Having lots to do is usually a reassuring sign for most small business owners. However, an influx of work can set you and your team down a challenging path where everything becomes too much to handle, eventually leading to burnout and exhaustion. Here, we cover some methods that you can apply if you find yourself in this predicament.
Is your business well equipped?
Did you know that having the proper tools to assist with everyday tasks directly affects work satisfaction? With many companies still encouraged to work from home, what is usually a half-hour task at the office may now take double the time to complete. The change in work environment can impact your team’s level of productivity because of the inability to access certain facilities.
Using systems or automation programs can assist with processes and help you and your staff become more productive at work. Improved productivity gives people more control over their day and decreases the time spent completing a task, says Gretchen Rubin, in an article by Inc.
Before you make any software purchases, it would be a good idea to perform a budget review. This gives you an insight into what you can afford and how much that program can help achieve the level of productivity you want to see in your business. Your team’s feedback will come in handy as they are the right people to speak to before making a decision. They can let you know the tools they need to help them do the job more efficiently.
Do you have enough people?
If you’re a small business but the people on your team are over-allocated with work, then that’s a clear sign you’re understaffed. According to Project Manager, a good rule is that people should be allocated to specific tasks only 80% of their time, while the remaining 20% should be spent on things like attending meetings, answering phone calls, and assisting customers with their enquiries.
Instead of rushing to hire new people, consider what qualities you would like for the new employee(s) to bring to the table. Hiring individuals with different strengths and abilities make for a more well-rounded team. If the heavy workload is seasonal, you could consider hiring staff on a fixed-term basis.
Work smarter, not harder
With new business rolling in, you’ve already got your hands full. Being productive at work does not necessarily mean working longer hours. It’s time to figure out solutions that will help fulfil smaller tasks so you can focus on the bigger picture. For some, this means implementing modern applications and technology to help with administrative tasks, building reports and tracking payments.
Especially during the COVID-19 period, working smarter is essential in ensuring your business moves forward. Figuring out what you can and can’t control is one of the ways to help propel you. According to UserZoom, businesses can be so caught up with trying to understand the latest trends and analysis that they often lose track of the point behind it all. Apart from minimising costs and improving methods for better efficiency, being quick and responding urgently in any situation are key factors behind survival.
Accenture’s Insurance Lead for Australia and New Zealand, Marianne Hutchinson, stated on insuranceNEWS.com.au that companies that apply digital solutions to their business processes have a competitive advantage over those that do not. Those positioned for a digital transformation can focus on growth, whereas those that aren’t will need to decide how to advance their business while facing financial cutback arising from COVID-19.
A digital switch is inevitable and will impact your business operation on a day to day level and in the future. If you’re looking for ways to run your in-house Premium Funding business effectively, FlexiFund It offers the solution you need. Our Premium Funding software provides the tools to operate and automate key activities in your business, such as supplying quotes, creating loans, and preparing financial agreements. Get in touch with the team to find out more!