7 Ways To Use Recruiting Automation In Your Hiring Process

recruiting-automation

Technology has changed the way we do most things, including hiring workers. Recruiting agencies are also benefitting from new technologies. One of these technologies is recruiting automation software. The idea behind this software is that it does the busy work for your team, reduces human error, and helps you focus on the more important tasks that the software cannot do.

75% of recruiters are saying that technology will be playing a much larger role in future years to come. Not only that, but many recruiters are relying on smart technology to help streamline their productivity in the workplace.

So, what are the benefits for using recruitment automation?

Why Use Recruiting Automation Software?

There are a few main reasons why recruitment teams should be using this kind of software. Here are some of the most important reasons to incorporate this technology into your hiring practices.

  • Better Productivity– The whole idea behind this software is to help your team work more efficiently and make better decisions at a quicker pace. Automating manual resume screening and interview scheduling allows employees to focus on more meaningful work.
  • Enhanced quality of hire- Automation improves the quality of a company’s hiring efforts. It allows recruiters to employ people based on characteristics that were predicted for job success. Not only that, it can lead to better and more stable hiring decisions over time.
  • Improved candidate experience-Job candidates also benefit from automation software. Potential employees don’t have to wait as long for responses, don’t have to wait as long for a hiring decision, and experience a more efficient overall process.
  • Bias-less hiring- When you use recruitment automation software for assessing and ranking candidates, you remove any common hiring biases and make a completely objective hiring process. This in turn leads to increased diversity in the workplace.
  • Decreased time to hire- Every day a job role goes unfilled in a company is a day where the company faces lost profitability and productivity. Automating certain aspects of hiring, like candidate pre-screening and assessments, greatly reduces the overall time to hire.

These are some of the best reasons to use recruitment automation software in your hiring process. So, now that we understand the why recruitment teams should take advantage of this technology, we need to investigate how we can implement this software in the hiring process.

What Are Some Ways Recruiting Automation Software Can Be Used During The Hiring Process?

How does automation software help recruitment teams? Here are 7 ways in which this technology is used in the hiring process.

  1. Job advertising

recruiting-automation

Traditionally, when a position opens up within a company, that job would be advertised in the local newspaper and listed on job boards. Then came listing it on the internet. With recruitment automation software, you can use programmatic job advertising instead, which is the purchasing of digital advertisements using software.

Using automation software allows you to place your job advertisement all over the internet. These ads usually have low or no return on investment costs, which saves your company money, by making use of automated advertising budget management. “This automation can help recruiters reduce cost-per-applicant by over 30%” explains Troy Ryan, a project manager at Elite assignment help and State of writing.

Recruiting automation also improves your employer brand messaging, focusing on employee experiences, giving a favorable light to company culture, and pushing out branded content that is more appealing than the average job posting.

  1. Background screening

Automated systems are great at weeding out the wrong job candidate for your company. With recruitment automation software, you can carry out background checks by running any contact information through the system for verification of their identity and confirm employment eligibility.

  1. Applicant tracking

This is the most common automation software that recruiters use. Applicant Tracking Systems are used to collect and track the recruitment process in a database, from when a job candidate first applies for the position, to when a final decision to hire or not is made. It is a great organizational tool.

  1. Recruiting via social media

Nowadays, jobs are advertised via social media. In fact, 98% of recruiters use Linkedin to post jobs and source candidates, as well as other sites like Instagram and Twitter. It’s super easy and efficient to use automation software to manage your social media recruiting, such as automating when you make a social media post and launching recruitment campaigns.

  1. Pre-employment assessments

There are pre-hiring platforms dedicated to pre-hiring assessments. These platforms are invaluable for assessing relevant skills, characteristics, and automatically ranking of candidates based on their assessment scores. This mitigates any hiring biases that might skew candidate selection, making the hiring process more objective.

Most of these skill assessment platforms also integrate easily with your company’s ATS, keeping your company’s information on potential candidates as up-to-date as possible.

  1. Interview scheduling with recruiting automation 

Scheduling interviews also is a huge time sink and requires impeccable organizational skills. It’s considered to be the most tedious task out of the hiring process.

Automation software helps by saving time and streamlining the process, creating a smoother and better experience for recruiters and potential new hires alike.

  1. Candidate rediscovery and ranking

recruiting-automation

Most of the time, you will have multiple candidates for one position, and will only hire one of those candidates. However, the job market is very competitive, and it really benefits you to keep track of talent even if they were previously turned down. Candidate rediscovery and ranking technology can help here, as it helps companies identify past candidates who might be a good fit for the current role, as well as their candidate scoring and ranking to help speed up the hiring process overall.

Recruitment automation software is a massive help for recruitment teams. These are 7 of the most common ways in which recruiter implement automated technologies within their companies. It can be used in a variety of ways and offers many distinct team advantages.

Christina Lee is a social media strategist at Student writing services.

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Innovative Recruitment Methods Your Company Needs to try Today

recruitment methods

Innovative Recruiting Techniques Your Company Must Try

Using recruitment methods different from the usual tradition and norm to bring in fresh hands has its advantages as a recruiting manager. Most employees nowadays go in for job aptitude tests having ideas about what they may be up against. If you own that company, there are chances that you may not get the best hands. To be sure that you have recruited the brightest, you have to give everyone equal opportunities during the process of getting in. So being innovative with your recruitment methods will ensure that the prospective candidates are meeting with that method for the first time. That would get you the best if this recruitment method is unbiased. You should try some of these innovative recruitment methods below.

Try your advertisements on social media

Using programmatic advertising may not be considered innovative but it is an idea you should consider for your online recruiting. When you visit niche sites where your prospective candidates hang out, you stand a great chance of getting the best hands. Imagine big-name companies posting their job advertisements on say Spotify. This is away from the popular social media platforms like Facebook, LinkedIn, and Twitter. At the same time, Strike IT in the US placed 111 hires by sourcing their candidates on Reddit. Goldman Sachs is also known for using this type of method. Mainstream social networks can help you build a strong employer brand and so reach out to a broad audience.

Video interviewing

When you have got top-class prospects living abroad, using video interviewing technology can be a great option. It is quite self-explanatory but it doesn’t make it less effective. It will save you a lot of time and resources and you would still be presented with a larger candidate pool than using conventional recruitment methods. There is a way you can improve video interviewing to bring in more innovation. You could do pre-employment skills testing and assessment to extract some important data like verbal responses, gesticulations, and eye movements about your prospective candidate using video technology. This data set can help you predict a candidate’s likelihood of success in their future jobs.

recruitment methods

 Patronize the freelance jobs platforms

This is one innovative recruitment method that is fast becoming popular these days. It is possible that you need some particular job done as quickly as possible. Maybe one of your employees who is skilled in an aspect hasn’t done a particular job the way you want it. You have a deadline to meet and there are other jobs for your staff. You can visit some freelance platforms like freelancer.com, Upwork or, even better, check freelance websites that have specialized experts in certain fields, such as Kolabtree, a freelance medical writer website. These platforms will help you get the right candidate. The advantage of this is that you can get several qualified candidates and choose one who is free to attend your job and conclude it as soon as possible. This will save you a lot of time and money since you wouldn’t need to go through the whole recruitment method or have any onboarding activity before your work gets done. Working with a freelancer also allows you to see how good they are and when next you are looking for someone with such skills for a full-time role, you will just hire the candidate straight away.

Apply gamification methods

These days, several companies have started using this innovative recruitment method to get the best hands for their important roles. Gamifying a recruitment process helps the employee see past the resumes of prospective candidates and focus on their skills and intelligence quotients. You can use software from companies like Knack to achieve your recruitment process through gamification. For example, Taylor Wessing, a law firm, uses Cosmic Cadet, a five-level game to assess candidates’ skills. Unilever also uses some intelligent games to screen recent graduates faster and in a fair manner.

Including incentives for employees in your advertisements

This may seem off from the other innovative recruitment methods of recruiting top-class candidates but it works like magic and helps you have an edge over your competitors in recruiting the best hands. When professional candidates are exploring their options, they will be glad to know that one out of the four companies they are considering has some incentives for their employees that are too good to reject. For example, as a company, you can talk about how you would help your employees’ endeavors succeed by sending them abroad to sharpen their skills. Any prospective candidate who sees this will immediately be interested and it can help you get the best hands. This is because global mobility is influencing the recruitment method for many companies these days. It is not possible that your country has all the best solutions you need for your company so sending your employees on regular pieces of training abroad is necessary so you can acquire more skills from the professionals in that area. Prospective candidates are always on the lookout for this and many other incentives for employees.

Using internet technology in recruiting sourcing professionals

Recruiters have long been using the resources of Internet technologies to find specialists, such as job sites, social networks. Today, this recruitment method has become especially relevant due to the massive transition of people online. Check out five innovative ways specifically for sourcing/procurement professionals to recruit talent that companies need to take note of in 2021:

  • Posts and stories on Instagram. Today, it is a powerful tool to draw attention to your company. This resource is suitable for you if you want to acquaint candidates with the corporate culture, share current events and activities, tell them about the features and benefits of working in a company, giving candidates a chance to see the company’s life from the inside.
  • Entertainment applications. In the Snapchat app, you can find geofilters and apply them to your photo. JPMorgan Bank has created its geofilters for athletes in London and New York to discover young talents. They also plan to use these geofilters on demand for school and university activities. JPMorgan wants to show young people that they are a modern company and that their future jobs will be just as varied and exciting.
  • Online competitions. Organizing your online technical competitions will allow you to evaluate and attract candidates who are not currently actively looking for work. You can also get a solution to some of the company’s current problems (this is how Google, Microsoft, Facebook work).
  • Show-Your-Work Sites. Take advantage of websites like Dribble (finding creative people) and Pinterest (photo hosting), where users post their work, and interested parties can rate and praise their success.
  • Creation of online professional communities at the level of your company. This tool will help you build relationships with members based on learning and discussing professional topics in communities (for example, using massive online chats – WhatsApp). Once you have established a professional relationship, you will have the opportunity to tap potential hiring candidates.

recruitment methods

An alternative method, using PEO Services:

A Professional Employers Organization (PEO) is a service provider that allows companies to outsource the management of services typically provided by a business, including global payroll, human resources, employee benefits, risk management, training, and employee compensation. PEO assumes all responsibilities in these categories, and this allows the company to focus on the operational and profitable side of its business.

Conclusion

If you are a recruitment manager, you want to be known for the type of employees you bring in. To achieve that, you need to be at the top of your game when recruiting. Bringing innovation to the table has proven beneficial to most companies and if these recruitment methods didn’t yield results, we wouldn’t be talking about them. If you are preparing to recruit soon, you should try out some of these tips and see how well things work for you. Check out this article on hiring employees for your business.

 

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All You Need to Know About Taking Action

taking action

Taking action is one of the most challenging and rewarding things you can do. It can be challenging because it forces us to take responsibility for our lives. But don’t be scared by this; take a moment to think about how amazing it feels when you take action?

When you take action, it’s like a huge weight has been lifted from your shoulders. It’s like the feeling of finally being able to take a deep breath after holding it in for hours. When you take action, all those sleepless nights and thinking about it turns into having done something.

You’re probably asking yourself: “What action am I supposed to take?” If you’re not too sure yet, that’s OK. That means you’re still planning what to do next, which is great! You’ve already made a step towards taking action by starting this process and letting go of certain things weighing on your mind!

As always, take some time for yourself first before taking action because this will help you choose the best course of action to take. This is important because you won’t take any action if you’re not in the right frame of mind and it’s not what you really want to do.

Taking action can also be difficult because it will make you face your fears and insecurities. No one likes to feel vulnerable or afraid, but these are the emotions that push us forward and help us grow!

 What happens when you Take action?

When you take action, you’ll learn from your mistakes and build a better plan for the future. But here’s another thing about taking action: you might sometimes discover that what you thought was the right thing to do wasn’t, and vice versa.

If you follow your heart, it’s going to lead you in the best direction every time and help lead yourself towards reaching your biggest dreams!

How to take perfect actions?

Taking perfect action is something many people strive for, but in reality, it’s something that comes naturally with the right mindset.

Taking perfect action isn’t really about taking a certain course of action or trying to be perfect, but it is about being true and honest with yourself while doing things you’re passionate about. You don’t need to do anything special or amazing; all you have to do is get started!

You probably know from experience what it feels like when you do something you love and how much energy this gives you. In order to truly take perfect action, remember these three key steps:

Be honest and true to yourself: Before taking any action, make sure you’re doing so because it’s what YOU want – not because someone else tells you that it would be better for you or because you think it’s the right thing to do. Be honest and true to yourself!

Do things that bring you energy: What does energize you? When you try something new, how do you feel afterwards? What makes your heart beat faster, and not just in a physical way? Do more of what bring you energy. Don’t worry about the outcome; instead, focus on doing things that make YOU happy.

From trial and error comes success: No matter what type of action we want to take – starting a business, moving to another country all by ourselves – there are no guarantees for success. Treat every action as an experiment where you will get feedback from the outside world, making some things clearer while others become vaguer. This is a very good thing! Don’t be afraid of failures or mistakes; they’re actually the best way to learn and improve yourself.

Consider these three steps next time you want to take action, and trust that it will all fall into place at the right moment. And remember: no matter what, success comes from doing things YOU love!

Taking action in business

taking action

As an entrepreneur, taking action is crucial to success. As a small business owner myself, I’ve learned that even the most successful businesses have had some pretty rough moments that they’ve had to overcome. This is nothing new; in fact, every single business has been through this, and they all will face obstacles as well going forward in time.

I have learned that every business owner benefits from business coaching. However action takers get spectacular results! If you are an action taker you can advance your business quickly and run circles around your competition.

Taking action is also particularly important when managing employees: it’s much better for your employees if you are proactive and clear about what you expect from them. Many of them will be young people who don’t know exactly how things work yet. It’s easy for them to make mistakes without even realizing it!

Another way to take great action in business is by finding new customers outside your usual customer group: think out-of-the-box and look for people who’ve never bought from you before. You might be surprised at how much more exciting business becomes when you try to approach it from a less traditional way!

Taking action in relationships (and love)

taking action

Love is complicated. And sometimes, it can feel like finding the right person is next to impossible. Taking action in your relationship(s) is what keeps any type of relationship healthy and thriving, whether you’re dating or have been together for years!

Taking great actions also means saying sorry if something happens that makes things tense between two people: even if no one’s fault, remember that every apology should have an ‘I’m sorry’ AND a ‘thank you. This helps soften the blow and makes people feel more respected as human beings.

To me, taking action in relationships also means doing the unexpected: for instance, surprising your partner with a romantic trip or cooking them dinner after you come back from work instead of just watching TV together. This kind of thing doesn’t always have to be very complicated; sometimes, simple things like throwing away some trash without being asked are just as appreciated!

Another way to take great action in relationships is by supporting your loved ones when they face difficulties outside your own life. You could help them find a job or give them advice on some other business project that’s close to their heart. Taking this type of supportive action shows how much you really care and helps strengthen any relationship you’re in!

What are the Benefits of taking action?

Whenever I start to write an article, I like to think of what the purpose is. When writing about action, it’s very easy to get lost in some sort of ‘self-help’ mumbo jumbo and forget why we’re even doing this: for me personally; it’s just because I’ve always been a doer, not a thinker. Many people I’ve talked to over the years have mentioned that they have some kind of ideas and plans but don’t really take them forward. This is precisely the reason why taking action is so important!

 Below are some of the benefits of taking actions:

taking action

You create your own reality. As an example, those who are in a relationship and don’t do anything about their partner’s behavior that bothers them often find themselves thinking: “I really need to talk to my partner about this”. By not taking action, however, the situation will never improve! You’re able to change things for the better if you just take action.

Taking action makes us feel more alive! We become more confident, take on challenges and meet new people: all of which is an important part of growing as a person. Taking action helps get rid of bad habits. Next time you have a day where you’ve been lazy or sluggish – make yourself go out and exercise! This might sound incredibly simple, but for some people, it can be the exact kick they need to get started!

Taking action makes us feel important and in charge. Sometimes you have a day where you’re tired or just don’t feel up for it – taking action by doing something simple, like washing the dishes without being asked, will make you feel great about yourself when all of your chores are complete. You really did do everything!

 Getting going is half the work. So many people ask me how I got started with my blog and business: basically, I just went ahead and did it. No planning at all was necessary because this way of thinking means that not taking any action doesn’t work either; there is no middle ground here! If you’re still reading this, then you’ve already gotten over the greatest hurdle! If many people had the same talents, skills and knowledge that you do, they would have already done what you are doing right now. You can’t let your fear or worry stop things from happening; taking action is how to live life to its fullest!

Taking action makes us feel more powerful than money. I’m sure most of us have heard that saying: “Money doesn’t buy happiness”. We all know it’s true, but sometimes we need reminding … For me personally, whenever I just look at my bank accounts balance, all I see is so much nothingness. However, when I actually spend my savings on something nice for myself or someone else, it really does improve my quality of life! As you can see, even though it might not be too smart to rely on money for our happiness, there is no doubt that it makes things easier.

Taking action and saying “yes” are the only ways to explore new territory. If you never take a chance and say yes to something, you’ll never find out what amazing things are in store for you out there! This is especially important if your ‘job’ is just being an employee in some random company; now more than ever, it’s necessary for people to create their own jobs because so many companies go under nowadays – this has given rise to the study of entrepreneurship; something I hope everyone will read about at some point in their lives. You can do so many things to make your own job – just one example is volunteering; have a look around for some volunteer opportunities in your local area.

Taking action will help relieve pressure. The times when we are most worried or stressed out are usually the moments where we need to take action the most! For example, I’m stressing over this article right now because of how long it’s taking me to write… however, any kind of physical activity (even doing something small like tidying up) really does help reduce our stress levels. Taking action helps us forgive ourselves. It’s easy to tell yourself that you shouldn’t feel guilty about something, but if you don’t take action, all those negative emotions will still be there! This is especially important when it comes to forgiving yourself for things you can’t change; we all have regrets! Taking action keeps us away from a passive lifestyle. A life where you’re lying on your couch all day might seem sexy and relaxed from the outside, but this really doesn’t lead to anything productive! Even though I’ve had my fair share of lazy days, I still try to take some sort of action in order to keep myself feeling alive and active.

Taking action gives us courage. It might be scary to do something new or step out of our comfort zone but taking that first step is always an accomplishment – even if it’s just asking someone where they bought their shirt! You never know unless you try. Without trying something new, our lives would be pretty boring…

Taking action is the key to a successful life. This might sound cheesy, but it’s true! If you haven’t already, please try to focus on improving yourself by taking some sort of action each day; join a sports club, study something new, give up alcohol for a while or say yes more often. It really doesn’t hurt to get out there and do something! We live in an amazing time where we can almost do anything if we want to – let’s make the most of this opportunity!

 Why is Taking Action Hard?

kung fu

There are many reasons why taking action seems nearly impossible for us to do. Some of the most common are as follows:

Feeling lazy. If we really like our hobbies, this isn’t a big deal;  it’s only hard if something is boring or there’s no fun involved!  The creation of entertainment was one of mankind’s greatest accomplishments – without it, we would’ve destroyed ourselves thousands of years ago! Still, three things that have always motivated me to get off my butt and take some action (in order to combat boredom) are staying in shape, working towards something meaningful and finishing something you already started. Achieving your dreams can be scary, but once you give up on them, you’ll never know what could’ve been!

Lack of patience. I’m the type of person who likes to get things done as soon as possible, which usually means no procrastination. However, sometimes it’s better if we don’t rush things; maybe you’re bored because you’ve already been active for so long? Doing something that takes a lot of time is great, but taking that big break will help keep you going strong in the end (I recommend taking a 5-minute breather after every hour). Even when we’re working hard on something fun, we can easily get tired – so make sure to take a rest before pushing yourself too much. Have you ever started watching an awesome TV show only for it to be cancelled halfway through? It sucks… Just take it slow!

This point is related to the previous one, but if you want instant results, you’re going to be disappointed. When it comes to accomplishing our dreams or doing something new (for example, meeting a bunch of people), remember that just putting in the hard work won’t get your life instantly perfect – not everything works out as quickly as we expect them to. Keep working at it, and never give up!

Obstacles are so fun… right? As cool as they may seem when watching movies or cartoons, real-life obstacles suck really hard and prevent us from achieving our goals. Even if you feel like your obstacle can be easily overcome by taking action, there’s always a chance that this might not happen! Be prepared to face multiple obstacles and always remember:

When taking action, you will be rewarded. If you don’t receive a reward after a while, maybe your goal wasn’t rewarding enough, or there’s some sort of problem that you can fix; for example, I almost never finish things – so setting shorter goals helps me feel better about myself.

 What Should You Do Now?

taking action

If we want to take action in our lives, it’s important that we’re aware of what we should do next. Maybe the topic of this article is already very familiar to you, but just in case… here are my tips & tricks on how to get going:

1) Start with small actions. Think about something easy and fun for you to do today.  If you don’t know what to do, maybe you can just start by going outside and walking around the block (this requires no preparation but will make a difference). Don’t worry about how small it is – just get started; if we take action on a daily basis, big things will eventually happen.

2) Celebrate whatever you did. I would even give myself some sort of reward for taking action! What happens after that?

3) Try something new every day. You could be an expert in everything there is to know about sports cars and still want to learn more; every day, we’re faced with so many opportunities – remember that Fortune favors the bold!

4) Visualize yourself succeeding. Even if we know that it takes more than just hoping for something to happen, it’s always a good idea to try and picture yourself being 100% successful (in sports, in school, whatever it is). That way, you’ll have an easier time coming up with solutions when things don’t go your way.

5) Ask others what they think. If you’re still feeling lost after reading this article, maybe someone close to you can help? Sometimes we feel like we know what we want, but the reality isn’t that simple; even if others don’t give us a clear answer or advice, talking about our problems should motivate us towards figuring them out!

6) Execute. This is the hardest part for almost everybody, but why stop now if you’ve made it this far? Just take that first step… (try putting one foot in front of the other)

7) Relax and have fun with whatever you’re doing. Taking action will never be easy for us – oh well.

8) Figure out what’s holding you back from achieving your goal. If we want to become good at something, we need to look into our potential issues: am I not trying hard enough? Am I only working on something because someone else wants me to do it or because I want them to like me? What could be causing some of my bad habits? Be honest!

9) Ask yourself how you can better understand yourself. Most of all, don’t forget:

Don’t let your past failures affect your future actions. If we make mistakes or even fail once, it doesn’t mean that everything’s over – just learn from your errors and go on! Failure is nothing but an opportunity to find out why something didn’t work and how you could do it differently next time.

What Will You Do Next?

Now that I’ve shared some of my best tips & tricks on how taking action has changed my life for the better, I would like to know what you would do next? If you’re here reading this article and not just skipping around (which is awesome, by the way), then that means you also want to become more successful – so what’s your plan?

Are you going to think about taking action tomorrow, or are you going to put on some music and take a break right now?

If this advice has helped you out somehow, why don’t you share it with others?   Sharing is caring.  Thanks for stopping by! Until next time… Here’s a great blog on time management.

 

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Adding Value to Your Business

value of your business

How to Increasing the Value of Your Business

If you’re looking to sell a business, it’s helpful if you are constantly adding to the value of your business. In this articles we’ll explore some ways to do that.

A typical business really has two values. The “academic” value is the one determined by a professional business valuation. The other is the “true market” value. The academic value is arrived at with a formula based on the firms’ hard assets, cash flow, industry averages and multiples. The fair market value also takes those items into consideration, but then considers what buyers are really willing to pay.

For many small and mid-sized businesses hard assets like equipment, vehicles, land, buildings, and inventory may be limited. For some small businesses there may be no hard assets at all. Instead, their value is based on intangibles like employees, business processes, customer lists, location and business relationships.

Adding value to your business requires focused efforts. To maximize the fair market value of your business, it’s vital that you capitalize on those intangible assets.

• Develop key employees. Buyers generally aren’t interested in paying a premium if the business relies on you for its success. Remember to delegate responsibility to key employees and involve your key staff members in the decision making process. Demonstrating that your company’s success is reliant on your capable, well-trained employees – not just you – will pay off at the time of sale.

• Document what you do. Be sure that job descriptions, operation processes, and strategic plans are documented. Documented records and plans give a buyer greater comfort that he or she will be able to emulate your successful growth and will help your buyer obtain financing. Also, be sure to keep business records like sales and expense reports, internal profit and loss statements/balance sheet, and tax returns clean and well-organized.

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• Build relationships. Name recognition, customer awareness and your reputation are all part of your business value. Even if your company doesn’t have many hard assets, your relationships are key. Consider diversifying both supplier and customer accounts.

• Improve cash flows. A potential buyer wants to see the “true cash flow.” And, of course, in the business world cash is king. Be sure you are driving all income to the bottom line.

• Review your assets. Sell off or dispose of unproductive assets or unsalable inventory. Remove or buy off any assets that are primarily for your personal use.

• Find and build your niche. You don’t have to be everything to everyone. Buyers will pay a premium for a niche that has barriers to competitive entry.

• Remodel, clean, and organize. What’s the first thing anyone does when they put their home on the market? They spruce things up and make sure everything is in its right place. Yet, in business, that’s rarely considered. A well-maintained facility will get the best price. Even businesses that lease space can benefit from a thorough cleaning and organization to convey a feeling of quality and efficiency.

Keep these important intangible assets in mind if you’re looking to sell your business. They convey a value that financial statements alone do not. If you are looking to sell, make a plan. Start working on the intangibles well in advance of putting your business on the market. For many business owners, they reach a point where they burn out and psychologically retire early, before a sale is made. It’s important to work to keep your focus right until the sale is complete. Make sure that focus is on adding value to your business.

Finally, when the time to put your business on the market arrives, consider lining up key specialists who will help you make the most of the sale – an attorney, an accountant, a small business coach and a business intermediary to name a few. Remember, you only have one chance to sell your business, so you want to do it right.

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Part 1- How to Profit through Time Management

Profit through Time Management

Manage Time Like Money and Profit Through Time Management

Why did you get into business for yourself? Was it to be your own boss? Choose your own hours? Have more time with the family? Spend more time doing what you love? How do you profit through time management? Chances are, you answered yes to all these questions.

These days, you probably wonder where the time went. Why you spent 12 hours at work and barely make a dent in your to-do list. We already know that time is a key resource for you and your business, but it’s also a key resource in your life. Harnessing and leveraging time is the only way to enjoy life, and have a profitable business at the same time.

A few years back I was working with a client who told me that he hadn’t had a date with his wife in years! He was running a million-dollar business with ten employees but he didn’t take any time off for himself. We were able to restructure the business that made him more profitable and he was able to get regular dates with his wife.

The Pareto Principle in Business

You may be familiar with the Pareto Principle; 80% of your results can be attributed to 20% of your efforts, while 20% of your results can be attributed to 80% of your efforts. As the leader of your business, you want to focus your efforts on the activities that yield the greatest results.

Most business owners carefully manage their financial and personnel resources, and pay due attention to their performance. Marketing plans and budgets are created, people are hired and fired. What most business owners don’t realize is that time – and the time of all employees – requires the same attention and diligent management.

Time will never manage itself.

Time is invaluable when you are running a business. That is why it is important to manage time like money and profit through time management. Time will never manage itself. The decision to make a pro-active effort to manage your time must come from you. Once you have committed to taking ownership for your own time management, there are a host of tools available to you. But first, you must understand how much your time is actually worth, and where you are currently spending it.

What is Your Time Worth?

Ever wonder what your time is actually worth? Here’s a quick way to figure it out:
Target annual income A.
Working days in a year B. 235
Working hours in a day C. 7
Working hours in a year D. 1,645
A/D = YOUR HOURLY WORTH (before tax + expenses) E.

This is a very simple calculation intended to put your time in perspective. In reality, no one is productive for each of the 1,645 hours. Various studies have put actual productivity at anywhere between 25 minutes and four hours per day. Either way, there’s a lot of room for improvement.

How Many Days Do You Have Left on Earth?

Let’s look at it another way:

Your age A.
Days in a year B.
Days spent on earth to date (A x B) C.
Average life expectancy D. 70
Total projected days on earth (D x B) E.
Estimated days left (E – C) F.

This exercise isn’t intended to scare you, but bring your attention to the importance of choosing how you spend each hour you have available. It is a choice! By developing the skills required to manage your time, you will not only have a profitable business but rewarding and balanced life.

The Five Culprits of Time Theft

Chances are – if you’re like most people – you have no idea where your time goes. You’re likely frustrated by the fact that you can spend 10, 12, even 14 hours a day working, and not make a dent in your to-do list, or only bill half of those hours.

When we’re too busy and overloaded with work, we often switch into reactive mode. We can’t make it to the bottom of the pile and end up handling issues and making decisions at the last minute. One of the great benefits of choosing to become proactive in time management is that you can become proactive in all other areas of your business. When in a proactive mode, you can take steps to grow your business through networking, building programs, and establishing systems.

Before you investigate where your time goes, let’s take a look at the top five culprits of modern-day time theft:

1. Time Management and Your Email

Make profit through time management and managing your email. How many times a day do you check your email? Is Outlook or Mail constantly running on your desktop? Email – internal, external, personal and business – clogs up your day like no other communication channel. For many of us, it is possible to spend the entire day writing and responding to emails without even glancing at our inbox. The number of emails sent and received each day by the average person in 2007 was 147. Multiply that by an average of two minutes per message, and you have spent almost five hours on email in a single day.

2. Time Management and Your Mobile Phone

Cell phones have created convenience, security, and the luxury of telecommuting. PDAs and cell phones have also created a society that expects to be able to reach you at any moment or at least receive instant responses to their calls. Your cell phone or PDA not only robs you of your time during the day but also during the evenings and on weekends when you are not at work.

3. Time Management and Your Open Door Policy

If you make it easy for your staff and associates to interrupt you, they will. Too often, open-door policies are set up by human resource departments to create clear communication channels. Instead, they create a clog of employees lined up at your door seeking immediate answers to non-emergent issues.

4. Time Management in Meetings

You can profit through time management if we also manage our meetings well. How many times have you been to a meeting that was scheduled to be an hour, and ended up lasting three? How often do you attend unnecessary meetings? Or meetings that run off-topic? Meetings can be a huge source of wasted time – your valuable time. In a senior management or ownership position, your day may consist of back-to-back meetings, leaving only your evening hours to complete the tasks that should have been done during the day.

5. Time Management: YOU!

Every person has daily habits that sabotage their ability to work productively and efficiently. Many entrepreneurs and business owners can’t separate business hours from leisure hours. Some get caught in a time warp while surfing the internet. Others – mainly overachievers – can become paralyzed by perfectionism or procrastination. Mainly we just don’t have the tools to schedule and structure our time in a way that fits with our working style.

Where Does Your Time Go?

So far we’ve seen that time is a resource that should be as carefully managed as cash, we’ve figured out what your time is worth, and looked at the top five culprits of time theft. You’ve committed to taking steps to become a better time manager. What now?

Personal Time Management Research Exercise

The next step is to take a good, (and honest!) look at how you spend your time. Once you understand your patterns and habits, you begin to implement the strategies in this chapter that will make you a better time manager.

Step One: Time Audit

Use the Time Log Worksheet at the back of this chapter to record how you spend your time for three working days in a row. Be honest, and be specific. Include time spent in transit, surfing the web, interacting with clients and colleagues, as well as how your time is spent at home in the evenings. The more information you can record, the easier it will be to analyze your time management skills in step two.

Step Two: Time Categorization

Once you have recorded your time for three days, sit down with all three sheets in front of you and identify the following using different colored markers or highlighters:

• Driving, public transportation or other travel
• Eating, including food preparation
• Personal Errands
• Exercise
• Watching TV
• Sleeping, including naps
• Using the computer, personal use only
• Being with family/friends
• Emailing, including checking, reading, and returning messages
• Talking on the phone, including checking and returning messages
• Internal meetings
• External meetings
• Administrative work
• Client work
• Non-client, non-administrative work

Step Two: Time Analysis

Now that you have identified how you have spent your time, go through the worksheets one more time and identify if you have spent enough, too much, or too little time on each main task.

Then, based on your observations, answer the following questions:1. What patterns do you notice about how you spend your time during the day? (i.e., When are you most productive? Least productive? Most or least interrupted?)

____________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________
2. Write down the four highest priorities in your life right now. Does your timesheet reflect these priorities?

____________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________
3. If you had more time, what would you do?

____________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________

4. If you had less time, what wouldn’t you do?

____________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________

5. Could you remove the items in question four and add the items in question three? Why or why not?

____________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________

6. Is procrastination a problem for you? How much?

____________________________________________________________________________________________________________________________
____________________________________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________

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Part 3- How to Profit through Time Management

time management study
Read Part 1 How to Profit Through Time Management or Part 2 of this article.

Personal Time Management Strategy

Choose the top five tips from Part 1 that you think will help you the most, given your personal time management study. This time management study will help you finish all your important tasks and appointments on time.  Write them below, with three corresponding actions that you will start tomorrow.  For example, if you are going to set a strict schedule, three actions might be to establish the schedule, communicate it to your staff, and re-record your voicemail message.

1.

a. _______________________________________________________

b. _______________________________________________________

c. _______________________________________________________

2.

a. _______________________________________________________

b. _______________________________________________________

c. _______________________________________________________

3.

a. _______________________________________________________

b. _______________________________________________________

c. _______________________________________________________

4.

a. _______________________________________________________

b. _______________________________________________________

c. _______________________________________________________

5.

a. _______________________________________________________

b. _______________________________________________________

c. _______________________________________________________

Timesheet | Day Three

Timeslot Activities More/Less/Enough time?
7:30 – 8:00
8:00 – 8:30
8:30 – 9:00
9:00 – 9:30
10:00 – 10:30
10:30 – 11:00
11:00 – 11:30
11:00 – 11:30
11:30 – 12:00
12:00 – 12:30
12:30 – 1:00
1:00 – 1:30
1:30 – 2:00
2:00 – 2:30
2:30 – 3:00
3:00 – 3:30
3:30 – 4:00
4:00 – 4:30
4:30 – 5:00
5:00 – 5:30
5:30 – 6:00
6:00 – 10:00
(Evening)

Daily To-Do List | Business

Task Priority(1-10) Deadline Delegation?

Weekly To-Do List | Personal (Family, Leisure, etc.)

Task Priority(1-10) Deadline Delegation?

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Part 2- How to Profit through Time Management

Go here to read Part 1.

Strategies for Profitable Time Management

There are many ways to curb time theft and refine your time management ability. Through a solid understanding of how you currently spend – and waste – time, you can determine which strategies you need to implement to correct unproductive behavior.

Here are 17 ways you can turn less of your time into more money:

1. Set Clear Priorities

The foundation of time management is a clear understanding of what your time is best spent on. Once you accept that you can’t do everything, you need to decide what needs to be completed now, what can be completed later, and what someone else can complete. Each to-do list you create should be put through this filter, and reorganized so the highest priority items are on top, and the lowest priority items are less visible, or on the bottom.

Once you have established your priorities – which will also naturally reflect the priorities and goals of your business – stick to them. Just because someone else feels something is of a high priority doesn’t mean it holds the same status next to your other tasks.

Prioritization is also helpful in your personal life and leisure time. Your spare time is precious – so make sure are clear on how you would like to spend it.

2. Use Your Skills – Delegate Your Weaknesses

As a business owner, your day naturally consists of tasks you dislike doing. Some are essential – signing checks, reviewing financial statements, and other business maintenance – while others are simply not within your skillset.

If you are a strong public speaker but struggle with report writing – delegate to a copywriter or editor. If you own a retail store and have no experience in design – outsource your signage. These freelance professionals often cost half as much as you and take half as long to complete the task. It is a great idea, especially if you struggle with time management. Your time is saved for tasks that use and strengthen your skills effectively, your stress is managed, and ultimately a better product is produced.

3. Delegate, Delegate, Delegate

As a small business owner, the only way you will ever get everything done is by delegating. Delegation is a vital skill that needs to be refined and practiced, and once mastered is the key to profitable time management.

Too often, owners and managers believe that it will be “faster” or “more efficient” to complete the task themselves than to train and monitor someone else. Other times, there are no internal resources to download assignments.

As a result, the following trends can be seen in many small companies:

• Owners and senior staff are stressed and overworked, while junior staff is underutilized and under capacity.

• Staff members are not given an opportunity to grow and develop in their roles and may perceive a lack of trust or confidence in their ability. The company loses good people.

• Owners and senior staff are always in a reactive state, instead of a visionary or proactive state.

• Delegation happens at the very last minute, and junior staff has little understanding of either the overall project or expectations for the task.

The easiest way to fix this problem is before it starts. Create a solid team of staff members around you who are well-trained and prepared to support the business. Attract and retain qualified and quality people who can be cross-trained and promoted within the company. Ensure that communication flows throughout the business, so everyone has the product and service knowledge to step in and assist when necessary.

4. Learn to Say “No”

It’s easy to fall into the habit of saying yes to everything. You are, after all the business owner, right? No one can complete these tasks as well as you, right? You’ll lose that customer if you don’t help them with their garage sale, right?

Wrong. The most successful business owners have a keen understanding of time management and delegate the remaining responsibilities to trusted others. It’s too easy to say yes to every request in the moment, and later feel overwhelmed when it’s added to your to-do list. You may not ruffle any feathers, but what toll does it take on your stress level? Your workload? Your time is valuable – so protect it!

Remember that if it is too challenging to say no immediately, you can always request some time to think about it. This way, you can evaluate your workload and realistically decide whether or not you can take on a new project. Then, stand by your decision, or assist in bringing in the necessary resources to get it done. time management

5. Create (and keep!) a Strict Schedule

While multi-tasking is a desirable skill, it is also often a time thief. Attempting to do too many things at one time ensures that nothing gets done. As a business owner, you need to be able to focus and concentrate on essential projects without interruptions.

The only way to do this is to commit to a strict schedule. Once you understand your work style and concentration patterns, you can allocate periods of the day to specific tasks. This includes personal and leisure time – schedule it, and stick to it.

Doing a time management by creating a schedule time for list-creation + prioritization, email messages, telephone messages, internal meetings, client meetings, meeting preparation, “me-time”, family time, recreation + fitness, daily business tasks, and blocks for focused work.
Remember that there is a training period involved in beginning a new routine – for yourself and those around you. Use your voicemail, out-of-office email message, and a closed-door to begin to let people know when you will not be disturbed.

6. Make Decisions

The choice to not make a decision is a decision in itself. The most successful business owners have the ability to make good decisions quickly
and efficiently and do not waste time deliberating over simple choices.

In leadership positions, often people are afraid of making the wrong decision or looking foolish if they make a mistake in front of junior staff. What they don’t realize, is that hesitating or avoiding decision making impacts their leadership just as much or more than making the wrong decision. Not only can being indecisive be personally stressful, but it is also stressful for those around you whose tasks are waiting on your choices.

Remember, you must make the best decision with the information you have, in the time frame you have to make the decision. No one expects you to be a fortune teller – be decisive, make some mistakes, and learn from them.

7. Manage Telephone Interruptions

This is a huge source of time theft that can easily be managed and avoided. If you are available to take phone calls at any time of day, you are setting yourself up to take work home in the evenings. The phone will always ring when you are focused on an important task, and this is something that can easily be avoided.

Figure out when you are most productive. Is it in the morning or the afternoon? Before, during, or after lunch? Once you have identified this time period, set your phone on “do not disturb” or have your calls directed to voicemail. If you do not have a receptionist, a variety of automatic answering systems are available for a nominal fee. To structure your phone time further, let callers know on your voicemail what specific time of day is best to reach you via phone. Then, set that time aside to receive and return phone calls.

8. Keep Your Work Environment Organized

Have you ever tried to make dinner in a messy kitchen? More of your time is spent looking for (and cleaning) dishes and tools than actually spent cooking the meal.

The same goes for your work environment. If your desk and office is in a constant state of chaos, then your mind will be too. In fact, some studies have revealed that the average senior business leader spends nearly four weeks each year navigating through messy or cluttered desks, looking for lost information. Does that sound like a productive time for you?

Once you make the initial clean sweep, it’s easy to maintain order in the chaos:

• Tidy your desk at the beginning and end of each day. Attach pertinent documents to your to-do list, or have clear and organized folders for loose papers.
• Organize your supplies drawer so you have easy access to stationery like pens, post-it notes, staplers, and highlighters. Every minute counts!
• Only have the documents and files you are working on, on your desk. The rest should be neatly filed on a side table for later retrieval.
• Keep personal items (like photos or memorabilia) out of your primary line of vision. These can be distracting and encourage daydreaming.

As for your office or store, there are many ways to make its layout more conducive to effective time management. Try:

• Minimizing the distance between the reception desk and electronics like photocopies and fax machines.

• Keep a clear line of sight between your office and the most productive area of your business, so you are aware of what is happening amongst your staff.

• Organize shelves and filing cabinets so files are not only easily accessed, but out of sight when not being used. Consider putting sliding doors or cabinets in storage areas, and remember that the floor is not a storage cabinet.

time management

9. Keep Your Filing System Organized

If your data isn’t organized properly, you will waste hundreds of hours searching for documents you need on a regular basis. This includes both electronic and hard copy files; they need to be organized and up-to-date.

Customer databases and inquiry records are worth their weight in gold. You can’t afford to get behind when updating this information, or poorly store it for later retrieval. There are many easy to use software programs that will manage and organize customer databases for you; it doesn’t need to be a time consuming or tedious exercise.

A simple way to manage information is to keep it in short, medium, and long term files for both hard and electronic copies. Create shortcuts on your desktop for folders or files you constantly access. Have short-term files available on your desk, medium-term files available within an arm’s reach, and long-term files stored in cabinets.

10. Clearly Communicate – Never Assume

One of the biggest issues for time management in business – and likely the world – is miscommunication. This is a dangerous issue that can cripple any business, including yours. Establishing and enforcing clear policies on things like accurate note-taking, task assignments, and phone messages will ensure your staff understands the importance of clear and accurate communication.

The easiest habit to start to curb miscommunication is simple: write everything down. Carry a notepad, and jot down key points, figures, agreements, and deadlines. Don’t assume you’ll remember later – you have at least a hundred other things to remember.

Some other simple strategies are:

• Return all communication promptly, including email, letters, faxes and phone calls
• Repeat back phone messages, phone numbers, and other figures to confirm you recorded the information correctly.
• Record appointments in your PDA or agenda the moment you make them. Otherwise, you will forget.
• Double-check and confirm everything – addresses, phone numbers, meeting locations and times.
• Maintain accurate customer contact logs with dates, times, and phone numbers.
• Post checklists in your store or office for routine operations procedures.
• Announce any changes to the policies and procedures manual immediately.

11. Stop Duplicating Efforts

This is a key element of time management that is closely related to effective communication. Studies have continually shown that many businesses often duplicate and triplicate efforts that need only be completed once.

When you have clear systems and procedures in place, your staff will not need to “reinvent the wheel” each time the task needs to be completed. Meeting minutes and individual task assignments will ensure everyone is on the same page and understands their personal responsibilities.

Simple examples of this include re-reading your to-do list each hour to determine what the next important item is. If your list is already structured by priority, this is a needless task. If two staff members are working on similar projects, but unaware of the other, the work will not only be inconsistent, but the efforts will be duplicated. These are easy problems to fix, once they have been identified and communicated.

12. Say Goodbye to Procrastination + Perfectionism

Procrastination is something we all face at one time or another – and likely have since our school days. However, given the pace that the world operates at today, you will only fall behind your competitor if you allow procrastination to rule your day. So how you do avoid it? It’s simple. Stop, and just get started, no matter how boring, tedious, or painful the project may be. Reward yourself by crossing each step off your to-do list.

Many small business owners also fall victim to perfectionism, which can be paralyzing. The fear that there isn’t enough time or resources to “get it perfect” will sometimes stop you dead in your tracks. Perfectionism can also hinder your ability to delegate and say no to tasks you believe no one else can complete “better”. Do the best you can with the time and resources you have – and just get started.

13. Avoid Needless, Impromptu + Unstructured Meetings

This may seem like a time theft issue that is out of your control, but it’s not. You are in control of your own time, and through strict scheduling can establish a structure for internal and external meetings that everyone around you can work within.
Minimize impromptu internal meetings by letting your staff know when you’re available for a “quick chat” and when you are not. If it is important, ask them to schedule a time to meet with you that works with both of your schedules. This not only saves you time, but encourages staff to find solutions to their own issues, and only approach you with more urgent or challenging matters.

You can’t avoid having meetings, but you can avoid having unstructured meetings. Ask for or create an agenda for each meeting you attend, with a clear objective and an amount of time allocated to each item. This will keep your meetings focused and on task. If a meeting does run late, give yourself a reasonable buffer, and politely leave for your next appointment. You can always follow up with a colleague to catch-up on the pertinent items you may have missed.

time management

14. Establish Clear Policies + Procedures

A clear policy and procedures manual is like a marketing or business plan – it takes time to create, but ultimately saves everyone in your company time, money and effort. A step-by-step guide to “the way we do things here” is an invaluable resource for your existing and new staff, and provides clear expectations for how you like things done.

Too many businesses make up policies and procedures on the fly – creating dangerous scenarios where mistakes are made and expectations are not clear. Some items that should be included in a comprehensive policy and procedures manual include:
• Recruitment
• Customer relations
• Customer inquiries
• Customer complaints
• Returns
• Exchanges
• Late Payments
• Salary structure
• Bonus structure
• Employee review
• Theft
• Harassment

15. Keep the Right Set of Tools

The equipment your business needs to operate (and grow!) effectively should always be on hand, or easily contracted out. This is specific to each company, and closely related to costs – including the cost of your time.
Whether you are a high-tech business or local retailer, knowledge of the latest advancements in technology will increase your efficiency. It will help you stay on top of the competitor, maintain your position as an expert, and perhaps provide an easier way of getting things done.

Always ask yourself if these purchases are essential to your business –could you perhaps make these purchases from a second-hand dealer to minimize cost? Is it more cost-effective to outsource or sub-contract the tasks to someone with access to this equipment, or to buy the equipment yourself?

If your business relies on tools and technology for daily tasks (such as the trade profession) then obtaining the best quality you can afford is crucial.

16. Maintain Your Equipment

This may seem obvious, but you’ll understand the importance if your network server has ever crashed, or point of sale system has malfunctioned. Your business can be slowed to a stand-still if your equipment is not in good working order. Of course, there are instances that can’t be predicted, but regular maintenance of your essential equipment will reduce these occurrences and help to anticipate when old equipment needs to be repaired or replaced.

Go here to read Part 3 How to Profit Through Time Management.

Questions about our small business coaching services?

Call us at 1-888-504-0777,

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Alan Melton: Founder of a Firm With Lots of Drive