“Time is money” is a phrase that might sound like a cliché from the ‘80s. The funny thing is that it’s accurate – what with time being a resource that your business pays for through employee wages, rent, and other overheads. The good news is that by saving time when running your business you can save money too, and so improve your profit margins. Just keep reading to find out how.
Use project management software
Project management software can streamline your processes and save you time and money. They do this by providing a visual overview of the progress of each member of your team, so you know precisely what everyone is working on, and how much progress they have made at any given time. The great thing about this is that you can easily see which people are stuck or wasting resources or advice, something that means you can direct your attention and support to them, and so speed up the process.
Invest in equipment that saves you time
Another way to save time when running your business is to choose which equipment you invest in wisely. Of course, you will want items that produce a high-quality result, yet make sure they also provide a fast and reliable changeover like this rotary die can save you valuable time every time they are used. Indeed, the die in question takes only 10 minutes to change which means you can fulfill customer orders faster, and keep productivity high.
While it can be helpful to speak to colleagues and clients face to face, technology means that we no longer have to travel all over the world to do this. Instead, why not swap to virtual solutions such as video calls and conferences? Then you will save twice, once on the costs of the travel, and again on all that time it takes to get there.
Make sure your onboarding process is rock solid
You can also save time in your business, by making sure you have the most effective onboarding process possible. Onboarding is the process of inducting new employees into your business and making sure they understand the requirements of their job as well as the company culture.
Indeed, by spending a little extra time and effort at the very beginning of an employee’s career with you, you can build their confidence and capability, ensuring that they hit the ground running and so are far more effective, (causing fewer stalls in productivity) than if they had been rushed into the position.
Outsource specialist tasks
Last of all, if you want to make sure that your business uses time as efficiently as possible, it’s important to outsource any specialized tasks that you do not have the capacity to cover.
Indeed, the gig economy means that it’s far easier, and more time-efficient to find an expert in graphic design, content writing, or coding that waits for a non-specialist member of your team to get up to speed, while they perform all their other duties.