The obvious goal for all owners of business is to maximize profit in a minimized time-frame. The Catch-22 is that this dedication can sometimes mean you never hear about time-saving ideas or innovations. The good news is there are digital tools that can empower you without a great deal of time or money.
Below we will examine four ways to trim the fat in your workday to increase cash flow and decrease the time it takes to make it happen.
Take Advantage of Automatic Payments
Clients and vendors are always moving parts of a revenue-making machine that can be hard to coordinate manually. Luckily there are ways you can optimize the process of handling payments to get more money in you or your company’s hands quickly so you can keep the ship safely afloat. Your goal should be to have a payment procedure in place so you can make the transactions as quickly and painless as possible. Here are three ideas on how you can do it:
Get Paid Automatically – If you do some kind of work for an employer that is freelance in nature but you are not a full time employee of theirs per se, sometimes the back and forth can be straining for both parties. Phone tag or constant emails back and forth may ensue, but isn’t necessary in today’s world. Instead, request to be placed on a payroll system much like a full -time employee. This minor negotiation requires little on their part and greatly improves the speed and efficiency with which you get paid.
Implement Paypal – Everyone knows Paypal but you may not know they also have a handy functionality where info can be customized on an individual basis. When employers click to pay you, it will auto-populate fields allowing to a simple but effective streamlining of the payment process. The easier it is for them to do their part, the quicker you will get paid.
Automated Invoicing – Becoming a competent force in the year 2017 means implementing tools like automated invoicing software. Companies like AvidXchange offer dynamic AP Automation software in which the entire payment process is completely streamlined. This ensures regular, timely payment and totally cuts down on the nonsense of back and forth communication.
Keep Notes For Everything
Let’s face it, human memory can be fallible at the least convenient times. Millennials and older workers alike will always be a victim to their own faulty memory. Establishing the habit of writing things down seems simple and maybe frivolous at times but it goes a long way, especially in the midst of a business setting when information is often fast-paced and highly demanding.
I like to keep a whiteboard and Post-It Notes at hand to hold my place when I ever need to switch gears in the office. This makes sure you don’t forget some kind of important detail and ensures the work you were doing doesn’t go by the wayside.
There are also great digital options to help you keep peace of mind at the computer. Think about implementing Google Calendar or the post it functionality that most computers now have. Trello is another great option because it is free and has an interface that can sync with your phone or other hardware. You can also implement project management software to track all projects and make sure deliverables are timely or workflow keeps pace with what you want.
Prepare For The Worst
Nobody plans for disasters in your personal life or sudden emergencies, but unfortunately it’s an inevitable part of life. Whether your car blew up or your house got flooded by sewage make sure you have an emergency plan if for some reason you need to be missing in action without notice. Without a plan, the business will be in a state of disarray which often comes at a hard cost.
Your best course of action is to conceive a plan and write it down. Have it somewhere easily accessible and make sure it is in precise wording. Speak with the people you work closely with on a daily basis about it and make sure they know where it is, and convey its procedure. As a rule of thumb, it should have all important contact information on it if nothing else. This will make sure the impediment on business as usual is kept to a bare minimum.
There is also disaster recovery planners available for businesses for times when critical business data and applications are affected by things as small as deleted files to larger events like natural disasters. If you want to make sure your business never stops, no matter the circumstances, having this at your fingertips is a huge, huge help.
Keep Employees Engaged
There are a number of obvious ways to do this. You can recognize employees who are doing well with raises. You can offer more paid time off, or you could do more tangible things, like work in regular evaluations of the company from the employee perspective.
Always pay attention to the mental health of your employees. Not only does it keep moral high, which translates to higher quality work, but it’s also good for your bottom line. A lot of mental health conditions are considered disabilities, and the last thing any employer wants is to have a preventable disability claim come up. For one, it’s the right thing to do, and two, it keeps you from losing valuable employees.