Tag: planning ahead

Why do successful people practise time management?

Post author By a.withers
Post date November 19, 2015
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Continuing our series on successful people this time we are looking at the importance of time management.
There are two important reasons for practising time management.
Not only is it important to create a structure to the day that makes it possible to define what needs to be done but also it enables tasks to be prioritised so that the most important are the first to be dealt with.
Time management, using lists and a diary, makes it possible to review the task list, to allocate time and in particular to reschedule the less important from the most urgent along the way.
A second important reason to practise time management is to build in the necessary free space for taking regular breaks from the desk and the phone and for research, personal development and creative thinking.
It is neither mentally nor physically healthy to remain sitting at a desk all day without taking regular breaks to at least stand up and walk around the office for a few minutes.
Pausing to think, visualise what success will look like and to then plot the steps needed to get there is one of the things that distinguishes successful people from those who are competent at their job.
Too many business managers feel obliged to multi-task especially earlier in the day when they feel freshest, but research conducted at Stanford University has found that multi-tasking is less productive than doing one thing at a time and fully concentrating on it.
The danger with multi-tasking and not managing time becomes more apparent when things start to go wrong in a business. Then the failure to prioritise and build in thinking time will show up as stress and an inability to make the right decisions necessary to deal with a crisis.

Tags Business Development, growth, planning ahead, successful people, time management

Business Development & Marketing Finance General Turnaround

How can SMEs prepare for the National Living Wage?

Post author By a.withers
Post date August 13, 2015
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Predictably, predictions of job cuts and slower growth for SMEs followed the announcement of a compulsory National Living Wage in July’s emergency budget.
But how serious a threat is it really, given that businesses are already used to annual increases in the minimum wage and the £9 Living Wage will not come into effect until five years hence in 2020?
Although there are other factors such as business rates and rent that received no mention in the budget and play into business costs, the wage issue alone need not put a brake on plans for growth.
Firstly, some of the increased wage bill is offset by an increase in the employers’ national insurance employment allowance from £2,000 to £3,000 and from a reduction in corporation tax. Secondly the living wage will only apply to those aged 25-plus.
It could, therefore, be used as an opportunity to plan ahead, which all businesses should be doing each year in any event.
All businesses depend on a well-motivated and well trained workforce and with four or five years still to go, now might be a good time to consider taking on an apprentice or two or investing in staff training.
It may also be a good time to invest in more up to date equipment and more automation or to consider outsourcing some routine tasks that will leave more time for existing staff to focus on those tasks that need to be done by skilled humans.
Arguably, such measures will bring the advantages of a more stable, committed and engaged workforce and higher productivity per person and a growing business better prepared for paying the Living Wage in 2020.

Tags Apprenticeships, business growth, employee training, growth, National Living Wage, planning ahead, SMEs

Business Development & Marketing Cash Flow & Forecasting Finance General Rescue, Restructuring & Recovery Turnaround

Planning for the year ahead

Post author By a.withers
Post date January 2, 2015
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SMEs often use new year as an opportunity to plan for the year ahead and might benefit from knowing about Rudyard Kipling’s six wise friends: Who, What, Where, Why, When and How.
But while it may be straightforward to answer What (the goals and targets), When (by what deadlines) and Where (what sector and what clients might be most productive) the Who, Why and How are more difficult.
Who: the allocation of tasks is critical for success, including leaving you time to spend on the non-daily activities. Do you have the right people in your organisation, do they have the skills, such as devising and carrying out the marketing strategy that will be needed to meet your goals?
How: are there alternative ways such as outsourcing activities?
Why: this essentially invites you to consider your business model that encompasses all the elements of your business. Is it viable? Do you have sufficient funds or the cash flow to support your plans? Does it generate sufficient profits to justify your effort?
Finally, are you as the owner spending enough time on strategy, finance, marketing planning and leadership as all too often these are neglected when you are busy with the daily operation?
When planning for the future, it is worth considering whether an outside expert might be able to help you, you might be surprised how valuable this can be and it doesn’t need to be expensive in terms of cash and time.
I wish you a very happy new year.

Tags Cash flow, Finance, outsourcing, planning, planning ahead, SMEs, strategy

Accounting & Bookkeeping Business Development & Marketing Cash Flow & Forecasting Finance General Rescue, Restructuring & Recovery Turnaround

Planning ahead? Declutter first

Post author By a.withers
Post date December 30, 2014
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The period between Christmas and New Year is a time when many SMEs plan ahead for the next year.
Something that is often forgotten, however, is that it is difficult to see clearly through a pile of unfinished business that has been put to the bottom of the list because it was not urgent.
Is your book keeping up to date? Have you done your expenses? Does filing need attention? Is it time to cull some of those contacts who might have been useful but with whom you have had no interaction?
Planning ahead is not only about setting new goals and targets but also about becoming more organised so that progress can be monitored and reviewed at regular intervals, and your plans adjusted accordingly.
Preparing for next year is not easy if the information on the past year’s performance is not up to date.
Equally it is hard to think clearly, let alone plan when surrounded by clutter or outstanding actions.
If this is a situation you recognise, perhaps the decluttering process will encourage you to consider how to make life easier next year. There are a number of ways to reduce the build up of clutter, they are however boring since they involve discipline which is something most entrepreneurs lack.
The logical solution is to set aside a specific slot in the diary, every day, week or month to ensure that the low priority but essential jobs such as record keeping and admin get done. It also makes sense to ask why you are doing tasks, indeed your time is valuable so stop doing non essential tasks if they aren’t necessary, or consider outsourcing regular activities such as accounts or filing.
Loud music can help you declutter – I recommend Queen.

Tags accounts, book keeping, decluttering, filing, planning ahead, record keeping, SMEs