If you are a seasoned entrepreneur, by now you may understand that time is money. Time can be converted into money easily. So, the more time you have, the more money you can make. However, time is a limited source. We only have so much time to get done our work. The clock is ticking fast, so you need to make the most out of your time.
Thanks to the advancement in digital technology and power of automation, now you have plenty of tools and services that will help speed up your processes, plus help you find creative ways to save time.
Here are a few ways that you can save money to earn more,
Invest in Great Employees
Many business owners find themselves hiring employees far too often. A high turnover of staff means the time you take to plan and to train goes to waste. The trick to saving time on hiring is making the right hires in the first place. And, making the job so great they don’t want to leave!
You can do this by creating an Employee Development Plan. Any employees that you truly value and depend on should have a path for growth. They should have benefits and perks that make working for you worthwhile.
When recruiting new hires, be very detailed in what you’re looking for. Weed out the lazy, unenthusiastic applicants from the hard working and passionate candidates. Once you hire great employees who love working for you, they can take a load off your plate. Remember to ask for their feedback and input on new ideas. You trust them to do a good job, so you can delegate tasks to them.
Target the Right Clients
It’s every entrepreneur’s dream to work for clients that are flexible, easy-going, pay well, and offer meaningful work. But it can be difficult to find and secure these positions — especially in the beginning stages of your business.
As you increase your skills and build your reputation over the next few years, it becomes easier to be a bit more picky about the type of clients you work with. This in turn means more money on your pocket, less stress, and the ability to work on projects that fulfill you.
That being said though, no matter what stage of your business you’re in, you should target the right clients. If you find that you’re still working at the same rate you started at in the beginning, despite having been with your client for a long period of time, it’s time to either raise your prices or prune your client list. Many freelancers start out by working for other freelancers or bloggers, often at a low hourly rate. Some business owners even work for free in exchange for exposure, traffic, or building their portfolio. This strategy is a great way for them to get your feet wet, but eventually you have to parlay that free work into paying gigs so you can move your business forward.
Track your Time
Spend a week recording everything you do from morning to night. You can do this with Google Calendar or on paper. Write the tasks you work on each hour or the free time you spend. After one week, review your log.
How many tasks did you switch between in any given hour? How many tasks comprised of you fixing other people’s work? Did you miss any deadlines or lose out on any profit?
This problem is very common for business owners. It gets solved by automating and delegating tasks. For example Crevaty is using top tracker to monitor time involved in each assignment and review in weekly basis.
Thanks to the magic of technology, we don’t have to manually complete many tasks. If you haven’t leaned into automation, now’s the time to start.
Automation is when you let technology automatically complete tasks without your constant approval. You set up the rules and expectations, then the frequency of the automation. After that, your load is a little lighter.
Did you know that 80 percent of top-performing businesses use automation for marketing? 80 percent of these highly successful people can’t be wrong. Look at your business’s tasks and systems. Where could automation help you?
Not all tasks can get automated, some should get delegated. As a business owner and entrepreneur, you’re used to doing everything yourself. “If you want it done right, do it yourself” right?
Most of the time, “done is better than perfect.” You need to decide which tasks demand your attention and which ones your employees can do.
This might mean training your top employees on new roles and duties. This is great because it shows them you believe in them and it lightens your workload.
Look back at your time log for the week. Find at least three things that you can delegate. Start the process of transferring those responsibilities to someone else.
This will give you more time to do the things that are very important.
Look around your office. Is it messy? Is there clutter everywhere, especially on your desk?
This is a subconscious productivity-destroyer. How can your mind think clearly when your space feels confused and chaotic? Both you and your employees are less productive when the space is messy.
Start by cleaning your personal office. Your desk should only have things you use every day or make you happy.
File loose papers or shred them. Declutter the floor. Boxes should get put away and objects returned to their home in the office. Hire a cleaner to deep clean the space.
Then, set new expectations for your staff on office cleanliness. Like tools need to get put back after use and don’t leave rotten food molding in desk drawers.
You may need to buy some organizational systems to keep this momentum going. Get some low-maintenance plants to put around the office and lift the mood. Make the office a calm and clean place to work for everyone.
If Time is Money, Are You Spending Yours Wisely?
As a business owner, you’re supposed to be hustling and grinding. But, you can do more by working smarter, not harder.
Boost your productivity and profits by getting better at time management. Put systems in place that save you time and let you focus on important things. Your time is money, making better use of it will result in higher earnings.