10 ways to free up time to grow your business

Moving to digital records that are easily accessible can free you up to look for growth opportunities in your business. Spending less time on manual tasks has allowed Russell to focus on exceptional customer service.

“For example, we use digital scanners for picking and packing stock in the warehouse. While this isn’t unusual for large warehouse operations, it’s mostly unheard of in businesses like ours with only four employees.”

Hire an accountant

Cash flow is crucial for small businesses. If you’re not financially savvy or need help looking for ways to help the cash flow in your business, invest in a good bookkeeper, advises Dr Kate Adams of corporate business supplier Thankly.

Ensuring you’re keeping a close eye on your expenses, you’re spending money in the right places and that inventory is lean is paramount. “Every month you should be tracking how you’re going and create some ideas about how you might be able to do better next month,” she says.

Set up in-depth reporting

Getting across the financials and cross checking them in real time has helped Aaron Smith grow KX Pilates into 51 locations since launching in Melbourne in 2010. A traffic light system highlights where the business sits in terms of risk. “It’s also imperative that you plan for where you see the business in 12, 24, 36 and 60 months and work backwards on what capital you will need to fund your growth,” Smith says.

Plan ahead

Don’t wing it. A solid business plan needs to come into play with strategic in-depth analysis on the processes, systems and people you’ll need to reach your goals.

“It’s this plan that de-risks the business from a funding point of view and will get the banks and financiers on your side,” Smith says. “I’ve always been very close with my bank managers and have treated them like business partners.

“The more the bank manager knows, the more they can see your potential and you can show them that you’re thinking of every angle and how you will tackle any obstacle that may arise.”

Be an innovator

Small changes can have a big impact on your business. For example, digitising areas of your business that bog you down.

You don’t have to make sweeping changes to increase efficiency, says Leigh O’Neill, Customer Executive, Business Direct and Small Business Manager for NAB.

“Our research shows that innovation takes place through small improvements. For example, setting up automatic payments to regular suppliers and where possible, to your employees.

“Adopt a mindset of constant evaluation and improvement through small steps, because we know from our business customers that those minor steps have big results over time.”

If you have staff in your business, look for ways to digitise systems, such as rosters.

For example, Deputy allows SMEs to optimise rosters, calculate wage costings, capture and record time and employee attendance and even utilise face recognition for clock-on.

Be strategic about payments

Think about how your customers are going to pay – in store, online or on a mobile, for example, O’Neill advises. Consider whether your customers are in Australia or overseas, and what payment options will be convenient to them.

“How your customers pay will determine whether your current payment arrangements are going to support your growth or whether you need to look at new options. The ability for your customers to pay easily will be important in the experience you deliver.

“Preparation and having a clear plan are key to growing your business, so do your research, speak with your bank or accountant and ask questions if you’re unsure of any part of your growth plan, and keep reviewing as you progress.”

Audit your clients

Make sure that you set aside time each quarter to audit your clients. Know your best paying clients, look for opportunities for organic growth and be prepared to cull clients that aren’t paying within 30 days or aren’t the right fit for your business.

Digitise project management

Project management tools that are visible by everyone within your small business encourages greater accountability among team members. It also helps ensure everyone is on the same page.

Tools like JIRA, allow teams to create tasks and scope out the time it will take to tackle it, and which team member will handle the work. Businesses can save time otherwise spent in assigning and following up tasks to instead move forward against the roadmap.

At NAB, we understand that when a business opportunity knocks or an unexpected payment needs to be made, you need to move quickly. With NAB QuickBiz, you can get access to fast, unsecured funds of up to $100k*. Whether it’s our NAB QuickBiz Loan or NAB QuickBiz Overdraft, you can apply online in as little as 15-20 minutes, and without the need for bricks-and-mortar security. Because we know how important it is to manage costs, you’ll also enjoy competitive and transparent interest rates. So you can focus on managing and growing your business. It’s just one more way NAB delivers better business banking.

*Terms, conditions and lending criteria apply.

The information provided in this article is intended to be of a general nature only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information in this article, National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit License 230686) (NAB) recommends you consider whether it is appropriate for your objectives, financial situation and needs. NAB recommends that you seek independent advice before acting on any information in this article.