This is how entrepreneurs can achieve a four-day work week
Automating your business processes can help you save valuable time and resources so you can concentrate on growing your business
If there’s one thing universal to the life of entrepreneurs the world over it’s that there’s never enough time in the day. But what if you could do everything within a four-day work week, freeing up time to focus on business growth or relaxing?
Well, you can do just that by automating your business processes – those tedious, labour-intensive tasks that previously required a human can now be performed by technology.
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Spending excessive time on administrative tasks such as chasing payments, accounting, and customer service can damage productivity for small businesses where time can be their most valuable resource.
Cash flow issues biggest problem for small businesses
In fact, a survey of 300 small business owners from direct debit provider GoCardless and Startups.co.uk found that cash flow issues caused by late payments was the biggest problem facing small business owners (38%) in the UK.
10% of those surveyed said they can waste between six and 10 days every month chasing payments, while 26% spend at least two to five days.
And yet, with automated payments, it’s completely unnecessary. Offering your customers an automated payment method such as direct debit, where they authorise you to take payments from their bank account, will absolve you from having to think about collecting payments.
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Likewise, there are a variety of automated accounting software platforms that can save you from those repetitive financial tasks.
Instead of manually creating invoices or inputting expenses, these tools can automatically create and send invoices and notify clients of overdue payments. They can also help with the ever-daunting tax return.
Even customer service and marketing can be automated
Outsourcing your customer service to artificial intelligence (AI) won’t just save you time, it can actually help you provide a better service.
Automated customer service software incorporates a range of features including virtual assistants, chatbots, automated emails and self-service portals that can work in conjunction with a human agent to streamline processes and improve productivity.
When asked what they would do with the time if they had an extra day each week, 56% of respondents said they would focus on growing their business. That crucial extra day is within reach; you just need to start introducing automation to your business today.
Meanwhile, you can automate your marketing strategy with software that can manage and analyse campaigns, process customer data, and manage lead generation so you can concentrate on the more creative and strategic side of growing your business.
Find out how to boost your business efficiency here.