If you struggling to manage your time better to reach business goals you’re not alone! Almost half of all SME business owners in the UK fail to reach goals due to burnout and stress.
According to recent research from Xero, 46% of SME business owners say that’s because they take on too many roles at work. The study says that they are unable to grow their business or take on new staff, which hampers efforts to reach their business goals.
The accountancy software company adds that the cost of small business owners doing everything hits their companies by £61,000 a year. Now, that’s a good reason to stop taking everything on!
But too many business owners get lost in working on the business and lose sight of their original goal.
More than one-third of business owners start their own company because they want to love what they do. The poll by business loans firm Iwoca found that 31% said they were fed up of working for someone else as it was becoming a chore.
But once in business, they forget what they originally set out to achieve when the daily tasks of running a company take hold.
Tips to manage your time better to reach business goals
With all that in mind, there are strategies you can put in place to manage your time better. And these will help you achieve your business goals.
At Concept Accountancy, our aim is to help our clients streamline their business so they can focus on their original goal. Focusing on compliance and paying the bills might be important but they shouldn’t take over your working life.
1. Embrace AI
We’re not going to suggest you employ a robot to do everyone’s work! Some tasks can only happen if you employ someone.
The phrase ‘AI’ scares some. But chances are you’ve been using Artificial Intelligence for longer than you realise. Accounting software, such as Xero, already offers AI solutions. We recommend using Xero to automate many tasks.
For example, rather than trying to keep track of receipts and invoices, you can use the Xero app to capture your paperwork digitally. The software then uploads those documents straight into your books, making it easy to keep track of your transactions. They also help raise invoices more efficiently.
2. Be organised
It sounds simple – and that’s because it is! If you’re working in a chaotic environment, chaos will reign. Set SMART goals each week and make sure that if your goal was to spend Friday on a bike ride, then set don’t lose sight of that goal!
Make sure your workspace isn’t too chaotic. Declutter so that you know where to find important items. And if you’re still relying on paperwork, convert them to digital versions. Don’t forget to organise documents so you’re not spending precious time working out where you put things!
Finally, work out when you’re most productive. An app, such as Toggl, will help you track your productivity. If you find mid-afternoons a struggle, change your work patterns so you’re not working on the most important things then.
3. Don’t multitask
There are many jokes about multitasking and who does it best! But the reality is that no-one can really do it. Writing in the Harvard Business Review, Paul Atchley, an Associate Professor of Cognitive Psychology at the University of Kansas, says multitaskers do less and can miss important information more easily.
Multitasking, he writes, can see efficiency fall by up to 40%. “Long term memory suffers and creativity is reduced,” he says.
Try time blocking to ensure you dedicate time to complete specific tasks. For example, you can ignore emails as they arrive and set aside time to review them later. That way you won’t be distracted from whatever you’re doing. Once distracted, it can take time to refocus on what you were working on.
4. Delegate
Once you admit that you can’t do everything, then it makes sense to pass some tasks to others. Delegation isn’t admitting defeat or anything of the sort. It is recognising that your time is too important to try and do everything.
Delegating all your financial work to an accountant will free up a lot of your time. Plus, our experienced team understands the numbers better, so that they can accurately see how your business is operating. This helps you make better decisions for your business – and your business goals – if you don’t simply leave everything to your accountant once a year.
5. Don’t forget downtime
Using your productivity app isn’t just about business matters. You also need some downtime. According to business coach Turel Mehroo, it can help improve your creativity. She also says taking time away from your desk and emails helps your decision making, your mental fitness and improves productivity.
And if your goal was to spend time on activities outside of work, then you can enjoy your downtime while also improving your creativity!
How can Concept Accountancy help?
We help our clients by using the latest tools coupled with our experience to give entrepreneurs more time to focus on their goals. If you would like to know more about how we can help you reach business goals, contact us today for a chat.
