TIPS TO BE MORE PRODUCTIVE

TIPS TO BE MORE PRODUCTIVE IN 2021

Achallenging year has decimated the bottom lines of a lot of businesses. For some, it meant it made more sense to close down instead of fighting to survive. Owners who held on to are intent on improving their productivity this year, in order to compensate. However, this doesn’t mean that we can simply pick up where we left off in 2019 - our habits need to evolve with the new business climate.

Business owners will need to be even more disciplined in their pursuit to increase productivity and overall bottom line, so here are a few tips to stay on track in 2021.

Stick to Your Priorities

Chances are, you and your business were in a crisis management mode for most of 2020. While this was the necessary mindset, it won’t be the best one moving forward. If you’re constantly in the mindset of looking for and putting out fires, you won’t have the time or the focus to anything else. So, if you haven’t shifted your mindset yet, now is the best time to do it. Think about the big picture and get your business going in a direction for growth in the year ahead. Most importantly, stick to the new direction and prioritise tasks and challenges that help you towards that goal. Remember that your time and focus are limited resources so it’s important to use them on tasks that are worth your while. This may mean saying no to people or tasks that are not considered to be a priority. Be sure to squeeze in some personal priorities as well. Neglecting yourself after a tough year may result in burnout or a lack of motivation. Remember, you are the head of the ship and need to be firing on all cylinders now, more than ever.

Build Productive Habits

Habits are powerful productivity tools and those who use them are what separates them from the pack. One way of building productivity habits is by scheduling tasks properly. With so many of us saying goodbye to the commute to and from the office it becomes difficult to differentiate our home life, where we wind down, and our office life, where we’re expected to be productive. In a way, scheduling tasks automates your brain. If you’ve scheduled your work day to start and end at a certain time, you’re going to be forced to be as productive during those hours knowing that you will not be able to squeeze in more work at night. You can also use this method on an even bigger scale. Instead of thinking in terms of days, schedule big tasks that need to be done within the week too.

Be Willing To Give & Receive Help

Business owners are naturally do-it-yourself kind of people. However, the strain of 2020 has been more than many owners can handle and certainly, getting the business back on track is a monumental task, so, don’t be afraid to ask for help from other entrepreneurs, other businesses, and your own employees. Other’s willingness to help out may be surprising; it’s a trait ingrained in a lot of business owners and entrepreneurs. So, if you feel like you can’t handle things on your own, don’t be afraid to ask for assistance.

But of course, this goes the other way as well. If other businesses or entrepreneurs come to you for help or advice, it’s important to be cooperative as well. At the end of the day, businesses can only thrive if the rest of their community thrives along with it.

SAM DEWAR Manager

Sam joined Marsh Tincknell in 2017 with 5 years chartered accounting experience. He believes in working together with clients on a regular basis and providing a personal touch, which he considers to be vital for an effective working relationship and to ensure growth is achieved for his clients. When not behind his desk or with a client, Sam enjoys almost all outdoor recreational activities, particularly boating, camping and fishing to name a few.

What do people often overlook in their business?

One major oversight that businesses tend to make is not tracking their performance on a regular basis against hard data - Many businesses tend to do well at creating some form of a budget for the upcoming 12 months, however, it is important to ensure the budget is put on paper and just not in the business owners head and it is as equally important to regularly review and compare the budget against actual results.

I recently had a client who had prepared a budget, had put it on paper and circulated to various departments within the business. Unfortunately, they weren’t reviewing that budget against actual results and didn’t realise that despite being busy and feeling good about the performance of the business the business was $200k behind budgets year-todate. Identifying this shortfall, allowed the team to identify that they were under capacity and therefore not getting jobs

out the door (therefore not collecting cash), but paying staff overtime due to being busy (increase in overheads).

Since that meeting, they have employed additional staff to cover the workload, which has increased the profit margin on jobs due to no longer paying overtime wages at penalty rates and also, it has created efficiencies in moving jobs through the production line.

Most memorable fishing moment?

Moreton Island with my sister and her fiancé. We went down the beach to chase some Taylor and I’d hooked up to something big. The reel was running hot and I asked my sister’s partner ‘should I tighten the drag or loosen it?’ He said ‘loosen it and let the fish run.’

As soon as I had loosened it, the fish had spooled me and left me with nothing but the rod and reel. It was probably the funniest and most disappointing moment of fishing I’d experienced. We still talk about that night every trip we do over there.

How important is work/ life balance and how do you maintain your balance?

The old phrase “work to live, not live to work” is something that I continually try and live by (not always successfully, mind you). I enjoy breaking up my work day with a gym session or some sort of exercise during my lunch break and then on weekends do day trips to Tallebudgera or get away to Burrum heads, or Texas QLD to spend time with family. The treat about Texas & Burrum is that I don’t get reception so it forces me to put technology down and just recoup and engage in what’s happening now.

Dreaming of travel? Where in the world and why?

I would love to do a sporting holiday to the UK and play the golf courses around Scotland and Ireland. Before I do that, I want to drive the Old Telegraph Track on the way to Cape York and also 4WD through the Kimberleys.

RANDALL KING

Senior Associate

Randal is a Chartered Tax Adviser with The Tax Institute and has been with Marsh Tincknell since 2004. He provides specialist tax advice to small and medium businesses, including Capital Gains Tax, GST and corporate structuring and is also a cricket fan who is a very keen supporter of the Gold Coast Suns.

Were you always interested in numbers?

I have always had an interest in Maths and Statistics. I have always been able to reel off heaps of sports related stats – typically cricket and AFL related. I also amaze people with my ability to recall the exact date that particular events occurred. I guess that makes me a bit of a nerd!

Tax was definitely my favourite subject when I did my accounting degree. I have always enjoyed working my way through the Tax Acts to find a solution to a particular tax issue.

What’s the simplest thing most of us don’t do but should do, when it comes to tax time?

Not so much at tax time, but all through the year – keeping records to support your expenses. I can’t count the number of occasions where I have sat down with clients to

discuss the deductions that they can claim, only to find that they have no record of any expenses incurred.

Do you play cricket or prefer to watch?

I have played cricket pretty much every season since I was 12. I currently play in the Masters Competition (Over 40’s) on the Gold Coast. I have certainly watched a lot of cricket also, but prefer to play.

Tell us about your best cricket moment...

As a player, playing in my first premiership, in Adelaide. I had my best season ever as a bowler, taking 48 wickets, but I also made a valuable contribution with the bat in the Grand Final. Close second was as a spectator when I attended an Ashes Test at Lords’ last year and witnessed a tough battle between Steve Smith and Jofra Archer, which culminated in Steve Smith retiring hurt after being hit in the head.

Dreaming of travel? Where in the world and why?

My wife and I had an extended trip to UK & Ireland last year and I would really like to get back there again and see some of the places that we didn’t get to see, particularly some of the islands off the coast of Scotland. Once you get out of the big cities, the people are so friendly and the scenery is so different to Australia. It looks like we will have to wait a few years to get back to international travel.

The perfect Sunday is...

A bit of a sleep in, a leisurely read of the paper, then a nice lunch overlooking the beach on the Goldie or maybe hiking through the Hinterland.