For most entrepreneurs, success is defined by how fast their business in Thailand grows. But one of the biggest challenges is finding time to get everything done. No matter how driven, focused, or hard-working they are, it is easy to lose track of time during a hectic workday. Time is money for them, and unfortunately, it can be pretty scarce when they have a lot on their plate. Entrepreneurs oftentimes wear several hats, rolling up their sleeves to do whatever needs to be done, whether it be managing employees or selling the product or service. And with so many things to do, other crucial things like decision making, problem-solving, and product development become difficult. But there is a better way of managing time before they burn out.
Whether entrepreneurs are setting up a company in Thailand or venturing into online selling, it will be helpful to implement some simple time-saving hacks to their business whenever they can. Keep in mind that good organization and time management skills are essential to the success of a business. Businesses that utilize good time management are better positioned to consistently deliver their product, or service, on-time. To be more productive and efficient, entrepreneurs can tweak their routine and utilize these time-saving tips below.
Create a Realistic Schedule
Planning out the day is crucial if entrepreneurs want to save time and stay on track. While they may not get everything done that they intended to complete, they will still have a pretty good idea of what they should do next instead of having to waste time while they figure it out. And one of the best ways to plan out their day or week is to first track their time and figure out how long it takes for them to complete certain tasks. They can write out their schedule based on what their priorities are for the week so they can focus on that first. With this, they will know how much time they will have for strategic business planning, appointments, events, and other activities.
Set Clear Goals
Identifying the goals helps entrepreneurs stay on track during their workday. It will also save them from wasting their time on things that are not part of their big picture. Entrepreneurs should start by identifying their long-term, overarching goals; and then work backward from there, breaking them up into smaller, more short-term objectives. For instance, if they want to try any investment opportunities in Thailand, then they should create a clearly defined goal that is both realistic and practical. Having a clear and direct goal can help entrepreneurs work towards a tangible benchmark. When they accomplish their goal, they will also experience a sense of achievement, which can help them push toward setting even more ambitious goals in the future.
Delegate the Tasks
Startup entrepreneurs are often faced with challenges that require them to be flexible and versatile; be it accountant, marketing director, operations manager, cashier, or even shop cleaner – they are more than willing to take on these tasks for their business. However, doing it by themselves and taking on all responsibilities is not the most productive use of their time. Entrepreneurs should not be afraid to delegate tasks to their members. They can also hire a skilled and experienced business startup consultant to help them through the process. Often, someone else can get it done faster, and maybe even better than them. So, learning how to delegate tasks is an important time-saving tip to bear in mind.
Cut Down on Meetings
Cutting down on meetings is one crucial way to save money. The next time entrepreneurs are in a meeting, they should do some rough calculations based on the number of people in the room and the average hourly salary they are paying them. Sometimes, the results can be staggering. They can also take a look at both their own and their employee’s calendars. How many hours per week are spent in meetings and evaluate the cost and benefit to the company. More likely, they can cut back on some meeting time and free up time for actually getting work done. Another suggestion is to eliminate a lot of information-sharing meetings. If they need some feedback on something, they can send some information ahead of time and ask everyone to review it before they sit down to meet.
Use Smart Automation
Automating a process can help entrepreneurs be more efficient. They can automate things like payroll, accounting, social media, and sales and marketing to help save time. Implementing automation tools allows entrepreneurs to simplify repetitive tasks and gives them more time to work on important projects. And, automated processes can help make sure that the business runs like clockwork. Entrepreneurs should consider automating their accounting and payroll duties by investing in accounting software and payroll software. For startup entrepreneurs, there is software that is built specifically for them, so they don’t have to break the bank to automate this process. Moreover, Using automated email marketing tools allows entrepreneurs to send emails to all their customers or vendors without wasting time writing and sending emails to each individual.
Create Time Limits
As business owners, it is easy to let the day get away from them. As soon as they know it, it is already 5 o’clock in the afternoon. Then all of a sudden, it’s Friday. One of the easy ways to have more time in their day is to create tangible time limits for certain activities. For instance, limiting phone calls to 5 minutes can decrease the amount of time on small talk during calls and help refocus phone conversations to address important points. During working hours, entrepreneurs should figure out how much time they need to finish each task and set a goal for themselves throughout the day to complete the project by a certain time. Creating limits on the number of time entrepreneurs spend on unplanned tasks can put a premium on their time, helping to ensure that others won’t waste their time. Moreover, keeping an eye on the clock can also help save time. Entrepreneurs should understand how much time they need for each project to have a better plan on their days and waste less time.
It is common for businesses in Thailand to have unclear goals or a vague approach to evaluating efficiency at the workplace while starting. Thus, time management is a crucial skill entrepreneur should learn. It helps facilitate all other aspects of business and makes problem-solving and decision-making much easier. Entrepreneurs should understand that at the end of the day, it is not about just saving time, it is about saving their time for a reason; ensuring that it is being out to the best use possible. With the right approach, they will soon be able to simplify the busy work and focus their attention on their business once again. So, if they want to get more done in less time, they can hire a business consultant and apply these time-saving tips that will make their startup team more productive and efficient at work.
Source: Asian Correspondent
Taking on the challenge of starting a company in Thailand can be exciting and rewarding, but this endeavor also has many hidden risks. The decision to venture into this profitable industry is only the first challenge. Entrepreneurs need to seek professional help from an experienced startup specialist to ensure that their business is flourishing. They will also need to work hard, establish a network, and learn new things often. However, many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in the business industry is more complicated than they thought.
More than half of startup businesses fail after four to five years. And of those that survive, only a few of them become successful. One of the aspects that distinguishes these entrepreneurs from the competition is their approach to strategy. To succeed in business today, entrepreneurs need to be flexible and have good planning and organizational skills. That means they need to embrace rather than reject corporate strategies, and they will often trade off or tone down reckless entrepreneurial behavior for a more civilized approach. Entrepreneurs should take their time and plan out all the necessary steps they need to achieve success. Whatever type of business they want to start, they can use some pieces of advice or tips that can help them be successful in their venture.
One of the common mistakes made by startup entrepreneurs is the lack of planning when conducting the company. Oftentimes, they make strategic decisions in the heat of the moment without proper planning – this can be a recipe for disaster, especially when a business is growing fast. This is where the expertise of a business startup advisor comes in. With their help, entrepreneurs can have a formal strategic plan, having a document where they can review and detail their company’s current position, state their goals, identify potential obstacles and establish an action plan to follow.
2. Study Your Competition
Whether entrepreneurs would like to venture into the wholesale or retail industry in Thailand, there are probably many other business people who are targeting the same customers they want to attract. That means if entrepreneurs want their business to thrive, they need to know who their competitors are and try to understand their product or service. Moreover, if entrepreneurs can identify any of their competitors’ weaknesses, they can use them to their advantage.
3. Work to Broaden Your Client Base
One of the most common risks many startup businesses face is being dependent on one or two major clients. Entrepreneurs should be aware that their business can fail after losing their biggest client. Thus, it is crucial to constantly make new contacts while maintaining existing ones to help grow and form partnerships. Moreover, participating in exclusive events such as startups meetings, entrepreneur fairs, and other business meetings is one way to open new opportunities and broaden their client base.
4. Listen to Customer Feedback
In business, change is inevitable. Thus, Every entrepreneur should know the acronym ABA, which stands for “always be adapting.” An entrepreneur must be prepared to accept change and adapt business operations accordingly. They must be flexible. And there’s hardly a better way entrepreneurs can evolve their business than to listen to their customers’ feedback. That way, not only will they be able to change what they’re not doing right, but they might also pick up some brilliant ideas on which direction their company’s supposed to go. Moreover, if a shift in their product or service is warranted, entrepreneurs should not be left behind. Keep in mind that a lack of adaptability can result in a loss in customers, profits, and even business failure.
5. Utilize Social Media
In this generation, social media has become one of the most popular means of staying up-to-date with any type of news. No matter what industry entrepreneurs would like to venture into, there are people they need to follow to make sure they get all the latest industry-related news that could affect their business. Most of these people can be found on Twitter, LinkedIn, and Facebook. If entrepreneurs are managing a B2B business, using platforms like LinkedIn is an absolute must.
6. Monitor Profit Margins
Also called the return on sales ratio, it shows the after-tax profit (net income) generated by each sale by measuring the percentage of sales revenue retained by your company after operating expenses, creditor interest expenses and income taxes have been paid. Typically, a company with a higher profit margin than its competitor is usually more efficient, flexible, and able to take on new opportunities. Thus, it is important for entrepreneurs to closely watch their profit margin for each of the products and should not hesitate to remove them that do not generate income from their business. Entrepreneurs don’t need to carry products with no or low-profit margins when there’s no return for them.
7. Develop a Cash-Flow Planner
Many entrepreneurs outsource financial management to their accountants. However, this strategy can cause them to lose track of their cash flow. Entrepreneurs who take the time to focus on their business’s financial health can help them identify problems and turn things around. They can take an hour of their time and record their month-opening bank account balance and all anticipated cash inflows and outflows. With this, entrepreneurs can track their cash as it comes in and goes out each day. Now that they have a tool that allows them to keep close tabs on how their business is doing, they can respond to them quickly when required. Moreover, they should also master the numbers and use their knowledge to reach their financial goals.
8. Set Your Goals
Being an entrepreneur means that they have to keep coming up with new goals their business is supposed to meet. It’s not just about long-term goals but short-term goals as well. If entrepreneurs are unsure where to start, figuring out how many new customers they want to attract in their first couple of months is something they can never go wrong with.
9. Have a Content Strategy
The majority of marketing now takes place online and if entrepreneurs want to attract a lot of web users to their business, they will need to provide them with quality content their target audience will come back for. The good news is, producing content for their content strategy is not that difficult. All they need to do is use their expertise to come up with blog posts or video ideas. Entrepreneurs should always consider their website as part of their sales team and should be held accountable to meet targets.
10. Target the Right Market
When starting a business in Thailand, aspiring entrepreneurs would tend to dream about conquering it all. Still, this is practically impossible when they are just launching a small business. However, it doesn’t mean that they should not dream big, it means that entrepreneurs should tackle small markets first and move on to bigger markets as their company grows. If foreign entrepreneurs plan to run a company in another country, like setting up a business in Thailand, they should first seek professional help from startup consultancy experts. They know the ins and outs of the local market, which entrepreneurs can take advantage of.
People are drawn to entrepreneurship because they want to nurture their interests. However, passion is not enough to ensure a successful business start. If they want to succeed in the business industry, they need to have what it takes to achieve their goals, and following these tips above can help them jump-start their career.
Source: Asian Correspondent