Starting a business is an exciting endeavor that is sparked by a single, unique idea. It’s a new business owner’s passion that prepares them for the hours of hard work to get their business off the ground. This early stage is a kind of honeymoon period when entrepreneurs are filled with adrenaline to be successful.
When the administrative realities of owning a business emerge, business owners face the challenge of tackling the admin while staying productive. New business owners work an average of 50 hours a week, and only a third of that time is devoted to growing their business.
The rest of the time is spent dealing with everyday situations and administrative tasks. Drowning in the admin will stall your efforts to build your business. If you want to accelerate your success, here are five tips that will help you take control of the admin.
1. Set early.
New business owners are constantly trying to cut costs while waiting for their income to come. While it makes sense to be careful about costs in the early stages of business, in the case of a business admin, you need to spend money to make money.
The problem with the administrator is that no matter how hard you try to keep track of things, it keeps going. The cost of hiring someone to take control of the company administrator is offset by the freedom it gives you to focus on your business. The more time you spend on strategic business growth, the faster your company will generate revenue.
2. Train new employees well.
A poorly trained employee causes administrative problems.
As your business starts moving and you are hiring more people, you need to train them well if you want them to take the first step. If an employee is well trained, you can start delegating right away.
Regardless of how “right for the job” your employee is, he or she will not immediately understand the advantages and disadvantages of your company. Effective training ensures that you are not only aware of your responsibilities, but also of your expectations.
If you assume that a new employee can step into the role without appropriate training, the only way to create more administrators is to correct mistakes and constantly redefine responsibilities.
3. Outsource administrative functions.
Outsourcing is usually referred to in the sense of manufacturing. However, you can also outsource almost all functions of business administration. Let someone do the work for you.
If you don’t already have enough space to hire someone, hire a virtual assistant to clear your inbox, manage your journal, and take care of the jobs you just don’t have time for.
IT problems can shut down a company completely. Unfortunately, Ctrl-Alt-Delete doesn’t solve the problem in this case. By outsourcing your IT, your company runs smoothly and offers essential software protection.
Don’t waste a minute punching numbers! Submit your data entry to an external company and make sure the data is always correct and up-to-date.
Getting your business off the ground requires a solid digital marketing strategy. However, if you do this yourself, you will be creating more non-business work with no guarantee of success. Find an outside digital marketing company that will tackle the technical details of optimizing your website and enabling your business to grow.
It is extremely important to keep your ledger up to date. It’s also extremely time consuming. Balancing the books requires a daily record, and paperwork can pile up quickly. When it comes to accounting, the ramifications for cutting corners are costly. If you don’t have the time to get it right, let someone do it for you.
Business tax is sporadic, but it chews your time and business cash flow when poorly managed. Outside tax specialists manage complicated business taxes so you can spend more time doing business and making sure you meet your tax obligations.
4. Invest in time-saving software.
Nowadays, digitization is the key to successful corporate ownership. There’s just no time to shuffle papers and hunt for physical files when trying to build a business. This type of administrator is a significant setback in your time frame for success.
Digitization is essential even if you plan to outsource areas of business administration. You still need a digital area to manage projects, secure documents, record expenses and optimize your business processes.
New business owners often avoid investing in digitization due to implementation costs and a lack of technical knowledge. However, the advantages of digitization far outweigh the disadvantages. You can look forward to this if you invest in time-saving software as early as possible:
- Elimination of human error
- Automated processes through software integration
- Improved business decision
- Higher productivity
- Time and project management
- Document security and protection of sensitive information
- Data collection for company valuation
5. Manage the company administrator from the start
If you are struck by the administrative reality of a company, you can easily let the administrator get over you. But business administration doesn’t have to be a constant headache. Create strategies to manage the admin as early as possible in your company and give yourself a better chance to focus on growing your business.