3 Ways to Run Your Business More Efficiently to Save Time and Money
Small business owners have very limited resources. Because of this, they have to make smart decisions about their time and money. Some of the best ways to save on both will likely surprise you. Below we have highlighted three tips to make your business run more efficiently.

Communicate

Communication is the key that keeps a business together. Strong communication can increase productivity and resolve any issues in the workplace. Failure to effectively communicate can lead to employee conflict, a hostile work environment, and lost revenue. When you communicate with your employees, you must speak with clarity. You need to say enough to make sure that your message is clear. When speaking to your employees take a few extra minutes to make sure that you’re saying what you mean. This will save time clarifying points later made during the initial conversation.

Save Time with Training

Training can help you ensure that time is spent where it is most beneficial in your business. Identify where your employees have commonly experienced setbacks. Your employees may be encountering roadblocks in their daily tasks, such as getting stuck on an order because they are waiting for information. They may resort to starting new tasks while waiting on a manager to verify or assist with the original task in an attempt to multitask, which will almost always waste more time than it saves. Train your employees on possible mishaps that they can address themselves to reduce how often they need to wait for assistance. Transparency in your processes lets everyone stay informed and helps you save time. You can look to other industries for inspiration on how to streamline processes by pinpointing bottlenecks in your business. Methods such as SMED are commonly used in manufacturing to decrease time spent waiting to begin or set up a process. For your business that may look cross-training, setting up a database to reference, or software that automates a mundane task.

Automate Your Payment Methods

You need to make money to be successful and to stay in business. The faster your customers and vendors pay the better. You need to put a payment process in place so you won’t have to chase money. There are three key ways you can automate your payment process: use a payroll system, customized PayPal buttons, and recurring invoices. Automating your payment process leaves you more time to focus on other aspects of your business.

If you want to run your business more efficiently, consider implementing one or all of these strategies. Automating the payment process, improving your training, and communicating effectively, are all valid ways to save you money and time. Don’t be afraid to experiment and discover what works best for your company.

Looking for more ways to save money when running your business? One long-term money saver you may not have considered is outsourcing your bookkeeping and hiring a professional tax preparer.

The Molen & Associates Difference

Mike Forsyth

“Super helpful and timely. This is our first year with them and we look forward to trusting them with our taxes and business books for years to come.”

Caitlin Daulong

“Molen & Associates is amazing! They run an incredibly streamlined process, which makes filing taxes a breeze. So impressed with their attention to detail, organization, and swift execution every year. Cannot recommend them enough!”

Sy Sahrai

“I’ve been with Mr. Molen’s company for few years and I felt treated like family respect and dignity. They are caring, professional and honest, which hard to find these days. Love working with them.”

Change Independent Contractors into Employees Trouble-Free

Independent contractors are a vital part of the American workforce. They work for themselves, usually providing services to other businesses. While this setup offers many advantages to both the contractor and the hiring business, it can also create tax problems.   You...

Is retirement the same thing it used to be?

The modern concept of retirement has only been around for about 100 years. Though relatively new, what retirement looks like and how people are planning for retirement has changed significantly in the last few decades. With roughly 9000 Americans reaching the average...

Cash in: Beat The Taxman With 11 Tax-free Income Breaks

No one likes paying taxes, but what if there were a way to reduce the taxes you owe each year? Luckily, several tax-free income breaks can help lower your tax bill. Here are 11 of the best ways to beat the taxman. Break 1: accumulation and withdrawals of tax-free...

I owe to the IRS, what do I do now?

We know owing taxes can be a headache, especially if you don’t have a CPA or tax advisor to walk you through the process. If you fail to pay your taxes, in most cases you will only face interest or penalties, rather than going to prison for tax evasion. Even if you do...

Credit, Debt and Personal Finances 101

In an era of credit cards, services that allow you to “buy now, pay later”, and access to loans at your fingertips, it is easy to indulge in lifestyle you can’t necessarily afford on your budget. Before your fall too deep down the rabbit hole – or if you may already...

Buying an Electric Vehicle? Know These Tax Law Changes

 Are you thinking of buying an electric vehicle or a plug-in hybrid and taking advantage of the Electric Vehicle Tax Law Changes? If so, you have much to consider—thanks to the newlyenacted Inflation Reduction Act and Electric Vehicle Tax Law Changes. Let’s get...

Dealing With The New 62.5 Cents Mileage Rate

Due to rising gas prices, the Internal Revenue Service (IRS) announced an increase in the standard mileage rate for business travel. As a result, small businesses that make use of the standard mile rates can deduct 62.5 cents per mile for business mileage.  This is...

FAQ on Student Loan Cancellation

What is the Student Loan Cancellation? Last month, President Biden laid out a plan to cancel up to $20,000 in federal student loan debt per borrower. Beneath this seemingly simple plan comes quite a few questions about how, exactly, it will work. Naturally, borrowers...

Need to Change from 1099 to W2? Read More About This Safe Harbor Relief

IRS declared independent contractors as employees: Can Section 530 help?  Are you going through an IRS audit? Though we know that is bad but what happens if the IRS declares that many of your 1099 independent contractors are W-2 employees, now what?    Safe-harbor...

The IRS is Watching Cryptocurrency Closely

The IRS wants to know of any bitcoins or other cryptocurrencies you have. It will appear at the top of the first page of your Form 1040, below your address and name. The IRS wants to monitor crypto purchases and sales starting this year.   Anyone filing a tax return...

Request an Appointment Today

5 + 12 =

Call us at

Pin It on Pinterest

Share This