Stop Complicating The Way You Do Business. It's Time To Simplify
Business success hacks
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Some businesses like to do things by the book. And that’s great. But all too often they overcomplicate. And that’s when they can find themselves in trouble - or at least wasting a lot of time. Most of the time, this over-complication comes from the very thing that is supposed to make business easier - technology. You’ve got stacks of emails that need processing. The phone’s ringing off the hook all day. And you’ve got a bunch of apps that just don’t want to work no matter how hard you try. By the time you’ve finished, it’s 6 pm, and you’re exhausted. So what can you do to make your life a little easier and your business a little simpler?
Outsource Your HR Function
According to statistics entrepreneurs spend around 33 percent of their time doing administration. Most of the time this involves processing staff payroll and benefits. It’s an enormous time sink and takes its toll on your business and the wider economy. These days there’s a strong case for outsourcing your HR function. External HR companies tend to be highly competent and specialised. In fact, they’re rather like external cloud computing services. Remember, the market for HR services is fiercely competitive. And so you’re highly likely to find a company that is competent. Your time is better spent doing the things that entrepreneurs do best. Plus you avoid potentially costly mistakes on tax returns.
Make Taking Payment Easier
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One of the first things that businesses must do is decide on how they’re going to take payment. Most go down the invoicing route, but this is slow and inefficient. Others go down the merchant banking route, but this is complicated and full of pitfalls.
The good news is that it is now possible, with a card reader app, to combine the functions you want into a single system. Modern card reader apps negate the need for card readers, merchant accounts and contracts. They’re essentially a plug-and-play solution for small businesses to take payment. And a way to enormously simplify the way you’re currently doing business. You can expect to pay between zero and 1.75 percent per transaction which is significantly cheaper than the alternatives.
Rent A Chief Financial Officer
If your organisation grows beyond twelve people, tax administration and finance will become a significant burden. The solution, of course, is to get a CFO. But many entrepreneurs don’t run businesses that are large enough to make a full hire value for money. Fortunately, you can rent the services of a CFO for as much or as little time as you need, depending on your requirements. Services are, of course, quite expensive. You’ll be paying around £800 per day. But the good news is that you pay on an as-needed basis. And that means you’re more likely to get good value for money.
Data Mining
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en.wikipedia.org |
It might sound like data mining is a surefire way to increase the complexity of your business. But it’s actually an excellent way to reduce that complexity. Sure, you’ll need somebody trained to use Hadoop and noSQL to make the best use of the data you have. But once you’ve got a system in place, it becomes far easier to keep track of what customers think of your company.
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