No matter what type of business you have, you probably have a busy season. For accountants, it’s tax time. For auto technicians, it’s usually during and after tax time when people have returns to put into repairs. Dealerships and retail establishments might see a busy season around or during tax time and again from just before Thanksgiving through Christmas. It could be a chore to stay financially organized during your busy season, but you could make it easier by following some of these tips. While some are not directly related to finances, they all have an impact on your bottom line.
Learn when to make the phone work for you. A phone call is often quicker than going back and forth in email or on an instant messaging platform. However, the phone could also be a distraction. For at least part of the day, have someone else answer the phone and take messages for you. The best time to do this is when you’re doing a difficult task or a task that seems overwhelming. Set a time to return phone calls, starting with the most important first.
If you have something that you dislike doing, something that takes a long time or something that’s a high priority, complete that task first thing in the morning. Your day will be less stressful since you finished that one task that would bother you all day.
Using a time management system to keep track of the time you spend on a task shows you how much time you are putting in on non-billable tasks. Non-billable tasks reduce your bottom line, so they need to be done quickly and efficiently. Organizing tasks and minimizing interruptions are all part of time management. Once you see where your time is going, you’ll be able to create a schedule for your day to work on billable tasks.
Right along with time management is accurate timekeeping, especially if you keep track of billable hours. If you write down every task you work on, including that “one quick phone call,” you’ll find that you won’t forget to bill some of those billable hours.
Bills and Accounts Payable
Keep a calendar with reminders for every bill or account payable you have. Set it to remind you of an upcoming payment at last two days ahead of time and again on the hour that you set aside to attend to financial matters for your business. With reminders, you’ll never forget to pay on an account.
Build Your Future
Just as working on billable hours is important, it is also important to tend to your business’s financial needs. Block off some time each week – or more frequently if needed – to attend to business financial matters. Be sure you are not interrupted during this time. You could either do it before or after you open/close or set off a block of time during the day when you are not to be disturbed. Resist “fitting in” meetings during this time. Consider it sacred since proper management of your business finances is sacred to your success.
In addition to billing and financial matters, business development and marketing are all important parts of building the future of your business. Uninterrupted time allows you to be more accurate and to complete the tasks more efficiently.
Create a Priority List
As part of your “to do” list, create a priority list. Anything that must be done should be done first. This includes getting professional financial advice for your business and anything else that will increase your bottom line. If your business is deadline oriented, be sure to set up reminders about deadlines, including when taxes are due, when a project is due and when bills and other accounts are due.
Create and Review a Schedule
If you work without a schedule, create one and stick to it. This will allow you to take advantage of all of the minutes and hours in a day. Always review your schedule the night before so that you are ready for meetings and other activities planned for the day.
Contact France Law Firm
When you need tax and other financial advice, contact France Law Firm to set up a consultation.