Profits and productivity = business success

15 June 2016

At UHY Hacker Young we work with a variety of clients, from start-ups to multi million pound corporations.

One thing that many have in common is that they did not start off as successful businesses. Each was founded with an idea and a vision of what they wanted to achieve. Running a successful business is a learnable skill. The key to success is effective time management, continuous learning and laser beam focus.

When you own your own business, it sometimes feels like no matter how many hours you put in you never seem to have enough time. Despite setting what seems like realistic business and personal goals, you often fall just short of them. Even if you have a handle on some aspects of your comapny, the amount of hours you dedicate, compared to what you pay yourself, sometimes feels a little unfair.

But if you want to reap the rewards you must learn to delegate.

When it comes to your business accounts, delegate them to a team of professionals who specialise in helping businesses prosper.  Then you can spend your time and energy working on what you do best.

I came across this article written by Brian Tracy, it explains some important skills that many of my successful clients have learned to incorporate into their businesses.

Do more important things

This is a great leverage factor. The 80/20 rule; 20% of what you do accounts for 80% of your results. If you have a list of ten things to do, two of those items will be worth more than all the others put together. Discipline yourself to work on those items that are most important; because you are producing five or ten times as much working on your top tasks as working on your average tasks.

Get better at your key tasks

Get better at the most important and valuable things you do; do them faster, and  get them done.

Now here is one of the greatest of all rules, and it comes from a study by Robert Half International who found that 50% of all working time is wasted. Fifty percent of all working time is spent on things of low value or no value. Fifty percent of working time is spent in idle chit-chat with co-workers, checking email, reading the paper, drinking coffee, going for breaks and lunches, coming in late, leaving early, going shopping, and personal business. So here is the way that you overcome this natural, habitual, comfort zone path of least resistance tendency to waste time and work, and that is to “work all the time you work.”

If you would like to work with a firm of accountants who understand the constraints that running a business can cause, then please get in touch with your local expert at Glenn.thomas@uhybirmingham.co.uk.