Stop doing these three things to increase profits and decrease stress
Here are three things we think you should stop doing as soon as possible. Sure, they’re more common sense than rocket science, but we think if you manage to stop doing them your profit will go up, and your stress will go down.
1) Stop trying to reach the finish line…
Sometimes that list of jobs on the ‘top do’ list grows faster than it can get crossed off. To this we say get organized, and stop trying to do everything on that list every day. Have set days for set tasks such as paying the bills, ordering stock, staff meetings, invoicing and so on. You will be surprised how much you can fit in, and how much less stress an organized week will bring.
Also make sure you’ve got a tidy work area so that nothing gets missed. This will create efficiency in your day and lead to time for ‘emergency tasks’. It will also free up your mind for more creativity and less stress.
2) Stop doing everything yourself…delegate!
There are a bunch of tasks you might like to do yourself to help reduce costs. While DIY is the kiwi way, it may not be the best use of your time. For example instead of getting distracted by your phone ringing every ten minutes, get someone else (such as a virtual assistant like Strictly Savvy) to help out.
Likewise, it may seem easy to prepare GST returns (or even income tax returns!) yourself. First up it might take a fair amount of time for you to do them. But, the bigger risk is when they are not done correctly the first time, it’ll take you time to fix them, and cost you more to have them fixed than it would have were they done by a professional in the first instance.
It won’t come as a surprise that we recommend freeing up your time to do the things you are good at and leaving the tax and accounting to the professionals (like us!). A good accountant will not only take care of your obligations with the IRD, but will make sure everything is filed correctly the first time.
They’ll also save you money in the long run by making sure you’re not paying any more in tax than you should be and by giving you valuable information on the financial progress within your business. Having this information at your fingertips also allows you to become more profitable on a day-to-day basis, and make better informed decisions.
3) Stop being all things to all people at all times.
Everyone has their limitations, and sometimes it takes one simple word to simplify your day… “No”! This might mean turning your phone off after hours, making it easier for you to stop working. It might mean saying no to the next ‘urgent’ request, which often don’t end up being as urgent as it seemed on first glance.
It’s easy to get caught up in your list of ‘things to do’ and forget that the list will still be there tomorrow. Now don’t get me wrong, this is not a licence to fall behind. More, it’s about ensuring that you have a break every now and again, and are able to spend time fishing, camping, golfing (or whatever it is you’d rather do).
If you would like more ideas on how to simplify your business, and gain more financial information and free time, give us a call on 04 212 4977 or email [email protected].