Entrepreneurs can work around the clock in pursuit of their goals and dreams. But there are only so many hours in the day, and this can place a ceiling on productivity. On top of this, they still require time to travel to meetings, to do paperwork, and for numerous other "non-profitable" activities. The amount business owners earn is often restricted by the number of hours available, however, savvy entrepreneurs have adapted ways to break this time/money conundrum. New technologies combined with smarter working means tasks can now be automated, or simplified, and larger markets of paying customers accessed. Here, we uncover the methods which can make small business more profitable and efficient, as well as easier to run.
Embracing new thinking
Whole industries have been transformed over the past decade as digital technologies have swept away old practices. Yet the pace of technological change has often been faster than our mindsets, which means entrepreneurs need to rethink what's possible. Mike Gardner, chief executive of Callowbrook Training Associates and 'The Time Doctor', has worked in the training and mentoring sector for 25 years. He returned to work there after a short time away with the army reserves and realised his industry had moved on. "When I came back it was a completely different market and I had to learn social media from scratch. It has completely changed the way I interact with people," he says.
Gardner now uses a range of automated services to distribute content to his audience. He says this both attracts and retains clients, and allows him to build stronger relationships. "Social media piques their interest, then they go to the site and read more," he says. "Once people have seen what I've given away for free they want more. I do webinars rather than seminars now, but sometimes people want personal assistance. This is when I do the mentoring and one-to-one coaching and that's where you make the top money."
Gardner recommends apps such as Buffer, Hootsuite and Tweetly to control, monitor and better use social media tools such as Twitter. But crucially, Gardner says what is important is not the technology, but understanding what you want to get out of it. "Don't be afraid to try using the free stuff. The most important thing is to understand what you want to use the technology for and then to find something which you are comfortable with."
Geographic boundaries
Travelling, and time spent in meetings, also cut into potentially profitable work time. For the self-employed, spending hours driving to and from meetings to deal with issues which could have been settled over the phone is clearly a poor use of time.
For serial entrepreneur Tina Boden, who runs coaching and mentoring business Only Me Here, communicating more online and embracing new tools was essential for business growth. "I spent a lot of time in the early days going to meet clients and associates, but I started to receive enquiries from beyond the Yorkshire and Humber region where I am based, and realised if I wanted to grow what I was doing I needed to work more efficiently," she says.
"Travelling to London is not only costly from North Yorkshire, but time consuming, and there is nothing worse than getting half way to somewhere when the person you are meeting contacts you to say they have had a 'crisis' and they will have to call the meeting off. If you have arranged to Skype, FaceTime or Google Hangout with someone, you can then move on to something else you need to do without having left the office."
Boden also recommends using cloud-based software as a way to share larger documents. "Micro businesses can rarely afford expensive server facilities and an alternative for me was cloud software. I use Dropbox and WinWeb cloud software and this allows me to access what I need wherever I am as long as there is a 3G or WiFi signal. It is also great for sharing large documents with others without 'clogging' up your computer."
Collaboration
Yet the pull of 'the meeting' remains, for many. Humans are visual creatures and there are times when they all want to stare at the same screen or piece of paper. For Hellen Barlow, of furniture design company Modish Living, this was a major issue, as getting designs perfect was of the upmost importance. Yet organising meetings was a problem as the company's key players were based in different locations.
Then the company began using collaborative software, which led to radical improvements. "We set up regular conference calls to discuss new strategies and build on plans, however it was proving difficult to visualise everything," she says. "We then introduced an online solution called Mural.ly, which transformed our meetings. The online tool allowed us to share ideas on a live wall, drag and drop post-its, add photos, videos and any other documents that we needed, which meant we could have a truly live interactive meeting."
Five ways to become more efficient
1) Save time
Travelling, meetings and pitching for new business all take up huge amounts of time but are often not profitable. These are key areas to focus on when improving efficiency
2) Define your goals
Software is not a panacea so ensure you know why you are using it. Treat it as a tool for improving things and making life easier and, if it works, keep using it
3) Think big
In the past decade new technologies have opened up the world for entrepreneurs, think big and find new places and people to do business with
4) Automate where sensible
A lot of legwork can be taken out of running a business with smart systems, use them to your advantage, but don't go so far as to lose the personal touch
5) Cut costs
Business owners should look at their main costs and consider whether there are cheaper alternatives. New ideas are emerging all the time, so prepare to be surprised
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