As a business owner. what is your most precious resource?
Many would say cash but the most precious resource is time. You have heard the old saying, “Time is money?” It’s true, and spending every single waking hour on your business isn’t an answer – not for you, not for your family.
The things that you as a business owner should be working on and thinking about are those that maximize the long term value to your business. That is not necessarily things that are most immediate.
So, spend a few days writing down what you are spending time on.
Are you doing things that others can do?
Are you planning for the short and long term future? The day?
What are you putting off that you shouldn’t?
Are you letting your crises manage you?
My clients who do this exercise thoroughly invariably are surprised – and the ones who act on the results benefit greatly.
Do it today.
Comment here with your results, if you like.
what is the biggest cost problem holding your business back?
I’ll post the results and use them for upcoming blog posts.
- Take stock of office supplies at least annually. You might be surprised at what you have on hand and it will permit you to monitor usage and budget for purchases.
- Store similar items together. That way, you can be sure when something is truly out of stock and avoid buying supplies only to later find some are on hand in another location
- Go green by recycling (re-using) file folders, binders, notebooks, rubber bands and paper clips.
- Go even greener and save paper when saving documents electronically by scanning them or printing to PDF. If you do so, you will need an organized electronic filing system and backup for important documents.
- Ask your office supply vendors if they offer credit for recycling used printer/toner cartridges. Staples does.
- look for national purchasing discounts through professional associations or consortiums
- Save paper by offering newsletters online or via e-mail, sending a paper copy only upon request.
- Save paper by printing double-sided.
- · Get free pens, paper, office supplies, etc. at events or conventions. Ask your favorite vendors to provide supplies.
For not for profit organizations
- Post a list of items needed and invite members to donate specific office supplies as an in- kind donation.
- · Some supply vendors might be willing to hold a charity day where you would encourage your members to buy items on that day and the vendor would provide an override payment to your charity. Some supply vendors might be willing to hold a charity day where you would encourage your members to buy items on that day and the vendor would provide an override payment to your charity. You could also set up a registry of items needed.