With inflation, supply chain issues and hiring problems, it’s no secret that times are tough for many businesses. Business owners that are struggling to maintain a positive cash flow are constantly searching for way to reduce costs and stretch every dollar.
These tips will help business owners run an efficient company in both challenging and prosperous economies:
- Cut Back on Unproductive Meetings. Unproductive meetings are a huge drain of both time and money. A recent study estimated that ineffective meetings cost U.S. companies $399,000,000! In the same survey employees reported the following:
- 44% believed poorly organized meetings allowed little time left to do their work.
- 43% believed objectives and actions were not clear
- 38% believed disorganized meetings lead to negative consequences on other projects.
- 31% believed irrelevant attendees harmed progress
- 26% believed unproductive meetings weakened the relationship with suppliers, clients, and employees.
- 44% believed poorly organized meetings allowed little time left to do their work.
Whether you’re having too many meetings or not having productive ones, it’s important to stop and reevaluate your meetings. Consider if a simple email can effectively communicate your idea instead of a meeting. Only invite attendees that are critical to the meeting. Have an agenda outlined before you call for meeting and set clear objectives for each meeting. Since time is money, you the business owner will save both!
- Outsource Support Functions. Outsourcing some of your non-revenue generating activities can be a good way to provide you with more time and financial flexibility. Things like custodial duties, bookkeeping, payroll, marketing, and IT support are all important and must be done. A savvy business owner will devote their time to revenue generating activities, like sales and production, and hire outside experts to perform these necessary tasks.
These are two examples of working smarter, not harder. Business owners can find hidden money by carefully guarding their employee’s time.
Factoring finance is also an excellent solution to poor cashflow. Best Rated American Receivable provides the reliable cashflow our clients need to grow and succeed. Take advantage of our streamlined application and get the team of experts at American Receivable on your side!
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