6 Areas of Business All Smart Founders Should Be Streamlining

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Question: What easy part of your business can you streamline that most founders haven’t thought of?

Accounting and Bookeeping

“It’s a common mistake to assume you have to do everything in-house. When it comes to finance and bookkeeping, there are so many great tools and resources out there that take the burden off of your plate. Companies such a Botkeeper, which is an AI based bookkeeping automation tool and Paro, which is an outsourced financial service company, can help.”

Customer Service Relations

“Customer service has always been a sore spot for my business. I spend so much of my time speaking with customers who have small complaints, I don’t have much time to work on my core business. Now I have decided to outsource my customer service efforts and work on the core features.”

Menial, Everyday Tasks

“When you come across tasks that consume a lot of time and energy, consider programming a script to automate aspects your process. Menial tasks, especially ones that need to be repeated, can drain your team’s energy. By streamlining these tasks, or aspects of them, you can focus on applying strategy and creativity. Look for opportunities to develop scripts. Tip: Perl is a great scripting language.”

Taxes and Business Budget

“Nobody really likes doing taxes or handling financial matters. But the problem is, if you’re an entrepreneur, you need to. What a lot of founders don’t actually realize is that streamlining – and even automating – their budget is a lot simpler than they realize. There’s a ton of accounting software out there that makes money management a breeze; QuickBooks is one of my personal favorites.”

Financial Forecasting

“We’re conditioned to be private about our finances, but the reality is many entrepreneurs (myself included) are not finance whizzes. At OpGen Media, we have a part-timer who handles our invoicing, payables and other related tasks. Then, we have a consultant to handle our financial projections and provide insight and counsel to help us balance investing in growth and growing cash reserves.”

Team Meetings

“Our company culture is collaborative at its core, which can often lead to inefficient meetings unless we commit to standard practices that allow us to be productive without burning too much resource time. Most importantly, we set agendas that clearly define the scope of our conversations so that people can prepare their thoughts prior and document all important feedback during the meeting.”