Saving time increases your ability to pursue diverse opportunities. If you’re always in a crunch for time, then it’s a lot like treading water. Time puts a strong stone beneath you that you can stand on, allowing you to rest for a moment amidst the turbulent seas assailing your SMB.
The larger business vessels sail the seas with ease, but smaller boats can be overturned by small economic waves. When you’ve got more time, it’s like you’ve got a greater ability to displace economic water, allowing you to weather greater storms. Accordingly, several time management strategies will be explored here.
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2019 has some unique opportunities for SMBs worth considering. Cloud computing and the Internet of Things (IoT) have made it possible for you to essentially outsource IT. Instead of an internal server array, you can use the cloud to surrogate this cost and save tens of thousands a year, if not per month.
Additionally, you can simultaneously reduce the cost of office space and increase the spread of professionals you can hire through remote-sourced BYOD. Bring Your Own Device essentially means employees use their own computer to access your network. If your network is on the cloud, they can access it anywhere they happen to have a secure connection and the right access credentials.
This means you can hire people from all over the world and see them complete work over the web—often with greater productivity than those working in an office—while simultaneously saving on equipment costs. Also, you don’t have to pay for their office space or even their internet; depending on your operation and their ability.
Saving that kind of money allows you to devote it to securing your business. Additionally, with less technology and property to manage, you’ve got more time to devote toward core operational needs. Since personnel management is likewise remote, you can also reduce the time spent managing employees without undermining the effectiveness of your output.
Use Cloud Apps
There are quite a few design apps available for businesses specializing in such areas on the cloud. It’s not just designed apps that define the cloud, either. Multiple applications of the diverse kind are available in ways that can benefit almost any business. There are cloud applications to monitor other applications. As well, there are apps used to reduce infrastructural costs and complication.
For example, these timesheets by Clockspot are available in addition to the application’s services as a digital payroll solution. Through digital “materials” and services like those offered by Clockspot, you can overcome the cost of a payroll employee, and simultaneously encourage payroll efficiency.
Even if existing infrastructure is in place without the cloud, it may be worth your while to incrementally upgrade operations at strategic intervals. This will require a bit of strategy, but then again, if you “measure twice and cut once”, as the old architectural saying goes, you won’t have to redo jobs as often. You can save time on the back-end by planning well at the front.
Incorporate Wide Margins For Error As A Cushion
On that note, any undertaking should be calculated with an included margin of error. If project X is projected to cost $20k over the course of a month, give yourself the widest realistic margin of error possible. If you can afford to budget the cost of this project at $25k, do so. Should you come in at $21k, even though you’re over-budget, you’re under the margin for error.
Meanwhile, if you budgeted exactly $20k, but something pushed you $1k in the red, those working the project may be held up getting that last $1k approved, and so collateral expenses compound.
An operational model which deliberately incorporates wide margins for error, utilizes the latest technology in terms of cloud computing and related trends, and generally takes a strategic approach to time management will likely free up more time. With greater time comes greater potentiality for profit, and greater security for a given SMB.