How Time Tracking Can Make Your Business More Productive

The old proverb says that time is money. No matter if it’s related to work or to leisure time, you should never allow for your precious minutes and hours to just slip through your hands.

“Time is more valuable than money. You can get more money, but you cannot get more time.” – Jim Rohn

 

Due to the relativity of the time passing by, every business has to bring some unique criteria that measure how productive their employees are per unit of time. Therefore, when it comes to work organization and business productivity, tracking time spent working on each and every project is a must.

Clear distribution of assignments

One of the most effective ways of improving work efficiency is setting clear rules about the task distribution within a business. According to the results of a survey published by the Chicago Tribune, employees claim that the majority of stress they feel is caused by their managers’ unclear expectations.

If your employees are constantly worried about their positions and this fear is caused by uneven task distribution, you can’t expect that they will be too productive. Opposite to that, if every employee in your enterprise is fully aware of their responsibilities and deadlines, it will be much easier for them to accomplish their goals.

So, if business owners want to avoid all these work-curbing features, they need to apply various time tracking solutions in their enterprises.

Enhanced individual orientation

When each and every employee is given the amount of work that suits their skills and experience, their employers have to follow their results with proper tracking tools, so as to help them organize their tasks. While only a decade or two ago workers would use timesheets to follow their progress, today they can use hundreds of cutting-edge software solutions. Those options can vary from computer programs to time-tracking mobile apps, to innovative SaaS solutions, used directly from the cloud.

So, if you start using Timeneye, Toggle or other time-tracking apps, your employees will always have great orientation about their progress, keeping your employees constantly informed on their efficiency. For instance, a freelance designer and their team of associates have to create three logos in three days. When this professional shares their project with those associates and distributes the tasks through a time-tracking solution, each of those employees will be able to measure the time and the tools they need for the proper completion of their individual tasks and the entire joint effort.

Better access to new projects

Not being able to meet the agreed deadlines is often mentioned as one of the most common problems for entrepreneurs of all kinds. The key problem here is that business owners and their team leaders or employees fail to come up with a realistic calculation regarding the time needed to finish a business assignment. Again, the core of this miscalculation lies in amateur time management. Unfortunately, if that happens to your business, you might lose credibility and your clients could turn away from you.

On the other hand, if you introduce efficient tracking of your workers’ business efforts within a certain period of time, you’ll be able to manage more demanding work challenges. That way you can apply for more projects and give you revenue an upward nudge.

Also, if you want to earn your employees’ trust, you have to open your cards and let them get an insight in your productivity and your work hours. Only a two-way collaboration will lead to more productive time management and ampler workload, which will generate higher income, as well.

Simpler financial procedures

A disorganized business with messy workers and sloppy portfolios is highly likely to get into financial problems. For instance, if you can’t deliver your products and services on time, your clients will charge you with penalties. In addition, even if you finish your projects before a deadline, their quality might be questionable, especially if time tracking procedures haven’t been used during the work process. As a result, your clients might bring your collaboration to an end, which will push you even deeper into the financial demise.

On the contrary to that, if your software-generated timesheet is kept by the book, your balance sheet is highly probable to stay in order. Also, when you retain a smooth cash flow and ensure financial stability, it’s much easier to deal with the financial aspects of your business. For instance, if your time tracking strategies are keeping your expenses under control, it’s easy to incorporate invoice software tools into your payment plans. They will definitely add to the overall efficiency of your financial planning and help your business climb up the business ladder.

Accurate input for promotions

Last, but not least, when a large company or a small business  accepts the time tracking options offered by the present day technology, there’s no way that managers and team leaders can miscalculate the individual contributions of their employees.

Now that you have everybody’s work logs available at a click of a mouse, you can easily see what workers have deserved a promotion and a raise. Favoritism is often listed by employees as one of the most painful things to cope with at work. Because of that, use as many modern tools for tracking workers’ success as possible. Apart from that, rely on the data received that way when explaining how the promoted workers have earned their new positions.

When you keep an accurate record of every employee in your company, you can build your entire business on firm foundations. Modern time-tracking options enable business owners to divide the workload into equal bits (and bytes), to obtain the data necessary for employees’ promotions and make the invoice-issuing procedure mush easier. In combination with the employees who know where they are with their tasks at every single moment of a project, time tracking is the key prerequisite for an inspiring business climate.

About Mark

Mark is a biz-dev hero at Invoicebus - a simple invoicing service that gets your invoices paid faster. He passionately blogs on topics that help small biz owners succeed in their business. He is also a lifelong learner who practices mindfulness and enjoys long walks in nature more than anything else.

  • Awesome article Mark, really well written and documented 🙂