Do you often find yourself wishing for more hours in the day to cross more tasks off your to-do list? Trust us – you’re not alone.
It’s the main thing business owners nationwide wish they had more of: Time. When tasks from across all departments of your business begin to pile up, it can seem like time is not on your side. Fortunately, there are solutions; and with a little preparation each week, you can effectively time manage your work so you can actually enjoy the fruits of your labour.
OptiPay explores some time management solutions to directly assist your business below.
The importance of time management for businesses
Effective time management in the workplace is necessary to ensure that deadlines are met and that teams are on the right path to achieving the business’ goals. With an organised and straight-forward plan, employees can enjoy increased productivity while teams operate by a shared system of prioritisation.
Once your business starts running according to a time management plan, you can expect happier employees, a better work/life balance, and even an improvement in certain skills like delegating tasks and identifying potential issues before they arise.
Good time management requires alignment within and across departments to become a habit and drive growth. Methods to facilitate this include inviting team members to streamline processes and establishing feedback loops that encompass the whole team. These may be the introduction of apps or plugins which can automate much of your work, or the use of task management programs.
Invoice Finance as a time management solution
Invoice finance is a revolution for business owners, as well as being the secret to managing cash flow within your business. Invoice financing is an often overlooked cash management tool that is hugely beneficial.
How invoice finance works is that as you send an invoice to your customer, a copy of the same invoice is directly sent to your financier, who will fund up to 90% of the value of the invoice within 24 hours of approval. This allows for instant cashflow into your business without the use of overdrafts or tied up working capital. With increased working capital, your business can make further accurate financial predictions and plan ahead for business expansion. As invoice financing is a rolling line of credit against your company’s receivables, the more you invoice, ie: the higher your sales, the more funds will be available to you by using invoice finance. Invoice Finance is not based on your business’ profitability but simply on the value of your invoicing or turnover, each month.
Poor financial management can not only throw off your time management plan, but leads to serious consequences down the track. With invoice financing, you can enjoy an instant (and ongoing) cash injection into your business, giving you more capital to work with on an ongoing basis. As the finance is coming directly from a financier, further free time will be as you now no longer need to keep focusing on your cahs position of the business and whether or not you have sufficient cash in the bank to pay your creditors; staff wages and other working capital. Your primary focus can be on how to grow your business.
The benefits of effective time management
Time management is an essential leadership tool to manage your business. Your employees look to you for guidance and follow the directions you have set out, which is why being a role model in your company is crucially important. By clearly outlining your time management plan to all departments, keeping all meetings brief and on-track and prioritising each task on your to-do list, you’ve already set up your team and business for future success.
By focusing on what’s important, you will also free up time in lieu should any issues arise, which will result in much less stress for yourself. With all tasks delegated correctly and your diary scheduled in with work priorities and leisure time, your time management plan can now become one of the most important factors of your company. These plans can also benefit company culture; and we all know that happy workers are productive workers.
Invoice Finance as an asset for business growth
The goal of good time management is investing your time into the things that will provide the greatest benefit to the business. By being strategic about how you approach your time management means you can prioritise your business goals and focus resources on growing or scaling your business.
Time management is a skill and it can take some time to get it right. The key is consistency and focus; disciplines that should be practised every day for your company’s success. For a little extra time organising your company schedule each week or month, you’ll gain crucial hours to grow your business.
Looking to ensure that you can focus on the issues that matter most to your business? Speak to the experts at OptiPay today to learn how invoice finance and effective time management can benefit your business.