Where Sole Traders Waste Time Without Realising It
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Sole traders have to wear many hats, and, as such, many just assume that they’re going to have a lot on their plates.
With that said, this assumption that they will automatically be busy can have a corrosive impact. It can make it feel like admin tasks simply must be time-consuming, when in reality, there are plenty of ways that sole traders can reduce how much time they spend taking care of the essentials.
And there are good reasons to do so. Reducing the amount of time spent on admin can lead to lower stress levels, better work-life balance, and allow sole traders to pour more energy into the tasks that will actually grow their business.
In this post, we’ll outline some of the key areas in which sole traders waste time, often without fully realizing just how many hours it’s costing them.
Chasing Invoices and Late Payments
Dealing with a poor cash flow situation can be stressful and demoralizing for a sole trader, so it’s no surprise that many dedicate a lot of time to making sure that their clients pay their invoices.
But this can take a lot more time and energy than many sole traders realize. It’s not just the time cost of sending reminders that has an impact, but the stress of not having money in their bank account can cause sole traders to interrupt their workday to send another reminder. When that happens, they’re losing focus.
Stepping up your invoicing process can speed things up considerably. The right software can automatically send invoices and reminders, as well as make clear which clients have paid and which haven’t.
Managing Tax Obligations
Managing tax obligations can be time-consuming for two reasons. The first is that it can simply be difficult to organize everything. The second is that it has to be done correctly, which means that there’s often no other option than to dedicate a considerable amount of time to the task. With Making Tax Digital for Self Assessment on the way, now’s the ideal time for sole traders to begin looking at software that can streamline the tax-submission process. The best tools help to not only save significant time, but can also result in significant cash savings, too.
It’s an easy way to take a time-consuming task off your plate while also bolstering your business bank account.
Answering The Same Client Questions
Every client is different in some ways, the same in others. In the same category, we can usually place ‘they have the same queries.” Sole traders are used to answering the same questions from clients again and again, which results in a lot of back and forth that could be better spent doing something else.
Hiring an assistant to answer these questions on your behalf is practical, but not always budget-friendly. Good solutions include putting together a comprehensive FAQ section on your website and an onboarding email that runs through the essential details that clients need to know. You’ll still get some questions, but you should find that their number is significantly reduced.
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I specialize in sustainability education, curriculum co-creation, and early-stage project strategy for schools and public bodies. When I am not writing, I enjoy hiking in the Black Forest and experimenting with plant-based recipes.
