3 ways to free up the time of directors in your business
A director in any SME can often be overwhelmed by the sheer amount of tasks that eat into their day. Meetings with existing or potential clients, keeping on top of paperwork and keeping an eye on payments (both in and out of the business) can often leave very few hours in a director’s day.
If you are struggling to keep the business on track because of issues such as these, there are many aspects to the service provided by insolvency practitioners which can assist you in this area.
However, there are some simple ways in which a director can make sure that they have as much free time as possible. We have looked at a few of the most effective options:
Delegate more tasks to intermediary figures
By delegating more of the daily tasks to middle-management figures, you may find that as a director you suddenly have more free time in order to look for new clients and contacts. This can involve everything from managing the daily schedule to approving over-time. It can also be a great way to offer a new skills-set to people within the business who are ready and eager for a step up the ladder, something which might be particularly useful if the business grows sufficiently in the future.
Put a strong cash flow structure in place
Maintaining a tight grip on cash flow within your business is one of the most fundamental things which you need to get right. However, some businesses can often adopt quite an ad hoc approach to this process if they are new to the business world, which leads to a great deal of time potentially being wasted. Establishing an effective structure to make sure that everything which comes in and goes out of the company is tracked from an early stage will mean you have more time for other tasks.
Maintain consistent contact with clients
What is the difference between two weekly calls which last 5 minutes each and 1 monthly call which lasts 5 hours? The answer is approximately 4 hours and 20 minutes. By maintaining a regular contact with clients you can discuss any issues or queries without spending hours on the phone. Neglecting a client for a number of weeks is only likely to lead to one long and detailed conversation later in the month, which is the last thing you need when searching for free time.