How time tracking can help grow your business
No matter the size of an organisation, having a solid financial grounding is essential to harvest long-term sustainability and growth. A lack of cash flow is the most common reason for a small business failing, making it critical for entrepreneurs to understand what tools are available to help them optimise operations and stay afloat.
Introducing time tracking can provide invaluable insights for a business owner, helping them improve all aspects of how their organisation operates – from increasing employee efficiency, to more effectively managing money and time.
Improving billing accuracy
Understanding the time employees spend on different tasks can help increase the number of billable hours and make the billing process simpler and more accurate. If workers are spending the majority of their time on one client, it stands to reason that this client should be charged more than one that gets less attention. 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 gathered by implementing time tracking into an organisation.
Just be sure to communicate any changes with your customers as soon as you can to maintain a positive relationship with them– even during times of social distancing. Remote communication services like Zoom and Slack can allow you to explain needed changes to your customers and work through any updates to your contract so you can both hit your goals.
Understanding where your business needs more financial attention and where you can better direct resources is another aspect where time tracking can help. The insights allow you to know exactly where workers are spending time and make better informed decisions on where to allocate budgets. For instance, 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, create a budget that reflects the unique needs of your business. Then, you can use a digital bank to make sure the process is sustainable in the long-term.
Time tracking can also help you understand which accounts need more resources and inform hiring strategy. Optimising 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 forces them to dive deeper into how they feel about resource allocation, expectations, and support availability. This will help ensure you’re getting honest feedback on how to best 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 within the business is the key to growing efficiently. Introducing time tracking is a simple measure with far reaching benefits and can help set the business up for financial success.
If you’re looking to grow your business and optimize operations, we can help you organize a pilot/demo and discuss in more detail how Timeular can help you. Please complete the form below and a member of our sales team will be in touch.