4 Tips to Improve Productivity and Boost Your Bottom Line
There are many ways to improve productivity. Feuling your energy helps. You can power nap, power walk or even consume a power bar but I’m going to focus on other tips. Process efficiency also helps improve productivity. It can indirectly benefit your bank account too. Here are some ideas to help you pivot your efforts in the right direction.
1. Consider a “set it and forget it” method
Another way to free up time and indirectly save money is to use recurring payments for people you charge the same amount to each month. You won’t have to fill out pertinent details such as the client’s name, the amount owed and how often to bill them. It will happen automatically, and you can eliminate these tasks from your schedule or scale back on your bookkeepers hours.
2. Show gratitude for workers
According to research from the Wharton School at the University of Pennsylvania, managers that show appreciation for their workers’ efforts may inspire them to put forth more effort while working. In one study, workers thanked for their efforts before working, in this case, for making fundraiser calls made 50% more calls than another group that wasn’t acknowledged.
Integrate different ways to thank people regularly. Send an email expressing your gratitude is one way. You can even show appreciation on an invoice. Outside of a default setting that reads “thank you for your business,” maybe add another line to personalize the message like “Thank you so much for putting in extra time over the weekend.”
3. Make an invoice look like a household bill
Take a look at your electricity bill, gas bill or any other bill that has a set due date. Those dates tend to stay the same, and you can anticipate when you have to pay them.
Think of doing the same thing on your invoices. Creating a specific date sets clear expectations as to when something is due, whereas if you use other invoice payment terms, it can give people more leeway and a longer time span to pay you. Without ample structure, you” leave payment dates open to interpretation.
This can make getting paid more predictable and hopefully, get you paid faster. Whether you send an invoice once a month or on the first and the 15th, be sure to let the client know in advance. Also, include it on your payment terms of a contract. You indirectly “train” them to pay you at a set time. You can avoid some of the confusion that comes with payment terms that sound too vague like “due upon receipt.”
4. Set up systems
I’ve written several posts about canned responses and email scripts link. These ideas help you set up a process to work more efficiently. It cuts back on time you would spend re-creating a similar answer over and over again. It frees you up to handle more critical aspects of your business such as getting more clients.
The Bottom Line
As you work to improve productivity, also equip yourself using the ideas noted above. It will not only help you work more efficiently, but it can also help boost your bottom line.