Is Your Business Wasting Both Time And Money?
Time and money.
The two words that are on the minds of business owners up and down the country. The more time and money they have, the more profitable their businesses can become.
But some business owners manage to waste both time and money, often at the same time. Here are some prime examples. Do you relate to any of them?
#1: Using expensive marketing methods
Listen, marketing your business using expensive methods is fine… so long as you see results from your efforts. However, if you are spending a lot of cash and seeing very few returns, then you have wasted both your time and money. Careful thought is needed before you market your business. It’s no good targeting a particular demographic when they are least likely to use your product, and there is no point paying for ad space in magazines or on websites that aren’t relevant to your business.
Market research is key, as you will then have a better idea of who your chosen demographic is. And keeping an eye on the way your competitors market their business is also a good idea, as you will then have a better understanding of the avenues and tactics that you might want to follow. Your money might then be better spent. Of course, you don’t always need to spend money at all to promote your business, as some free marketing methods can be just as effective.
#2: Doing too much
As a business owner, there is much you need to do in the day. From managing your accounts to dealing with HR processes, your to-do list will be ever-expanding. However, by spending too much time on certain tasks, you are taking away your focus from those activities that could be profiting your business. And the same applies to your employees. If you are burdening them with time-intensive activities, their productivity will be reduced, and your profit margin will be affected. Again, time and money are being wasted.
So, here’s what you need to do. Find ways to streamline some of your processes, as you will then have more time to focus on other activities. You won’t be wasting your employees time either (or wasting the money you pay them) if you streamline their day too. Use cloud-based project management tools, accountancy apps, and talent management software for your payroll and HR to automate those tasks where both time and money could be wasted.
#3: Attending (or holding) too many meetings
Okay, there will be some meetings that could be considered necessary. But if you regularly hold meetings for little or no purpose, or if you attend the same outside of the office, then time is being wasted. You are also wasting money, as by limiting productivity, your business won’t be turning over as much of a profit. You will also have driving expenses to consider if you’re heading across town to meet up with others.
So, think about the meetings you hold or attend. If they aren’t necessary, don’t bother with them. You can still get in touch with employees and business professionals through email, Skype, or project management software if you need to let them know anything, and you won’t waste time or money in the process.
Is your business wasting both time and money? Think about it and then make the necessary changes if you are.