Insanely Effective Productivity Tips for Small Business Owners
Small business owners have to be in a lot of shoes at the same time. They have to take care of check and balance, employees, fill in for all the expenses and create profits despite all these efforts.
This takes a great amount of will power and smartness to overcome the mounting challenges and keep the business running.
Unfortunately, sometimes small business owners get caught up with so much that they lose their focus and hence productivity. Business productivity hacks are the set of simple daily life strategies that help small business owners boost up their creativity with minimal efforts.
Here we have collected 9 of such most basic and insanely effective small business tips and advice that ignite the best of productivity.
9 Productivity Tips for Small Business Owners:
The Right Planning System:
“An hour of planning can save you 10 hours of doing.” – Dale Carnegie
No business can survive long-term growth without having a system in the plan. The system is used to break the larger tasks into smaller parts and taking care of them step-by-step. If a task requires 100 hours to complete, it could take double of that time if not planned properly.
Poor planning leads to mismanaged allocation of time, which leads to a waste of energy as well as your time. So the first productivity tip for small business owners is to install the right planning system in their enterprise.
There are many mobile and desktop applications that can help you with that, such as Workflow and Microsoft Outlook’s Tasks. If you like writing stuff down, then a pen and paper are also fine.
Buy a neat notebook and make a to-do list of a monthly or weekly basis. Make sure that you have planned all the tasks thoroughly before actually indulge yourself in them.
Here are some small business productivity tools to help your business grow.
The 80/20 Rule, also known as the Pareto Principle, was discovered by an Italian economist Vilfredo Pareto. It states that 80 percent of the results come from 20 percent of the effort. If you want to boost the productivity of your small business, then you must apply this rule.
The rule suggests that only 20% of your efforts are really working for you, the question is what they might be? It suggests that one should look for those worthy efforts and work on them specifically instead of working towards the goal as a whole.
This business tip suggests taking a hard and long look at your business practices and find out the best working ones. There are always some of the efforts that take time to complete and produce minimal results. Cut out such efforts and work on the ones that are producing faster and better results.
Productivity is basically the name of making your production more efficient. More efficient than who? The competition, it is always the competition.
The simplest business tip for small business owners for increasing their productivity tip would be to monitor their competition. There is always someone, somewhere doing something better than you.
Find someone and learn what they are doing better for the customers. Your customers are your best asset and you will have to take care of them better than your competition.
Learn More: Market Research and Competitive Analysis
Look at Revenue not Profits
Profit generating has become so focused that small business owners are starting to look at their operations more short term oriented rather than a long term enterprise.
If we take look back at the roots of booming businesses of our age as Amazon and Facebook, we find that these businesses weren’t profitable in their early phases. In fact, Amazon, which holds profits of 10,073 million USD presently, had a history of being profitless for the first three years of business.
The business productivity hack here is to look at the small business as the start of a huge company in the next 10 years. The goal should be to earn fewer profits, take great care of customers, and grow the company measured in revenues rather than profit margins.
Focus on less but Important tasks
Multitasking might be great for artists but it isn’t a productive tool for business owners and especially for small business owners. There are hundreds of articles talking about the impact of multitasking but they fail to mention its adverse effects on a growing business
The human mind has limited resources and it has to allocate them to work efficiently. If it is forced to do more than what it is capable of, it will ultimately lose focus on one single task while shifting it to the other one.
Small business owners often fall in the trap of making money fast. This can hurt you. Don’t be too involved with moneymaking or you might put your fingers in too many jars.
According to research by Bill Gross, the single most important factor in the success of a startup is timing. It accounts for 42% of the success while funding only accounts for 14%.
Find out if your offerings or projects timed right or not.
Keep track of your growth
Small business owners are always hungry for growth as they should be. The problem arises only when the track of growth is lost.
Growth doesn’t happen without any reason. There is always a reason for the growth as well as the downside for any business. If you are keeping track of your business, then you will know exactly where your business needs more focus.
This knowledge increases productivity by highlighting the areas where your small business needs the most focus.
Don’t be afraid to invest in marketing
“Marketing is an investment, not a cost.” – Martin Sorrell
Since small businesses have to operate within very limited resources, their owners work with a restricted hand over the finances. Unfortunately, this leads to an insufficient budget for marketing.
What small business owners need to understand is that marketing is a vital part of the business itself. Your business needs marketing as much as it needs a product. Investing in marketing isn’t a sacrifice, but a wise investment after all.
Look at your business as a large system containing different smaller parts. One part may be marketing and the other may be brand building. If you need your business to be more productive then you will have to organize these different parts and prioritize them.
In the book, The Seven Habits of Highly Effective People, Stephen R. Covey has explained a simple yet powerful method of prioritizing your life or business goal. In this method, you will have to analyze your business first and make a list of your goals. Then you will assign a number or letter to the goals such as A or 1. The more important the goal is, the higher the number will be.
This was the list of insanely productivity tips for small business owners. As you might have guessed, the list clearly speaks of the importance of smart moves rather than hardworking. As productivity is all about stepping less but in the right directions.