5 places to spend time on your business, and 1 place to save it

A person works on a cellphone and a computer at a desk.

Running a business requires a significant and dedicated amount of time. But how are you spending that time?

Each day, millions of things are fighting for the business owner’s attention. Client meetings, tax preparations, and poring over quarterly reports are just the tip of the iceberg when it comes to the day-to-day operations of a business. The smaller the operation, the more there is to do. Seems a bit unfair, but not all of the things you do are equally important.

If you want your business to be successful, it is crucial to prioritize and spend your time on things that really matter. That means identifying your core task, while making everything else more efficient.

That way, you can save time on the menial tasks, and probably see better return on your greatest investment, resource, and asset: your time.

Read on and find out how embedded finance can help you save time.

Market research

Regardless of the nature of your business, you can’t survive without knowing your market inside and out. What are clients really looking for? What are your competitors like? How is your product or service different than theirs?

Without thorough market research, you can’t even launch a successful business. But market research doesn’t stop after you opened your company’s doors. Since most clients’ needs and expectations are constantly changing, and competitors want to grow their share of the market, you have to keep your finger on the market pulse at all times.

First things first, devote some time each month to check any shifts in the market and see what you need to do to adapt.

Business plan

So now you know your market, but do you know your business’ path within it? What are your immediate, medium, and long-term goals? What do you need to reach those goals, and what are the obstacles you need to overcome?

A business plan gives you a clear vision of your business’ place in the market, as well as your resources and potential obstacles. Your business plan should be a living document. Check in on your progress from time to time, and don’t be afraid to change things. What you believe is good for your business now is not set in stone, and shouldn’t be.

Basically, don’t set it and forget it. Spend time on your future, so your present won’t suck later.

Acquiring and keeping talent

Hiring the best talent for your business is crucial to success. Your employees are representatives of your business, and their attitude towards their role helps define how customers will see your brand.

Time spent choosing, onboarding, training, and keeping the best talent at your company is well spent. Don’t forget that hiring is not the end of the road, though. Retaining your hard-working employees is just as important. Offer regular feedback sessions, encourage personal and professional development, and create a work environment your employees will thrive in.

When looking for workers, don’t ignore the new options the gig economy offers businesses. Hiring part time workers, or remote freelancers may be the best choice for some businesses.

Consider your business’ real needs and create a strong, flexible team.

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Networking

Networking is important for many reasons. Finding clients, getting to know potential business partners, and learning about your market and industry are all great reasons to get out and participate in trade shows and other networking events.

But, finding time to spend away from your business at all, let alone to mingle with other business owners, can be hard to justify.

Don’t worry, you don’t have to attend every single business dinner you’re invited to. Research the events and pick the ones that you think are worth it. You need to spend your time wisely, not waste it.

Budget

Planning and executing on your business’ budget is a major task and one that needs your close attention. Keeping an eye on cash flow, adjusting your financial needs with ever-changing markets, and maintaining your records for taxes are just a few examples from the vast world of budgeting demands.

That said, not every financial task is made equal. While you certainly need to know how your finances are doing, thanks to fintech and embedded finance it no longer means you have to memorize which invoices are paid and which aren’t.

In fact, embedded finance is the very area where you can save a great chunk of time and devote it to other important tasks.

So, what is embedded finance, and how will it save you time?

Embedded finance

The term “embedded finance”, for the purposes of business owners, refers to the idea of automatic payments and invoicing integrating smoothly into your daily workflow. Instead of a never ending and tedious chore, handling payments becomes an automatic task you hardly have to think about. With our seamlessly integrated financial platforms, this dream has become a reality.

The Veem global payment network is trusted by businesses all over the world. We provide easy, cost-effective payments seamlessly embedded into your workflow. Through our world-class integrations with the most popular accounting software such as NetSuite, QuickBooks, and Xero, along with widely used platforms like Zapier and Magento, the future of fully embedded finance is here today.

With Veem and its integrations, invoicing, sending and receiving payments, updating your books, and even payment financing can occur automatically. From the creating and sending invoices through handling payment and to the final bookkeeping update, payments become an easy flow that only requires your approval and none of that tedious and time-consuming manual information entry.

88% of users save up to 104 hours per year by switching to Veem. Give embedded finance a chance and enjoy seamlessly integrated payments.

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* This blog provides general information and discussion about global business payments and related subjects. The content provided in this blog ("Content”), should not be construed as and is not intended to constitute financial, legal or tax advice. You should seek the advice of professionals prior to acting upon any information contained in the Content. All Content is provided strictly “as is” and we make no warranty or representation of any kind regarding the Content.