When you just started your own business, you know that time is precious. You’ve got no time to waste and you must use every possible time you have to make your business grow. Many dream of being their own boss, but most of the time, that comes with many responsibilities too. The next thing you know, you feel like you’re not finishing anything off the list of to-do’s.
You have to look into inventory management, accounting, offline and online marketing, networking, and a lot more. And, even after all that, you still think there are more tasks at hand.
Now, dedicating all your time to your business is not healthy too. You need to maintain a good work-life balance. After all, how can you perform well when you’re just stressing out? If you are more likely the type of person who starts freaking out when overwhelming tasks are piling up, here are a couple of time management tips for you.
Set your goals
The very first thing that you should do to set everything in motion when it comes to time management is setting your goals. You have to be clear about what you want to achieve in your business so you only do the necessary things to complete them and not waste your time.
But, you just can’t set goals. You have to properly think and categorize your goals into short and long-term goals and make sure they are S.M.A.R.T. They should be specific, measurable, attainable, relevant, and time-bounded. This simply means that your goals should be realistic and they should be backed up with facts.
Learn to prioritize right
Once you have your set of goals, you have to determine which ones you should achieve first. Remember, you can’t serve two masters at the same time. This is why it is important that you know how to look at the bigger picture and organize your goals according to priority.
The best method to use when prioritizing your tasks is to base it off the urgency. You can categorize your tasks into 4 categories:
- Important and urgent – These are the tasks that you know must be done as soon as possible and when they are accomplished, they make huge progress in your process.
- Important but not urgent – These are tasks that are important but after further deliberation, can be put on the sidelines for later accomplishment. They are essential parts of growing your business but they are not a life or death situation.
- Urgent but not important – These tasks always bug you to be done as soon as possible. But, when they are finished, you find that they really do not contribute much to the growth of your business. These kinds of tasks can be delegated to save yourself time without compromising your list.
- Not urgent and not important – These are mundane tasks that can be done later. Like the previous category, you can also assign these to others.
Learn to say no
You don’t always have to please everybody. It is your business and you are the boss, after all. Sometimes, you have to decline requests so that you can spend more time focusing on what is urgent and important.
This also applies to projects, investments, and activities along the way. If you feel like there is no positive future with it, always be prepared to cut it and move to more productive tasks.
There is nothing worse than going into war without equipping yourself with the right weapon and without a good strategy in mind. The same goes for running your business.
Every day, there is something that should be done and you should already know what to do the minute you come to work. This means that you should already have a plan of your to-do’s upon arriving to work. There are two ways you can do this:
- Plan the night before: At the end of your workday, take a good 15 minutes to arrange your desk and list the tasks that need to be done the next day. This way, you can have a good night’s sleep without worrying.
- Plan in the morning: You can also come up with your plan before everyone else comes into work. Arrive earlier and do your planning. Studies show that the brain functions properly in the morning.
You might not know this but every day, a fraction of your time is wasted because of the distractions around you. Remember this morning when you saw a picture of a puppy and started searching for more? Remember when one of your employees showed you a new online shopping site and spent an hour browsing through it?
This step is one of the hardest to achieve but you must exert all of the willpower you have to get through this. While at work, keep your phone away from you. Shut the door to your room so no one can barge in and disturb you. Or, set aside a time of the day to set your status to “Do not Disturb” and catch up on unanswered e-mails and calls.
Learn to delegate
As we’ve said, you cannot do everything alone. Even if you have all your goals and tasks listed and organized, you can’t just be the only person to do all of it. Learn how to assign some tasks to someone else.
It may not be easy at first but you have to trust your employees that they’ll do a good job with the tasks you assigned them. After all, you hired them and you thought they are perfectly qualified for the job. Remember, running a successful business is about working together.
A small business owner’s greatest enemy is the thought that they can handle everything by themselves. In reality, whether a business is big or small, it still needs proper management. And, it starts with how one manages their time well. Everything else will follow suit after that.
The Benefits of an Unsecured Business Loan
There are lots of good reasons to take out an unsecured business loan if your business needs a source of cash in order to achieve everything you want it to. Here are some of the main benefits of this type of loan over the alternatives that you should be aware of.
A Fast Application Process
When you take out a secured business loan, the application can be quite long as the collateral is sorted out. That takes some time and it drags on for longer than most companies might like. Businesses mostly just want to get access to the money they’re applying for. One of the good things about taking out an unsecured business loan is that the application process is much faster. You can normally get the application process over with very quickly, and a lot of trouble and annoyances are avoided completely.
A Quick Response
As well as the application process being very fast, the response times associated with unsecured business loan applications are a lot quicker too. It’s easier for lenders to assess an application, look at all the components and see whether they want to lend the money to the borrower or not. Your business won’t have to wait around for a long time before finding out whether you’re going to be accepted for that loan you applied for or not and that’s got to be a major benefit over the alternatives.
No Security Necessary
The main thing that makes unsecured loans more attractive than secured loans is the fact that they’re no security. It might be an obvious thing to highlight but it clearly matters. You won’t be weighed down by the pressure and worry associated with having collateral hanging over you and potentially being lost to the lender if you fail to make repayments. If you don’t want to take the risk of losing your collateral, you just need to opt for an unsecured loan instead. It’ll allow you to avoid any risks associated with secured loans.
Build Up Your Future Credit Score
By taking out a loan and then paying it off on time, you will help to build or repair your credit score. Many companies are dealing with poor credit, but by taking out an unsecured loan with a lender that is happy to lend to companies with poor credit, you can start to turn the situation around. Meeting regular repayment deadlines shows the world that you are able to stay on top of your financial obligations and pay off the money you owe, and that will only help your business going forward.
Why Your Business Might Want to Take Out an Unsecured Loan
There are lots of reasons why your business might take out a loan, as well as reasons not to. You shouldn’t take out a loan to cover running costs, but if you want to do other things, such as the things we’re going to discuss below, an unsecured business loan can be ideal.
Grow and Expand
Most entrepreneurs have big plans for their businesses. They want to ensure that their business is one that’s got a bright future. So if the time has come for you to grow and expand your business, you should think about whether taking out an unsecured business loan might help you to do that. It could be exactly what you need to get your business moving in the right kind of direction. It takes money and investment to grow your business and a loan might just be the ideal solution.
Take on More Clients and Customers
If your business doesn’t currently have the resources to deal with more customers and clients, it could be time to scale things up. However, that’s something that costs money, whether you like or not. Taking out an unsecured business loan could help improve the resources your business has available. It could mean hiring more people so that you have the human resources needed to take on more clients and make more customers happy. The loan will cover the costs associated with doing that and it’ll pay for itself if you’re able to improve your profits as a result.
Fund a New Marketing Campaign
Maybe it’s the case that attracting new customers to your business is where your problems lie. It’s not always easy to get your voice heard and make people aware of why they should be taking notice of your business. An unsecured loan could be used to fund a new marketing campaign that gets your message out there and makes more people interested in your business and what it’s offering. So if you have an idea for a marketing campaign that you think might work but you don’t have the financing for it, consider a loan.
Improve with Fewer Risks
The chance to improve your business in the many ways mentioned above offers you a real opportunity that you might want to grasp. Secured loans can offer the same access to financing but come with more risks to your business. With an unsecured loan, you can reap all the rewards that come with having the cash to invest in your business without having to worry about the risks adversely affecting the business in the future. The chance to improve with fewer risks attached to that chance should not be ignored or dismissed.
The Requirements for Getting an Unsecured Business Loan
There are some requirements you’ll need to be aware of before you take out an unsecured business loan. These aren’t too harsh or restrictive at all, but they are important.
24 Month Limit
When you take out an unsecured loan from Loanblaster, you have to pay the loan back within 24 months. That’s the maximum repayment term that’s on offer. Of course, that won’t be a problem for the vast majority of businesses out there. It’s important that you look at the finances closely and decide for sure that this is something your business is going to be able to do. You’ll have a chance to do this when you get a quote from us, so you’ll know exactly what you’re signing up to.
Business Bank Statements
To ensure your business is in a financial position to take on a loan of the size you’ve applied for, you’ll need to simply submit your business’s bank statements. This allows us to ensure that we lend responsibly and don’t burden you with a debt that is too much for you to take on. It’s in both your best interests and ours that you’re able to handle the loan that you take on.
To ensure everything is correct and proper, and you are who you say you are, you have to submit a photo ID. This is common practice and ensures that all financial transactions are above board and in order. It’s very easy to do and needn’t be a headache for you. Once we are satisfied with your application, you’ve provided the bank statements and we’ve checked your ID, it won’t be long before you have access to the loan you applied for.
Getting an unsecured business loan for your company could be just what it needs right now. It’s a much safer option than taking out a secured loan and you’ll be accepted much faster. Don’t hesitate to get in touch with us here at Loanblaster if you’re thinking of taking out an unsecured business loan.