An effortless solution to help grow your business
No matter the size of an organisation, having a solid financial grounding is crucial to harvest long-term growth. Introducing an all-in-one time tracking solution is a cost effective way to grow your business.
Optimize your operations
Time is precious, and understanding how it’s spent by employees will help you make data-driven changes to ensure it’s used most effectively. If your employees spend the majority of their time on one client, it stands to reason that this client should be charged more than others. Or maybe you’re not billing every hour of your team’s work. Or maybe the hours required for employees to complete projects are not covered by client bills, in which case increasing the cost or limiting the scope of offerings will maintain positive cash flow. These are all insights that can be easily gathered by implementing time tracking into your organization.
Informing budgeting
If you’re serious about wanting to grow your business, understanding where resources can be better allocated is another aspect where time tracking helps. The insights allow you to see where workers are spending time and make informed decisions on budget allocation. For example, if workers are spending more time at their computers to complete projects, then perhaps you should consider increasing the budget for IT support to ensure nothing gets in the way of them finishing their work.
Once you have this information, you can create a budget that reflects the unique needs of your business.
Data-driven decision making
Time tracking can also help you understand which accounts need more resources and inform hiring strategy. Optimizing your operations will lead to long-term productivity increases amongst staff and keep customers satisfied.
If you need additional support with employee management, consider gathering qualitative data from your staff. Send out an anonymous survey to your workforce that encourages them to dive deeper into how they feel about resource allocation, expectations and support. This will ensure you’re getting honest feedback on how to focus your personnel-focused finances.
No matter what stage a business is, there are constant challenges in helping to fuel growth and provide value to customers. A thorough understanding of the way time is spent is crucial to growing efficiently. Introducing time tracking is a simple solution with far reaching benefits and can help set the business up for long-term success.
Ready to grow your business?
If you’re looking to optimize operations at your company, we can organize a pilot/demo with our Timeular for Teams solution. Please complete the form below and a member of our sales team will be in touch.