Nowadays, plenty of small businesses act as subsidiaries of larger companies, while others are directly aligned with e-commerce and online shopping. Today’s digital age focuses on expanding and influencing aspiring entrepreneurs with digital trends and technological advancements that promote a challenging and time-consuming atmosphere.
Time Is Money
The notion that “Time is money” has never been more significant than today. While established companies before the pinnacle of the digital age are flourishing, current small businesses are faced with improving and more effective legal policies. As a result, these start-ups must deal with stricter requirements and regulations on top of managing business operations. Time is an essential key for maximizing business productivity, so invest some of your time to read about these time-saving tips.
Follow The 80/20 Principle
The 80/20 or Pareto principle was theorized way before the digital age. This principle states that 80 percent of results are directly produced by 20 percent of effort. Applying the 80/20 principle in a business setting could imply that a business or company can accomplish 80 percent of profit in exchange for 20 percent of sales. Practically speaking, a five-star restaurant can earn thousands in profit for fewer but high-quality food choices in a menu.
With the 80/20 principle, a small business can manage its time and resources more effectively. Coaches and trainers of the industry emphasize how time management affects productivity in a team. One way to maximize your time is to spread and delegate tasks with different team members. This way, 100 percent of the effort is broken down to 20 percent per team member which ultimately results in 80 percent of accomplished tasks according to importance. Instead of focusing your effort on one task at a time, a small business should assign employees or groups to one of the tasks. Big companies are divided into departments and even specific groups that handle essential business transactions.
Install Business Applications On Your Devices
Small businesses today are lucky to have the advantage of modern technology as leverage. Before the advancement of technology, businesses heavily relied on human labor and services to keep the business running. Due to the reliance of manpower, other companies went bankrupt which increased unemployment and ultimately affecting the economy. Presently, established companies are shifting their workforce to technologies and software that do similar work and produce the same results.
Similar to the 80/20 principle, the work that needed 100 employees now require only 20 percent of those employees who are represented by software and applications. In terms of maximizing business productivity, here are two task management applications that help reduce wasted time:
Harvest
Harvest is a digital time tracker which provides online time-tracking and invoice services. It has an installable app for smartphones and tablets where you and your team can conveniently monitor the progress of your business objectives from data by the system.
Trello
Trello is like the team playbook wherein tasks and information can be organized online. It is like your classic planner or to-do list but on the internet. While you may choose to create a softcopy or file of your planner on a laptop, Trello promises the convenience and availability of your planner in all devices through its application.
Apply For Website Development And Hosting Services
Businesses that specialize in e-commerce or online shopping are good examples of entities that highly utilize and provide website building and hosting services. Transactions and online purchases mostly take place on the internet which removes the need to make bank deposits and pay sellers in person. A small business should also capture its target market using advertisements on television, radio, and the internet.
Your business should hire website services that develop and manage your website for you to minimize the time spent for promoting your business and dealing with simultaneous transactions.
Here are two website developers that are dedicated to enhancing and enriching small businesses:
Builderall
Builderall is a company that serves as an online platform for entrepreneurs. It offers several features the focus on building your website, marketing your business, giving statistical data, etc. Builderall provides a 7-days trial for small businesses to test and familiarize.
Endurance
Endurance was founded in the late 1990s and is one of the leading business supporters in the industry. It is partnered with many businesses and companies across the globe and consistently made small businesses flourish with their online solutions and services.
Utilize An Invoice Generator
Businesses heavily rely on their accountants and bookkeepers in monitoring and maintaining financial records. With the need for better accessibility, companies explored the potential benefits of and risks of extending its financial capabilities on the internet. Online freelancers who had knowledge or experience in bookkeeping were hired by companies which paved the way for invoice generator services.
An invoice generator is a system that automatically calculates and generate an invoice using the given data for you in no time. Since a small company has a limited time for catering to multiple clients at once, it should use an invoice generator for faster processing. The generator is more capable of processing numbers swiftly and accurately than traditional methods.
Save Time And Money For Your Small Business
Establishing and running a small business requires the same amount of dedication and effort as practiced by big business. Your advantage over other companies is the potential to grow faster at a limitless rate due to applying these time-saving tips. Remember that time is money!