One of the biggest challenges with running a small business is finding enough time to do everything you need to accomplish. When you become more productive, you can get more done, increase profits, and become more competitive. Whether you are just starting your business or are a seasoned business owner, finding ways to increase productivity is essential to the success and growth of your business.
Consider the following tips to help increase productivity for your business:
1. Utilize cash management services. Managing your funds can be extremely time-consuming. Cash management services offered through your financial institution can help you optimize cash flow for your business, reduce business costs, and maximize your liquidity. These types of tools and solutions may include online banking and mobile banking, merchant services, account analysis, remote deposit capture, account reconciliation, lockbox services, and more.
2. Integrate software tools to automate tasks. You can increase productivity by replacing outdated software or introducing new software to your team. Even word processing and spreadsheet software that is out of date can slow down your processes. Content management systems and document management systems can also increase productivity. When more tasks are automated, your employees can perform a higher volume of tasks without sacrificing overall accuracy and quality.
3. Create a to-do calendar and prioritize tasks. When running a business, you could have dozens, if not hundreds, of different things on your to-do list every day. With so many competing priorities it can be easy for things to fall through the cracks or get put aside in lieu of other tasks. This is where task prioritization comes into play. Consider using project management software, a task management app, or even a simple spreadsheet to ensure all of your tasks are accounted for and prioritized in order of importance. Complete the most important tasks first and then work your way down your task list. When you carry over unfished tasks from the previous day, revisit their urgency and re-prioritize them if appropriate.
4. Identify time-wasting activities. One of the biggest timewasters is using a meeting for general updates. Instead, use your project management software, email, or an internal messaging system to update your staff on tasks or client work. Excessive meetings can chip away at employee morale and decrease overall productivity. Save meetings for essential collaboration, training, and presentations. If a meeting is needed for a particular project or task, ensure that updates and questions are communicated beforehand so that employees can come ready with ideas – that way the meeting won’t last as long.
5. Focus on employees. Low employee morale often translates into low productivity. On the flip side, engaged and motivated employees can provide a needed productivity boost for your business. Focus on retaining your employees so they’re content and committed to your business. It’s important to communicate clear expectations and goals for your employees. You might also consider offering rewards or incentives for stellar job performance. These could include a longer paid lunch break, half-day Fridays, or even promotions or pay raises.
Putting in some effort to boost your business productivity can have a lasting positive impact on your bottom line. Although change can be difficult, it’s smart to evaluate your current processes and identify ways your business can become more efficient. At BankFive, we’re here to help small businesses in MA and RI reach their full potential. Learn more about our cash management solutions, business checking accounts, and business financing options, or reach out to our dedicated business banking team about your specific needs.