How Time Tracking Can Kickstart Your Business Growth
Business time management is a big challenge for both businesses and individuals. If time is not well managed, projects will get delayed, you will get invoices that don’t match time spend, projects will be poorly delivered and ultimately, business processes will be sculptured. Businesses offering towing service have learned the art of time management, and this discipline has helped in delivering superior results. With time tracking, you can avoid all traps of poor business time management.
Time tracking ensures the right tasks are prioritized, work and projects are completed on time, and budgeting, as well as billing, are always accurate. Time tracking will help you record how much time is spent by a person, business, or team. Through tracking, businesses can iterate and improve on their time management process.
Here is how time tracking improves business time management.
Estimate and bill more accurately
When you are approached by a client for a new project, look at all historical time tracking data you have for similar projects. Doing so can help you more accurately estimate the time invested and the cost incurred. That way, you will also have a few discrepancies between bills and estimates. If a client questions about the invoice, you will have more accurate data to back up your decisions.
Manage capacity effectively
When you are armed with previous projects’ data, you stand a better chance with insights on your capacity and delivery. You will know if you can take on new clients or projects. You will also see the signs when it is time to look for more work or employees.
Gain vital insights
When you take a look at your data delivered to clients and projects you have undertaken, you will evaluate all the sectors that are working and knowledge of the areas you are failing. That will help you take both mitigating and corrective actions that would get you back on track. You will know how to decide on tasks and things you need tweaking.
Identify areas for improvement
Time tracking will help you in pinpointing tasks that are taking too long to be completed, as well as things not going according to plan. You can explore why things are happening the way they are happening and take corrective actions necessary. You will decide if you need to change the way you are approaching tasks, or whether you need to perform tasks the same way.
To get you, employees, on board with time tracking, there’s a couple of things you must get right. You need to explain the purpose and benefits of time tracking to your employees so that they don’t feel as if they are being monitored. Have open communication about your goals and explain how time tracking is beneficial. Have a clear explanation of expectations so that everyone is aligned with your goals. Additionally, do not use time tracking data against your employees.
To get the best out of time tracking, look for applications that track and allow logging and tracking, tracking time by client or project, multiple users and time management, give you insights and overviews, and can create automated invoices.