if you have frequent clients to be served. Individual invoicing can work better if each client wants to have single codes for their purchases.
2) Do your follow up
Call the clients, call the providers, call the agents. Every person involved in money issues with your company should have a frequent call. To check on results or to correct orders. You don’t need to be chasing a client to make that phone call. Reminders and questions are also good reasons to pick up the phone. Emails and text messages are also ok to communicate some things, but they can be overlooked. So, it is better to go for sure and make that one effective phone call.
3) Don’t mix work and pleasure
This is a piece of advice that applies mostly to small companies. Sometimes personal bank accounts are used to receive funds for the company. While this can be considered necessary due to the lack of the right tools, it is good to use separate accounts. One for your business and another one for your salary. Just because you are the owner, it does not mean all the money should go into your bank account.
These are just some pieces of advice that follow some common sense. If there is something more specific that you need to solve, the best would be to call the experts.