It is understandable that newer businesses get more things wrong, especially compared to companies that have been in the game for several decades. They’ve had a chance to gain experience, after all.
A particular standout is how much time burgeoning businesses waste. It can even get to the point where business owners work upwards of 50, 60, or even 70 hours per week, but never seem to make as much progress as they’d hope.
It all starts with understanding what kills productivity. So, here are three common ways newer businesses waste precious time.
1. Manual and Repetitive Tasks
There are many manual and repetitive tasks that newer business owners handle themselves because they don’t yet see another solution. In reality, many of these tasks can be easily handled just by technology.
For example, running an automated invoice system, enabling automated data flow, and email scheduling. Of course, knowing all of this takes some time, which is why outsourcing in the early days can actually be a serious time (and money) saver. Outsourcing IT is particularly effective. You don’t have to spend money on an in-house IT team; instead, you can find a reputable IT firm like Bedrock IT to manage things like system maintenance, data processing, and scalability. Plus, you can get a full audit to see exactly where you might be wasting time in your systems. It delegates the more repetitive tasks so you can focus on what else matters in the business.
2. Waiting on Meetings
As a new business owner, it’s common to have meetings filling up your calendar. In fact, it can be quite exciting, depending on who you might end up speaking to (some of whom may help boost your growth).
However, there is also the possibility that you waste time waiting for a meeting that does not begin on time. If this happens again and again, it can seriously impact your productivity, especially if you spend the majority of the day thinking about that particular meeting already.
The solution is to take more control of any calls and meetings. Be very upfront about the timing, always setting clear expectations. You can also try to be the person starting the call when you can.
Beyond late-start meetings, there’s also the time lost during meetings in general. While you will inevitably need to schedule meetings as a business owner, don’t overdo it; sometimes, talking too much about one particular topic will actually hinder productivity. Be more proactive!
3. Inventory Management
One of the most common ways new businesses waste time (and this affects businesses that have been in the game for a long time, too) is through manual inventory tracking. Or, not being precise enough with stock tracking at all. This can be a real productivity killer, as managing stock, especially stock that grows as your business does, can take a long, long time. Then, if you don’t have things accurate enough, you can end up with a huge job on your hands down the line.
The key here is to avoid relying on guesswork and to avoid manual tracking altogether. Instead, invest in a good inventory management software that automates the whole process for you.