3 Productivity hacks that can save you money

Tue, Mar 22, 2016

Financial Advice

There is nothing more important than productivity in the business world, as this often translates into volume and bottom line profit. So while productivity may have become an overused term in the modern age, it remains a driving that underpins every successful venture.

While we often associate higher levels of productivity with greater turnover and profitability, they can also help entrepreneurs and employees to save money. With Intuit reporting that up to 40% of the U.S workforce may be freelancing by 2020, the ability to save money through independent productivity hacks is more important than ever.

What are the 3 productivity hacks that can help you to save money?

Regardless of whether you are an entrepreneur or a freelancer, however, what are the main productivity hacks that can enable you to save money? Consider the following: –

Work from home when Possible

While it may sometimes be necessary to attend the office for meetings or to maintain a visible presence, both freelancers and business-owners should regularly take time out to work from home. The not only enables you to focus solely on your work and completing individual tasks, but it also reduces the amount of money that you are likely to spend on commuting and other expenses such as procuring lunch.

This is the type of flexibility that can optimise your output and financial situation in the workplace, although freelancers will need to negotiate working from home as term of their employment before signing a contract.

Do not solely chase large and lucrative contracts

Let’s face facts, big contracts can be extremely appealing to small business-owners and entrepreneurs. After all, the bottom numbers and turnover associated with this type of contract are often huge, meaning that they tend to distract business leaders from practical considerations such as cost, time and quality.

Large contacts may require you to take on additional employees or partner with fellow freelancers, creating significant costs that eat into your profits. The time required to manage such projects can also prevent you from working on other tasks, creating a scenario where your expenses rise and your earnings fall simultaneously.

By focusing on small contracts with reliable clients, you can reduce your outgoings and drive higher levels of profit.

Invest in the right Technology

This productivity hack can lead to long-term savings, although it will require you to make an initial, upfront investment. Both freelancers and entrepreneurs must have the right equipment if they are to succeed, as this drives consistency of use, higher levels of productivity and reduced spending over time.

More specifically, there is a pressing need to invest in a high quality laptop and smartphone, while also procuring comprehensive insurance which protects your investment and negates the cost of maintenance. The quality, capabilities and ease of use of these devices will ultimately enable you to work smarter, while also reducing the amount that you spend on technology over a three to five-year period.

 

 

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