Accounting For You

Accounting and Bookkeeping for Small Businesses and Sole Traders

Chartered Management Accountant, Certified Practising Accountant

and Registered Tax Agent

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The Gift of Time

Posted on 9 December, 2013 at 18:45 Comments comments (2)
In today's busy world the one commodity that always seems to be in short supply is time. How often have tasks been delayed or put off because there just hasn't been enough time to do them? It doesn't matter if you are the managing director of a multi-national, a small business owner, an employee or a stay at home mum, time is something that is precious to everyone.
There are of course ways to better manage your time and "time management" is a key phrase that is commonly heard. Some of the major principles involved in time management are as follows:
  • Only check and deal with your emails once a day, often best done at the beginning of each day.
  • Set a "To Do" task list with the most important / time sensitive tasks first and then systematically work through the list.
  • Get rid of distractions, turn off your phone for a period if necessary.
  • Delegate.
Delegation is one of the most useful tools when it comes to saving time and is a tool that is frequently used both in the workplace and at home.
In the corporate world managers will often delegate tasks to their subordinates, something that is understood and readily accepted.
So how is delegation employed at home? Many householders will employ a cleaner to come in and do their housework once a week, or a lawn man to come and mow their lawns once a fortnight. It is not because the householders are unable to do the tasks themselves but rather because they want to save the time of doing those tasks themselves. Online grocery shopping is gradually now growing as a resource to save the time of going to the supermarket.
So how about small business owners and sole traders? This is frequently a category of person who struggles to find any spare time at all. They are busy running or developing their business during the working day and then find themselves spending every evening or weekend keeping on top of the paperwork. So how then can small business owners and sole traders delegate when there are 'no other staff'? Quite simply small businesses and sole traders can delegate by means of subcontracting certain parts of their work, specifically all the back office services needed to keep their business up and running.
When it comes to sub-contracting services some are more obvious than others. For example, no one would think twice about using a lawyer for help in dealing with legal matters to do with their business. However, when it comes to other types of back office services business owners will frequently struggle trying to find the time to deal with them on their own. There are however a wealth of professionals who can be delegated to for all sorts of other services, professionals who can save business owners time. These include:
  • Bookkeepers
  • Accountants
  • Virtual Assistants
  • IT Consultants
Any one of these professionals can help to give back the gift of time allowing more time to be spent on those things, that at the end of the day, are most important to everyone, such as family and friends.