In Singapore and similarly in other ASEAN countries, small businesses are reportedly spending 75% of their time on non-core activities, leaving only 25% dedicated to core business functions. This trend highlights a significant challenge for these enterprises as they navigate operational demands while trying to focus on their primary objectives.
Non-Core Activities
Non-core activities can include tasks such as:
- Administrative tasks: Managing paperwork, scheduling, and other routine operations that do not directly contribute to revenue generation.
- Marketing and outreach: While essential, these activities can consume considerable time without directly impacting core business functions.
- Customer service: Addressing customer inquiries and support can detract from time spent on product development or strategic planning.
- Financial management: Bookkeeping and accounting tasks often take precedence over strategic financial planning.
Core Business Activities
In contrast, core business activities are those that directly contribute to the company’s primary goals, such as:
- Product development: Focusing on creating and improving products or services that meet customer needs.
- Sales efforts: Engaging with customers and closing sales to generate revenue.
- Setting long-term goals and strategies that drive the business forward.
The disproportionate allocation of time towards non-core activities can hinder growth and efficiency in small businesses. To address this issue, many entrepreneurs are exploring solutions such as outsourcing administrative tasks or leveraging technology to automate routine processes. By doing so, they aim to reallocate more time towards their core business functions, ultimately enhancing productivity and profitability.
