Achieving Business Efficiency

After 8 years of running Spinning Plates it’s fair to say that I’ve had good days and bad days, days when I’m more or less efficient than others and days when I don’t achieve anything at all! That’s how I can confidently present to you my top 3 ways to improve business efficiency and make things run a whole lot smoother!

So, without further ado, here are my TOP 3 TIPS FOR BUSINESS EFFICIENCY

1.       Use an accounting system

When I first started my business accounting was easy, my invoices got paid and I had a number of expenses. It was a simple in and out system and with fewer clients there was lots of time to get my accounting admin done e.g. raising and chasing invoices, putting my expenses in.

I did all of this through a spreadsheet and the system worked, it was the simplest way and it ran smoothly.

However, as I got busier, I found that a couple of things happened:

                     i.            I was leaving my expenses and my mileage longer and longer so that it became an insurmountable task

                   ii.            I missed invoices so that I wasn’t getting paid for everything I did

About a year ago I made the decision to start paying for an online accounting system and honestly, it was the best decision I ever made. I have set up all of my regular invoices as automations, I take photos of my receipts and have linked my bank accounts to allocate payments to the appropriate costs centres… it’s life changing.

I’m so pleased I did it and I cannot recommend it highly enough.

2.       Do your admin as you go along

There is nothing more overwhelming than a task you hate doing that you know is going to take you ages to do. For a lot of people – especially small business owners – doing their business admin is something they hate (or I guess VAs like me wouldn’t exist or be so successful).

I cannot recommend strongly enough how important it is to keep on top of tasks like this – especially if you don’t enjoy them… because doing that means that it keeps down the amount of time you’ll have to spend on those tasks and therefore they won’t feel as bad. 5 minutes here or there is much preferable to 3 hours at the end of the month.

Of course, if you really can’t face doing it yourself then there are people – like VAs that can support you.

3.       Contracts and agreements are key

This is an example of how doing the work up front can stop problems from occurring down the line – think of it like insurance.

Setting up appropriate contracts and agreements is a really important part of setting up your business in the most successful and efficient way possible. That paperwork protects you and your clients against all sorts of things so it’s key to get this right.

Not only that but I would suggest considering your future plans and goals and ensuring that any contracts or agreements that you have in place protect against business growth/change. For example, it may just be you right now, but should you consider including a subcontracting clause in them in case you want to outsource in the future.