In my experience, I find here are two things business owners consistently have difficultly with. Firstly, doing tasks in order of importance and secondly, doing tasks that are of high value.
The thing is, how efficiently you use time will be one of the key factors that determines your profitability
How much of your working week is spent doing tasks that have the highest possible income value?
And if you are looking to grow your business, then what is even important than your efficient use of time, is your ability to allocate time to work ON your business. If you consistently spent at least an hour a day, 5 hours each week, to plan the work that needs to be done to achieve your goals and then work your plan, your business will be transformed within 12 months.
Now imagine the accountant spends only 20 hours a week with clients. The other 20 hours are spent doing lower value tasks such as book-keeping. A part-time employee could carry out these lower skill tasks for £10 an hour.
The accountant who spends only 20 hours a week with clients earns £1000 (20 x £50 = £1000) plus £200 for the other 20 hours a week on book-keeping (20 x £10 = £200). The total value of their working week is now just £1200 instead of £2000. This equates to an annual income of £60,000 instead of £100,000. That’s £40,000 of wasted potential and profit due to poor prioritisation and time use.
You can also apply the above principle to enable you free up five hours each week to work ON your business, allowing you to achieve your longer-term goals.