One of the biggest challenges of running a successful business is to manage the time in the most efficient way. As we all know, time is a resource that you cannot afford to lose. Once lost, it cannot be replenished. With that in mind, using a time tracking tool is a clever strategy. There are many benefits of personal time tracking, so let’s discuss how it directly affects every aspect of your business.
Manage time when organizing a project
When you break down how a business operates, you will discover that everything starts and ends with a project. In order for the project to be successful and make you money, you must make sure that it honors all deadlines.
Without managing time and setting deadlines when running a project, you will have delays. However, if you have a mobile time tracking solution that helps you keep track of the exact amount of time needed for every step, you will be able to create a solid plan of action.
Time tracking increases productivity and effectiveness
Another one of many benefits of personal time tracking is that it helps you work on the effectiveness and productivity of your employees. It is crucial to track the time of all processes done within your company. By doing so, you can pull monthly reports and measure the progress and time spent.
With this strategy, you will see if there are major time gaps in completing a specific process. That is the first step towards fixing a possible productivity issue.
Furthermore, this is the only way you can discover if any of your employees have difficulties completing specific tasks. By knowing how much time they spend daily, you can help them improve and organize better.
Having a personal time tracking solution will help you customize every aspect of your business
To understand how personal time tracking affects your business, let’s imagine what happens if you don’t use it. Without precise data on time management, there is no way to know if your business is improving in terms of productivity.
Yes, your financial status will tell you if you are earning or losing money. However, poor time management may quickly turn the table. The production process and other processes that happen before the actual sale is what makes you a profit.
Personal time tracking will help you discover “hidden” processes
When we look at a business on a large scale, there are so many processes that happen in the background. A large number of these processes is something that we see as automated things we do every day. For example, responding to an e-mail, spending time on a call with a client, etc.
By using an app that can track the time spent for all of these processes, you will discover where your time goes the most. It is not something you would notice easily unless pointed out.
Make more efficient schedules
With personal time tracking, you can organize meetings efficiently, and keep your schedules neat.
Set accurate prices and bill accurately
Setting pricing for your products is not an easy task. Furthermore, pricing often changes due to multiple circumstances. If you can track all of the tasks efficiently, you will value the final product. Consequently, you will be able to set accurate pricing and billing.
Time tracking is essential if you wish to grow your business
Without personal time tracking, you cannot make plans for growing your business. Let’s say you want to open a new office in another city. This is an extremely complicated process that requires a lot of planning and organization. Before you even start thinking about it, you must know how much time will it take for you to set it up, advertise the business, opens sales channels, and do everything to have it ready for business. Also, during this step, time tracking for logistics will be crucial.
Furthermore, this precise way of time management will help you set the go-live date, and make sure you stick to it. However, if there are any delays, you will be able to discover them in time and work on fixing the issues.
What about moving your business elsewhere?
It is not uncommon that a business must switch location and change markets. If you are completely moving your offices to another city, it is imperative to manage the relocation time to the fullest. Remember that you are losing money with every minute spent on relocation.
With a handy time tracking app you can track all moving processes, and make sure that the relocation goes swiftly and smoothly. Furthermore, we all know that checklists can save you time when moving. If you incorporate time tracking with checklists, you are creating a solid plan from start to finish.
A brief overview of the benefits of personal time tracking
In the end, I want to give you a quick summary of why personal time tracking plays such an important part in running a business:
- it helps you with organizing projects
- it is easier to track employee effectiveness
- the production process is greatly improved
- set correct pricing and billing
- you can plan to relocate an existing office or open a new one
- grow and expand your business
All of these benefits of personal time tracking are more than enough to look for a solution to improve your business. Additionally, mobility is of great importance, so always look for the software you can use on your mobile device. The only way to have more time in this hectic world is not to be bound to one place. And a mobile time tracking app helps you do just that!
Anna
on 10 Aug 2020