Implementing any of these could make a difference to how much you get done in a day
How well are you managing your time? It feels like lack of time is an issue for everyone these days, doesn’t it? Somehow all the amazing technology we use hasn’t reduced the number of hours we work, just increased our expectations of how much we can get done.
But the biggest issues aren’t really to do with technology. They’re much more fundamental than that. I’ve researched this with a lot of accountancy practices over the last few years and identified what I believe are the key factors that make a real difference to how you manage your time.
There are multiple factors involved and there isn’t space to do all of them justice here. But implementing these five – or even just one or two – will make a difference to how much you get done in a day.
1. Block out your diary
You can’t move your practice forward if you don’t devote time to it. Think of it as your number one client – because that’s what it is. If it doesn’t run well, it can’t serve your other clients properly. So, block out time in your diary for working on your practice and make sure your team know not to schedule anything else in. It could be an hour or a whole day; whatever it is, that time is sacred.
I remember talking to an accountant many years ago in the days when we all used paper diaries. He told me: ‘No matter how much I tried to block out time for working on my business, something would always come in and I would fill it. And then I found the best way ever to block out the time.’ What did he do? He tore out every single Friday page from his diary for the entire year so nothing else could possibly go in there. How could you do that with your own diary, virtual or not?
2. Clarify priorities
This may not sound like a time management tip but it’s crucial if you want to stop wasting time on things that aren’t important.
You need to find out what your priorities are, both personally and for your business. What would your perfect practice look like? What role do you want to be doing? What kind of fees do you want to be charging? How much profit do you want to make? How many hours a week do you want to work? What do you want to be doing outside work, with your family and friends?
Put specific targets in place for the things that matter to you. Then when, say, somebody wants a cheap and nasty set of accounts doing, you can make a decision. Is working with this client going to bring you closer to your vision or further away?
It's really important to be clear on your priorities as this as this means you can make better decisions on how you spend your time.
3. The 80/20 principle
This one might sound a bit scary, but it will free up lots of time. You’re probably aware of the 80/20 principle; that 80% of your results come from 20% of your clients. So, list your clients on a spreadsheet in order of profitability (not fees). Then look closely at where most of your profit is coming from.
What if you were to lose the bottom 20%? How much extra time would that create for you? You might not want to get rid of all 20% at one go but start with a few. Raise your fees for them so they either become profitable or they leave.
4. What do you do all day?
Identify how you’re currently spending your time. This isn’t the same as keeping time sheets, so get a diary or use the notes function on your phone or computer. Then log what you’re doing throughout the day. Not just what you’re working on but the interruptions too, whether that’s phone calls, emails, or someone popping in to ask you a ‘quick’ question. All these things affect our concentration and make tasks take longer than they should.
Keep this diary for a week and then review it. It will highlight if you’re spending too much time on admin, for example, or doing work that could be delegated.
5. Systems are the secret sauce
Without systems, everything takes longer. You have to explain the same things again and again and you’re constantly reinventing the wheel.
Your diary will help you identify the tasks that crop up most commonly and the low-level ones that can be delegated. Starting with the one that takes up the most of your time, create a step-by-step system for someone else to follow. Ask one of your team to test it out and tweak it according to their feedback. It may not be perfect first time but it will start the process. Once that one’s done, move on to the next.
For more ways to manage your time better, download this time-saving tips guide.
Shane Lukas – AVN for Accountants