Small Business Efficiency Tricks
In order to create a successful small business, you will need to use your assets as efficiently as possible. By “assets,” I mean your money, of course, but also your time, your energy, and your social and business network. There simply is not any wiggle room for waste in small business on any front.
First, let’s discuss how to efficiently use your money. In small business, “money” usually translates to “limited funds.” Put the Naira that you do have into places that will provide some kind of return. Advertising is good.
You have at least a chance of making those advertising dollars back if you sell product because of the advertising.
On the other hand, hiring a secretary to answer the phone because you like to sleep late is not going to provide you with any return at all.
The dollars that you pay a secretary have no potential of adding to your bottom line. Renting a larger office space so that you appear to be more prosperous won’t add anything, either, so use your money efficiently.
Some small business owners fail to recognize how valuable their own time is to their small business. “Time is money” is an old adage that you need to live by. Allot the hours in your day with the same efficiency that you apply to allotting the dollars in your pocket.
When I use the word “energy,” I use it in the sense of “life force” rather than physical energy. Although the use of your physical energy is important to make your small business thrive, it is probably not as important and the mental energy and the devotion that you have for your small business.
The good news is that the kind of energy that I am talking about is self-renewing if you feed it with new ideas and information and give it the required rest periods.
Use your social and business network wisely. Don’t tap resources until you have to. Don’t call in favors until it is necessary and build up a storehouse of good will that you can use as an asset when you need to.