A recent report from Sage revealed small businesses spend up to 240 days annually working on administrative tasks, translating into 17% of their total manpower. What’s interesting about this statistic is many of these administrative burdens were found to be related to a company’s financial needs, such as invoicing and following up on late payments, payroll, tax-related functions, processing invoices, etc. If you consider the annual cost to run your business along with the amount that 17% equals for most businesses, it’s a staggering number! What if you could reduce the amount of time spent on these tasks to let’s say 12% or even 10%? While there is always going to be some amount of time needed for administrative functions, the use of automation, outsourcing and productivity apps for business can provide companies with the opportunity to increase productivity by offloading their most time-consuming tasks. This way time can be spent on activities that generate revenue.
Here are just a few ways you may be able to use automation, outsourcing and/or productivity apps for business to increase productivity.
Determine the cost (by tracking how much time is spent on each task, then determine how much that time is worth) of your most time-consuming, administrative and/or otherwise non-revenue-producing tasks to consider which of those would you be open to seeking alternative solutions? Once you know how much they are costing you, you’ll be able to set a budget on the amount you’d be willing to spend on automating, outsourcing, and looking into productivity apps for each.
Next, take a look at which one of these solutions may be a good fit for your business.
|Automation||Invoicing, record-keeping||Most accounting tools offer the ability to set up recurring invoices or payments, templates for easy editing and duplication of common tasks, estimate-to-invoice functionality, and integrations with mobile-payment features that could collectively reduce time spent with minimal or perhaps no additional cost.|
|Outsourcing||Bookkeeping, tax accounting, payroll||Most companies utilize an accountant or bookkeeper for some of their business finances. You may discover that outsourcing these type of functions to a trusted firm is a more cost-effective alternative.|
|Productivity Apps for Business||Deposit checks, transfer funds, approve transfers on funds, ACH and wires, check account balances||FSB’s mobile banking takes online banking to another level of convenience with added features to handle common operational tasks for businesses. Our mobile banking app can assist with depositing checks, transferring funds between accounts, approving scheduled transactions including fund transfers, ACH transfers and wire transfers. To learn more, check out FSB’s business mobile banking app.|
Do you have a tip on how to increase small business productivity that isn’t mentioned here? If so, we invite you to share it on our LinkedIn page.