Why is time management important?
Time management of your business is essential for it to succeed. You may be a sole trader and juggling your administration and the operations of your business at the same time.
Workplace Stress
However, it is worthwhile spending time each day updating your records. Do the following as often as you can:
- Enter sales invoices and mail them at least every 2-3 days.
- Enter supplier invoices as and when you get them.
- Bank the money now, don't wait until tomorrow. Remember a sale is not a sale until the money is in the bank..!
- Monitor outstanding customer debts to ensure they don't go past your trading terms. Seek assistance from a lawyer or debt collector immediately if they do.
- Look at how often you pay your staff. If you pay weekly, then why not fortnightly or monthly. This will significantly reduce your administration time. By using your time wisely, you have more time to generate sales..!
Now, for a common sense approach you should also do the following:
- Diarise your appointments; don't rely on your memory. If it's anything like mine you've got 10 things already in your head to remember. Write it down..!
- Carry your diary with you so you can follow up on those sales leads promptly.
- Be punctual.
- If you're going to be a little late to an appointment call the customer and advise them, they certainly will appreciate it.
These few simple things will set you apart from others. It will encourage current and even potential customers to purchase your product/service from you.....and to keep coming back..!
By adhering to a few simple rules on time management as I've highlighted above, you will not only have an up to date accounting software package and reporting, but you will also be able to control your stress management.
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