One trap many entrepreneurs fall into is to skimp when it comes to investing in the technology that will enhance their efficiencies and reduce non-billable time. All too often, entrepreneurs are short-sighted when it comes to how much it costs to start a new business and they are unsure exactly where to invest their (sometimes limited) startup capital.
To further complicate matters, entrepreneurs often get so caught up in the day-to-day effort to manage and grow their business they lose track of the passage of time and suddenly find themselves years down the road, still manually processing paperwork, manually collecting data, manually creating ‘to do’ lists…. The number of tasks that can be automated is really limited only by your imagination and your willingness to accept change.
Entrepreneurs need to keep in mind exactly how much non-billable time costs. As an example: If you are charging $50/hr for your services and you spend half your time doing non-billable activities, then you are only making $25/hr BEFORE expenses. Likewise, if you are selling widgets, the retail cost is reduced by the amount of non-billable, non-profitable work you must do to make the sale.
In this amazing day and age of unlimited technological advancements, there is no earthly reason why you should do anything manually.
We here at Concierge Business Solutions® can help you in so many ways. For example:
Concierge Business Solutions Essential Elements™ can reduce your data collection time to nearly zero and includes numerous reporting tools to help you better manage your data. To learn more about Concierge Business Solutions Essential Elements™ click here.