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The Role of Time Management in Business Cost Saving

Every business owner wishes they would have more hours in their day to focus on different steps they can take to make their business a success; they also wish that they could use some of these hours to spend time with their family and friends. It doesn’t take long for people to realise that time is of essence and an extremely precious commodity; and the only way to make the most of it is to learn how to use it effectively.

Sure, we all have read a lot about how we can make the best use of our time, but very few of us actually implement that advice. Here are a list of practices that will help you utilise and organise your time in a more effective manner. If you make a steady effort to follow these and incorporate some of them into your daily routine, you will soon find you have some time left in your busy work schedule for the other important things that matter in life:

#1 Time Scheduling Matters

Make note of the regular tasks that must be completed, such as financial, payroll etc. It’s also very important to create a detailed weekly plan & then stick to that schedule. It’s always a good idea to complete all your work while you are in your office rather than take any back home. Very importantly, don’t put things off or get distracted from the task on hand.

#2 Create a To-Do List

Many business folk maintain a diary (physical or virtual) where they make note of appointments and meeting schedules etc. But that isn’t enough; you also need to create a to-do list for each day and organise every task by priority, the amount of time it will take you to complete it, or by any other category you like. The main thing here is that you have a visual presentation of all the tasks that have to be completed during the day and cross them off the list once you have completed them. This will help you get through them in a more methodical manner.

#3 Switch-Off from Everything Else While Tackling Important Tasks

If there is something extremely important that you need to focus on like an important report or a project deadline, switch off all distractions around you. Turn your mobile phone off, and close your email and Internet applications. While technology is something we can’t work without, at times such as these, it can be more of a distraction than a benefit. Checking emails, chatting with team members online or even randomly surfing the Internet can eat into your work time and impact your productivity. Inform your staff that you don’t want to be disturbed and that all non-urgent matters can wait until you have finished what you are working on.

#4 Learn To Delegate

When you hire people to handle different jobs, you should be able to identify where their skills and strengths lie. Don’t try to handle every single task (regardless of how important it is), on your own. Very importantly, don’t try to micromanage your employees. Instead, delegate tasks to the different team members that are part of the project and utilise their ability and skills to complete various tasks that are part of the project.

Aside from these things, outsource work when you feel that your in-house team has too much on their plate. Create agendas for meetings and conduct only as many as you need too and set the duration and stick to that as well. Embrace technology as that will help you and your staff work more efficiently and it will save you time and improve productivity as well.

For effective and sustainable cost reduction solutions & efficiencies that will increase your bottom line, contact the experts at Benchmark Cost Solutions at this number – 02 9525 0777. If you prefer, write to us at this email address, and we will revert quickly.

Thanks for reading,
Benchmark Cost Solutions Team
02 9525 0777

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