SME owners and managers – are you part of the one in five small and medium-size enterprise managers that work on average an additional 3 hours a day on a regular basis? Or one of the 33% that claim that there just aren’t enough minutes in a day to get everything completed? (The Independent study 2023)
When you run and manage your own business, your time can be sucked into the black hole, where there is always someone or something that needs you; taking you away from your other priorities.
Time management will help – but there are other actions that you can take to help.
Accountancy tasks are considered to be the most time consuming actions for SMEs
According to a study by The Independent newspaper, dealing with tax (29%) and managing cash flow (20%) are cited as the most time-consuming tasks. Tax is an important regulatory task and ensuring a good cash flow is imperative for your business to function and grow. <could you link to the latest cashflow blog?> These are tasks that have to be completed as part of running your business.
With many SME owners reporting that longer working hours or the stress of not finishing tasks mean that they make personal sacrifices, such as reducing relaxation or hobbies, quality time with family, or exercising. It is clear that regaining your work-life balance and completing tasks takes effort. Thelp, here are our six top tips to help you create more time, get things done, and enjoy your business and life choices.
- Prioritise
The time you give to each role is not just about how long it takes to do something, but also about the value of it to the business. What is genuinely important and urgent, versus important but non-urgent?
Not everything is important and urgent. There are many time management tools that you can use to help determine where you should concentrate your time. From the Eisenhower matrix, to the Pomodoro technique, the Pareto system (aka 80/20 rule) to SMART measurement. Find one that works for you.
- Delegate
Once you know your personal priorities, it will be clear that there are certain tasks that members of your team could do instead of you. These tasks should be delegated.
This is not about handing things over, it is about genuinely investing in the future of your business by giving others the opportunity to learn and grow and make the business less reliant on you.
Ensure you provide training and the tools necessary for them to complete the role or task, be clear on the expectations and standard required and write it down.
- Automate
If one of your tasks takes more time than its value to the business, can it be automated?
Investing in creating a process, a toolkit or even an App or software could buy back an hour or more every week. It will soon pay for itself. An example could be if you have multiple expenses, purchases or bank or invoice reconciliations where a cloud-based accounting system may be the answer.
- Block
We’re talking about both blocking time and block scheduling.
To create time you may need to complete tasks more efficiently. Blocking time in your diary means that you know that task is important and is worth spending your time on it. By blocking time in your diary to focus on a task, and sticking to it, means that the job is finished and you are free to move onto the next one.
Block scheduling means blocking a few hours at a time (usually 1-2 hours is a good length) to finish all the elements that make up one task – such as creating all your invoice or finishing all of your payroll tasks, rather than having to return to complete an element at a later date. This means that distractions are limited and a completely finished task means that e Distractions often mean that take away time and often mean that a simple task takes twice as long to complete or may even prevent you from starting them in the first place.
- Outsource
We’ve left this one until last as it’s where HB can help. We can offer you support with payroll and tax – both tax returns and tax planning. We can also help by producing regular management accounts that will efficiently showcase the health of your business and where you should spend your time in order to remain healthy and grow.
With accountancy tasks being some of the most time consuming, outsourcing these accountancy needs really will help you to create more time to spend on your business or on your personal life.
Time Management is all about efficiency and prioritisation
It is all about spending your energy and time on the tasks that will have the biggest impact on your business, whilst balancing the need to comply with legislation and regulations. What will deliver the greatest return for your business? Where is your time and energy best spent? And of course, ensuring adequate time for rest and relaxation.
How can we help?
The HB team is always available to support your accountancy needs and discuss ways to boost your productivity.
If you’d like us to support your payroll, tax and accountancy needs, then we can help. If you would like to investigate automation or maybe AI for support, there are various funds that could help. We are keen to support all our clients, new and old, with discovering these opportunities.
If you would like to learn more about the services that we offer, discover how we can give you real confidence in the future of your business, or if you are a larger business that requires auditing, then contact us today. We’re accountants for business and we are here to help you grow efficiently.
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above
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