Workday analytics firm timedoctor.com recently published a small business time mangement research report entitled "13 Crucial Time Management Statistics for Small Business Owners in 2024". The topics discussed go right to the heart of the case for outsourced bookkeeping services. The results are a real eye opener for small business owners.
Some of the important takeaways fom the article include the following:
- 80% of the total time on a workday is spent doing tasks with little to no value for the business (which would include the time spent on bookkeeping).
- Business owners spend only 32% of their time working ON the business (strategic activities that lead to growth, improved profitability, and higher employee morale).
- Business owners only spend 34% of their time on activities that are both important and urgent.
Outsourcing key administrative activities such as bookkeeping means more time to focus on your business. Research demonstrates that when business owners spend that additional time to planning, new product development, customer service, marketing, and client development, profitability and growth are the natural outgrowth of those efforts. To read the entire article, click on the link below: