Happy Wednesday Reader!
It's pretty scary when you realize just how much time you are spending on certain tasks, isn't it?
Is your time slipping away?
Discover how a time audit can save you money below!
This week's news:
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The Dirty Dozen represents the worst of the worst tax scams.
Don’t fall prey.
Compiled annually, the Dirty Dozen lists a variety of common scams that taxpayers may encounter anytime. However, many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes.
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Remember how we were talking about how much time we spent on 'X TASK' and didn't realize it?
Back to the point of this newsletter.
Time is money, especially for small business owners.
But do you know where all your time goes?
Conducting a time audit can reveal surprising insights about your daily activities and help you streamline processes, leading to significant savings.
Why Audit Your Time?
- Helps identify time-wasting activities.
- Reveals opportunities for delegation or automation.
- Improves overall efficiency and productivity.
Steps to Conduct a Time Audit
- Track Your Time: Use tools like Toggl, Clockify, or even a simple spreadsheet to log your activities over a week.
- Categorize Activities: Group tasks into categories (e.g., client work, administrative tasks, meetings).
- Analyze Results: Look for patterns. Identify tasks that take up most of your time and assess their value to your business.
- Implement Changes: Delegate low-value tasks, automate repetitive tasks, and prioritize high-impact activities.
Case Study - Time Audit Success
- Recently, a fellow business owner sat down to conduct a time audit regarding whether or not outsourcing social media services was worth it. Here are her results:
Social Media Services would cost her roughly $450 per month to outsource.
It took roughly 15 hours of work, as she spent 1-2 hours on video and 35m - 1 hour on graphics + captions to create 12 posts + 4 videos per month.
After realizing she could spend 2 hours on a Tiktok or Reel and another hour on one single post, it immediately helped her realize the amount of time it would take her for a full month of social media content without responding on social media or researching trends/rules.
It doesn't matter WHAT you're conducting your time audit for.
It matters that you do it.
It matters that you know WHERE you're spending your time.
These numbers are important, just like your bookkeeping numbers.
Don't forget 3rd Quarter estimated taxes are due next month.
September 16, 2024.
Cheers, Amber
