Productivity Tips for Increased Profitability

As the end of the year approaches, it’s likely you’ve spent time preparing your small business for the new year ahead. This could include a review of your annual results, gathering your tax paperwork, and setting goals. As a business owner, why not add “increase productivity” to that list? Not only can your goals be reached faster, but your profitability can also increase. This month, I'm excited to share tips on how to increase productivity in the New Year:

Consolidate tasks: By consolidating or ‘grouping’ tasks, you can help put an end to the distractions of multi-tasking and regain focus on what needs to be completed. Try dedicating some time in the morning and at the end of the day to check and respond to emails. Or, on a weekly basis, dedicate Mondays to development-related tasks, while Thursdays could be focused on new sales.

Lead meetings: We’ve all been involved in long meetings that seem to solve nothing. To take control of your next meeting, prepare an agenda in advance, and have specific goals in-mind. It's also important to only have the people there who are required. Finally, standing during meetings, rather than sitting, can also help to keep things brief. Overall, think of the meeting as a huddle - remember to stay quick and to the point!

Take care: Maintaining a work-life balance is critical for seeing strong results in both your personal and professional life. Encourage vacation days when they’re needed. At the office, offer breaks, go for walks, and provide a space where staff can relax, make a coffee and enjoy a snack. And, outside of the office, consider visiting any one of CUA's Community Partners' health and wellness services, such as The Floatation Centre, offering 15% off floats for CUA members!

Discuss your finances: As your productivity increases and you see positive changes in your profitability, it's important to meet with your Financial Advisor to ensure your finances are on-track. They'll provide you with the necessary expertise to confirm you are properly managing your cash and debt levels, paying yourself and your team, diversifying your assets, and of course, saving for your retirement!

Running a small business isn't always easy. But by practicing these tasks for increased productivity, you'll streamline your focus and priorities to achieve amazing results as you kick-start the New Year. Do you have any ideas for maximizing productivity? We would love to hear them. Contact us any time at info@cua.com or phone (902) 492.6500.

Revised Jul. 26, 2021

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