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Benefits of Business Banking: Time Management for the Business Owner
 Business owners are constantly in search of the 25th hour in order to meet all that their jobs demand. Here are some time management tips from Chelsea Groton's Kristin Zummo, AVP, Learning and Development Manager:
1. Strategically Outsource: Review your operation to determine if it could be more efficient to outsource some tasks to a vendor. When reviewing your work, focus on areas where you (and your team) have limited experience or which routine tasks require costly infrastructure or supplies. Great examples of outsourcing include hiring a cleaning service or web developer.
2. Schedule time to complete important, non-urgent tasks: It's easy to spend all of your time reacting to the next "fire" and forget your to-do list. By scheduling a block of time to proactively complete routine tasks (paying bills, ordering supplies, meeting with employees), as well as strategic planning (thinking longer term about what comes next for your business), you ensure that your important work will still be accomplished.
3. Limit your time on each item: The 'Touch It Once' or TIO principle encourages us to cut out lost time by dealing with items as they cross our desk. When we put things aside to be dealt with "later," it forces us to re-review the information when "later" finally arrives. In some cases, that means reading an e-mail four or five times before actually taking an action. Instead, as soon as you receive a message, request, or task, decide what to do on the spot. That doesn't mean you have to complete the task in that moment. It simply means that you've taken the necessary action (i.e. setting up a meeting, requesting more information, or scheduling time to complete it) right away.
4. Speaking of To-Do Lists: Take your To-Do list and fold it in half. The left side will be for items you need to complete. The right side will be for items you are waiting for others to complete. This will not only ensure your tasks are on track, but assist you with managing your employees' work. This can also help you provide great customer service. When you provide a proposal for work to a customer and are awaiting their response, add it to the right side of the list. Periodically, review your 'right side' items and circle back on items that linger there. Sometimes a 'just checking in' call can be a great reminder to a busy customer.
Banking Services to Help with Time Management
Chelsea Groton also offers a handful of treasury management services that can help in your efforts to better manage your time.
Remote Deposit Capture helps save time normally spent driving to the bank to deposit a check by giving you a check scanner you can keep on your desk. It allows you to make deposits directly through online banking instead of leaving the office for a trip to the bank. All funds are made available same day, as long as checks are deposited through the scanner before 4 pm. It also makes record keeping more efficient as images of all checks processed are stored for 60 days.
Another tool, ACH Origination, allows customers to make payments electronically to any domestic account, whether it's a business or consumer account. Instead of having to write a check, sign it, and put it in the mail, all payments are handled electronically. There is even a straight-through-processing option whereby you can download a NACHA-compliant payment file from your accounting software, upload it to online banking, and process ACH payments with just a few clicks.
Interested in learning more about Chelsea Groton's efficient and secure online banking tools to see if they could be the right solution for your business? Contact our Business Banking Department at 860-448-4203 or growthatbusiness@chelseagroton.com.
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