As a new business owner, you are constantly juggling multiple tasks and responsibilities. From securing funding to developing your product or service, your to-do list is never-ending. However, there is one aspect that often gets overlooked ...
Admin may seem insignificant in the grand scheme of things, but it can eat up a lot of your time and money!
These are your administrative tasks. These seemingly mundane things, such as bookkeeping, invoicing, and data entry, may not seem like a priority, but they can have a significant impact on your success.
According to a recent study by business software provider Sage, brand new businesses are losing an average of 120 hours per year on administrative tasks!
This equates to over 2 weeks of valuable time that could be spent on more important aspects of your business. In addition, the study found that this administrative burden is costing staggering £37 billion each year. This is money that could be invested in growth and expansion, but instead, it is being wasted on inefficient processes.
"So, why is this happening?"
One reason is the lack of resources and expertise. Most new businesses don't have the budget to hire a dedicated administrative team, and as a result, these tasks often fall on the shoulders of the founders. However, as an entrepreneur, your time is better spent on developing your business, not on paperwork.
Another issue is the use of outdated and manual processes. Many still rely on spreadsheets and paper-based systems for their admin, which are time-consuming and prone to errors. This not only leads to wasted time, but also increases the risk of costly mistakes.
But it's not just the time and money lost on administrative tasks that are hindering you business. The mental toll of these tasks should not be underestimated. Constantly switching between tasks that earn money and trying to keep up with administrative work can lead to burnout and decreased productivity. This can have a detrimental effect on your overall business performance.
"So, what can you do to tackle this issue?"
The answer lies in technology. By automating and streamlining administrative processes, you can save time, reduce costs, and improve efficiency. There are many software solutions available that can handle tasks such as bookkeeping, invoicing, and data management, freeing up your time to focus on growth.
In addition to technology, outsourcing administrative tasks can also be a cost-effective solution. By hiring a virtual assistant you can delegate these tasks to an expert, allowing you to focus on the core aspects of your business.
Moreover, you can also benefit from implementing efficient processes and systems from the start. By setting up automated processes and using cloud-based software, you can avoid the time-consuming and error-prone manual tasks that often plague new businesses.
So, admin may seem insignificant in the grand scheme of things, but it can eat up a lot of your time and have a significant impact on your success. By wasting both time and money on these administrative tasks, you're just going to hinder your growth and potentially jeopardise your chances of success.
So, don't let admin hold you back! Invest in technology and efficient processes, and watch your new business thrive.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about using technology to streamline your administrative processes, it may be a great idea to call me on 01908 774320 and let's see how I can help.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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