Entrepreneurs: 6 Ways to Maximize EfficiencyFBAforward
No matter what business you are running, maximizing efficiency will be key. As an entrepreneur, the outcome of your business will come down to how you spend your time and how effectively you do things. By hiring the right team, doing things right, and strategizing to the best of your abilities, you can make sure that your business ends up thriving.
1. Have an effective calendar and use it!
Whether a day planner, or online program, put everything on it regardless of how unimportant the actions may seem.
This keeps you from always pushing things back and eventually never getting around to them. As a business owner, you should implement a company calendar, or department calendars, with major deadlines and events. This puts everyone in sync with the activities to come and is very helpful for reaching goals and deadlines. Collaboration tools, like Asana, can also be helpful in creating and managing team tasks.
2. Hire an administrative or executive assistant
All tasks that detract from the company’s big picture can be taken care of by an assistant.
Assistants can provide key time-saving advantages. Benefits provided by hiring an assistant include:
- Planning – Assistants can take care of planning any travel or business-related activity, and can keep you updated on your schedule throughout the day.
- Organization – If you need your emails sorted, your files put in alphabetical order, or your calendar updated quickly, an administrative assistant is great. Labeling, sorting, and retrieving are all daunting tasks that can take away from your productivity.
- Communication Cut down on the chit chat! Assistants can help with phone calls and setting up meetings, all of which you may not have time for as your business grows.
- Research – Before a big project, assistants can carry out research that you would have to otherwise hunt down on your own.
- Personal tasks – An assistant can do tasks relate to your personal life that you can’t get to while you’re at work. While running a company, taking any weight off of your shoulders helps immensely.
3. Always go to the networking events
Even if you don’t want to.
I heard an interesting quote once saying, “Everything you need in life is a relationship away”. It is important to build and expand your network as much as you can. It’s not just about marketing your product and service; it’s also meeting people who can provide mutually beneficial capabilities. It may take up some of your extra time, but hundreds of hours and thousands of dollars spent at networking events can potentially be made up if you run into the right person.
4. Plan out your day the night before
You can do this while you’re getting ready for bed, running on the treadmill, or watching TV.
Once you pop out of bed, you have no scheduling or planning… Just executing. If things come up, you can easily adapt. Cross out your actions throughout the day, as well, to take note of trends in your time management skills. Hopefully, you will look back at the tasks you crossed out during the day and feel accomplished. So accomplished and motivated, in fact, that you will be ready to start planning out tomorrow!.
5. Make sure there are incentives for the people working for you
This allows your employees to be more engaged, attracted, and motivated to their work.
Salaries and hourly wages are attractive, but for many, the hard work and the nitty gritty gets done when there is a shining light at the end of the tunnel. Motivation is key to efficiency. Find out what motivates the people on your team, as each individual is unique and has different drivers.
- Great incentives include:
- Added vacation days
- “On the house” lunches after long projects
- Featuring names for above and beyond work in companywide newsletters
- Implementing incentive programs (Ex: “Race to 500 sales”, “Wall of Fame”)
- Stock options
- Thanks and recognition from managers and chief operators
- Any creative and fun perks for those who excel in the office
6. Have an “open door” policy
Usually answering questions shouldn’t take that much time.
However, if an employee does a task wrong because they felt intimidated to ask a question, a huge chunk of time and labor was wasted. Always encourage questions from employees or help redirect their questions to managers. If someone comes in your office, SMILE and be genuine. Don’t wave them off and indicate you don’t have time for their concerns. This will lead to a domino effect of future inefficiency.
It’s not about working harder; it’s about working smarter. Do the right things and the rest will follow. Try to minimize the time you waste by always planning ahead and always strategizing.
Not an entreprenuer yet or just starting out? See how FBAforward can help accelerate your business by visiting fbaforward.com.