In the aftermath of COVID-19, and amid ongoing economic challenges, business owners are doing it tough. Many of us are grappling with cashflow issues, low confidence in our business prospects, and the pressure of longer work hours as we try to keep up with the demands of running a business. While it can feel overwhelming at times, there are some things you can do to help yourself stay in control.
In this article, we’ll explore some practical strategies you can use to stay organised and efficient, helping you keep your business moving in the right direction.
1. Streamline your processes
Efficiency is key when resources are limited. Take some time to review your workflows and identify any redundant tasks or bottlenecks in your processes. By streamlining you can save time and also reduce costs.
Start by mapping out your existing processes and workflows. Identify tasks that are repetitive or time-consuming and work out whether they add value. Consider implementing automation tools or software that can handle some of the workload, freeing up your time to focus on more strategic tasks.
Some examples are:
- Automating your invoicing and payment processes: This can reduce the time spent on admin and help you maintain a steady cash flow
- Using a project management tool (I use and love Asana): This can improve collaboration within your team, helping everyone stay on the same page and working towards your business goals
- Setting up email templates for responses you send regularly: This saves so much time and energy, plus it ensures everyone in your team is responding in your brand voice and your clients are getting a consistent experience with your business.
2. Know your priorities
When your to-do list is endless, it’s important to prioritise your tasks based on their impact and urgency. By knowing and setting clear priorities, you can focus your energy on what truly matters for your business’s survival and growth. Consider using tools like The Eisenhower Matrix to categorise your tasks.
To implement this process, list all the tasks and projects you’re handling, then categorise them into four areas:
- Urgent and important [Do]
- Important but not urgent [Defer]
- Urgent but not important [Delegate]
- Neither urgent nor important [Delete]
This exercise will help you identify tasks that need your immediate attention and those that can be scheduled for later, delegated or discarded.
It’s a good idea to reassess your priorities as your circumstances change. By staying agile, you’ll be ready to shift focus when necessary.
3. Delegate and outsource
You might be someone who either likes handling everything yourself or has always had to do it. Delegating tasks to your team members, or outsourcing tasks that don’t need your expertise, can lighten your workload and improve your overall efficiency. Trust your team, if you have one, or leverage external support to maximise your productivity.
Start by identifying the tasks that can be delegated. Focus on things like admin, bookkeeping, data entry or social media management. Getting these tasks off your plate can give you the breathing space you need.
When you’re delegating tasks, remember to provide clear instructions and set expectations with your support team. Empower them by giving them the support and resources necessary to be successful.
4. Finances
Stay on top of your finances by regularly reviewing your cash flow and reducing unnecessary expenses. A solid financial management strategy is essential for weathering economic uncertainty and making informed decisions for your business’s future.
Start by conducting a thorough analysis of your current financial situation. Review your income and expenditure, balance sheets, and cash flow to get a clear understanding of your business’s financial health. Look for areas where you can cut costs without compromising the quality of your products or services.
Implementing a robust budgeting process can also help you allocate resources effectively and monitor your financial performance. Regularly update your budget based on actual results and adjust your strategies accordingly to stay on track towards your financial goals.
If numbers aren’t your thing, maybe it’s time to outsource?
5. Look after yourself
Don’t neglect ‘you’. A healthy mind and body are necessary for effective decision-making and resilience when running a business.
- Make time to exercise: Put it in your schedule, like you would a client meeting or event
- Plan and eat well: Consider a meal plan and batch cooking to get a head start on the week
- Spend time with friends: It will lift your spirits and recharge your energy
- Get enough sleep: You function better when you’re refreshed. Try to establish a schedule where you go to bed and wake up at the same time every day; this will help you get regular, consistent sleep
- Have a hobby: Whether that’s reading, yoga, gardening, or something different, spending time doing the things that you love is a great way to avoid burnout and establish work/life boundaries.
- Take short breaks throughout the day: This can boost your productivity and reduce stress levels by allowing your mind to recharge, too.
6. Refresh your business strategy
Pivoting your business is not just smart, it’s necessary. Why not take a fresh look at your business model to see if it still works? There’s always room to explore new revenue streams, find different types of customers, or shake up your marketing plan.
Start by diving into some market research to find new trends and customer needs relevant to your business. You might find opportunities to expand your products or services, enter new markets, or adjust your pricing to stay competitive.
For instance, if your business has always relied on in-person sales, now could be the perfect time to increase your online presence with an e-commerce platform or virtual consultations. The key is to regularly revisit your strategy and be open to trying out new ideas.
7. Team management
Communication is key in business. Keep your team informed, motivated and engaged by having an open and supportive work culture. Hold regular team meetings to discuss updates, address concerns, and gather feedback. Create a safe space for team members to share their thoughts and ideas. Recognise and celebrate achievements, no matter how small, to boost morale and create a great working environment.
8. Welcome technology with open arms
Let’s face it – technology is your friend, especially when it comes to making things run smoother and faster. By implementing tech, you can automate some repetitive tasks. Whether it’s using project-management tools to keep things on track or e-commerce platforms to reach more customers, the right tech can streamline your processes.
Take a moment to review your current tech stack and see where you can make improvements. Maybe it’s time to try customer relationship management (CRM) software to keep better track of your clients and give your customer service a boost. Or maybe cloud-based collaboration tools are just what your team needs to stay connected and productive.
Wrapping up
Sure, the journey ahead might feel a bit overwhelming, but by putting some of these tips into action, you’ll be better prepared to steer your business through the tough times. Remember it’s during challenges that resilience shines. Your ability to adapt and come up with new ideas will be what keeps your business going strong.
This article first appeared in issue 46 of the Inside Small Business quarterly magazine
