Productivity Tips for Entrepreneurs & Small Business Owners

By on February 16, 2016

In the February #navSMBchat, we discussed some of the most-pressing issues for entrepreneurs and business owners. Nav provided many excellent tips on a number of topics. Below is a summary of our conversation. For more great advice, follow nav on Twitter and join us next month for another installment of #navSMBchat.

Brian Moran: How can business owners better budget their time to accomplish more key goals?

nav: First, prioritize and focus on one thing at a time. Multitasking can reduce productivity by as much as 40%. Second, take advantage of free small business tools and technology that can take work off your plate.

Moran: What can entrepreneurs do in the short term to become more productive in the long term?

nav: Building business credit now will save tons of time and headaches if you need financing down the road. High business credit scores can also land you better payment terms and mean less time dealing with cash flow issues. Make employees happy! Happy employees are 50% more productive. Here’s an article for more information on the benefits of happy employees. https://www.nav.com/blog/7-surprising-ways-awesome-boss-951/

Moran: What are easy ways to protect your business without spending more time and money?

nav: Let someone else do it for you. Nav provides free personal and business credit monitoring and alerts. Visit us at www.nav.com. Business owners can also run pre-employment background checks to safeguard against employee theft. Lastly, take two minutes to check if your credit data is correct, so it won’t cause hiccups later. Check out Credit Sweeper at www.nav.com

Moran: What are some ways to efficiently monitor business financial information?

nav: Use separate bank and credit card accounts for business and personal accounts. It’s an easy way to save hours of tax work. Set up online tools and alerts to spot unusual activity. Also consider hiring a good accountant. It’s almost always more cost and time efficient.  

Moran: How often do you need to monitor your financials and your credit?

nav: Monitor financials weekly and credit monthly to catch mistakes and problems early. Set aside 15 minutes each week to organize your finances (equivalent of one Facebook visit).

Moran: How does having good personal and business credit profiles save time?

nav: Strong business credit scores makes it faster to shop for the best loans and credit cards. Strong credit insures that you don’t waste hours applying for funding just to be denied access to capital.  An established line of credit gives you more time to focus on your business and less time worrying about cash flow.

Moran: How can you reduce distractions while at work?  

nav: You should start by pinpointing the causes of your distractions. It’s the first step towards fixing the problem. The second step is to get organized! Expert Dave Crenshaw recommends five hours each week to address Chaotic Clutter. Then, schedule your most important work for times when you are “in the zone” via Life Hacker.

Moran: How can you get control of your schedule?

nav: Delegate tasks. According to Levi King, nav’s founder and CEO, “There are 20 ways to do things right and only a couple to do it wrong.” You also want to watch the pockets of wasted time during the work day. By eliminating them, you will have greater control over your schedule…and more time freed up during the day.

Moran: What can you do to keep your body and mind fresh?

nav: Get the blood flowing. According to Tim Berry, “An hour a day of exercise gives you back more than an hour of productivity.” Take a break, get fresh air. Going for just a 20 minute walk can quickly re-energize you.

Moran: How can you best use the time you’ll save from using all these productivity hacks?

nav: Two tips–first, sleep more! Studies show that a 20 to 30 minute nap can provide a 100% increase in mental alertness. Second, get serious about maintaining a strong credit profile for your business. Nav can help you get started in less than five minutes.

Moran: Thanks nav for another great session of providing tips and insights for small business owners interested in running better, more efficient companies. I plan on incorporating a few of these tips into my own company! We look forward to talking again in March at the next edition of #navSMBchat.

About Brian Moran

Prior to rejoining the world of entrepreneurship, Brian was the Executive Director of Sales Development at the Wall Street Journal where he oversaw the sales development and marketing programs for the financial and small business categories among the many Journal brands. From 2002-2010, Brian was President of Veracle Media and Moran Media Group.

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