Business as Usual, But Better: Prioritizing Tasks, Taxes, and Expenses
Small business ownership is like walking on a tightrope: It requires balance, attention to detail, and dedication to keep going. The myriad responsibilities are daunting at times, particularly when so many tasks demand your attention at once. Business owners must be smart about prioritizing tasks and expenses and stay on top of tax responsibilities. Developing daily, weekly, and monthly task routines for your business will keep things flowing smoothly. Not all financial issues require equal attention, so prioritizing your tasks is important as you develop your system.
Prioritizing Tasks
Establishing a hierarchy of tasks and business expenses is key to small business success, and there are many ways to put this concept into action. AP Intego recommends using a three-category system that includes time-sensitive tasks, customer experience/operational improvements, and detail work. Using a daily, weekly, and monthly task routine provides consistency and structure. Daily tasks should include tracking business metrics and interacting with the business directly.
Weekly tasks should include recording business transactions, staying involved with your social media presence, and completing invoices. You can structure your weekly schedule to devote a specific time each week for tackling these items. Enter daily and weekly tasks into your digital calendar and set reminders to ensure that nothing gets missed.
Once per month, conduct a financial review to ensure that you are on track with business expenses, check on your tax compliance, conduct inventory tasks, and network with others in the business. To ensure you are making smart business expenditures, assign time every few months to price-shop for supplies and services. You may find that certain vendors offer discounts for bulk purchases or long-term business collaborations. Establish specific days and times to complete these responsibilities and prioritize tasks that are urgent.
As a busy business owner, it’s often a good policy to delegate some tasks to others. Instead of hiring full-time employees, you can search freelance job boards and find qualified professionals, such as web designers or someone who can help you with the design of your brand. Of course, if you plan to hire help, you need to start thinking about payroll. That may sound intimidating, but here’s the good news: you can use services that take care of payroll for small business, allowing you, again, to focus on other tasks involving your business.
Know What is Important
A positive aspect of prioritizing tasks is that it offers insight into what can wait. Not all items on your to-do list are critical. Some tasks are considered non-core activities as they do not affect the competitiveness or functionality of the business. Knowing the difference between core and non-core activities is important. Less critical business activities can be outsourced if your business has the capital to do so.
As you delineate the importance of varying tasks, consider the Eisenhower Decision Matrix. This four-quadrant matrix was devised based on President Eisenhower’s wisdom and popularized by Stephen Covey. The premise is simple: Tasks are designated by urgency and importance. Use the matrix to draft your task lists and try to maintain consistency with this schedule for optimal results.
Tax preparedness is an absolute necessity for small businesses to track. Staying on top of tax responsibilities can be simplified by hiring an accountant to routinely assess your business expenditures and income. Do not make the mistake of waiting until tax season to think about it — make sure you are monitoring your tax expectations regularly. By tracking your taxable income and expenditures, you may even find that there are ways to reduce your tax burden. By staying on top of tax responsibilities, you are protecting yourself and your business.
Your time is important. You can create a business strategy that prioritizes tasks and spending to save you time and money. Developing a strategy for success can keep your business running smoothly.
To get up to speed on your financial priorties, sure to check out our business funding guide.
