The Importance Of Time Tracking For Your Business

The Importance Of Time Tracking For Your Business

Time is your most precious resource. Poor time management can affect your productivity and your bottom line. It can also lead to employee burn-out and decreased morale. So, if you’ve never used time tracking apps before, or are considering them for the first time, here’s why they are so important:

It Makes Pricing & Billing Easier

Simply put, your clients want to know you’re not wasting their money. Time tracking allows you to show those who hire you that what they paid for is being put to good use.

Time tracking also helps you price your services. It demonstrates to your clients exactly how you are dividing up your time and why what you charge is reasonable and necessary.

Even if you don’t bill hourly, time tracking is still a good practice to get into. It will allow you to put a dollar value on the hours you spend working when on retainer.

It Helps You Delegate & Find Balance With Your Team

Knowing how long it takes each person on your team to complete a task helps you delegate better. Rather than split work and project tasks randomly, time tracking apps show you exactly which processes and people are most efficient at getting the job done.

It also allows you to create balance with your team by letting you know if they are working too much.

“When your team knows that you’re using timesheet data to maintain a healthy work-life balance, they’re more likely to see time tracking as something positive and actually do it. Not to mention, you’ll enjoy all the other benefits of having a happy, motivated team.” – Harvest

It Helps You Trim The Fat

Time tracking creates goals for you and your team.

Once you know how long a task takes, you can challenge your team to improve and become more efficient.

It is also helps you nix non-essential tasks. This is useful when you’re coming up on a deadline and have to make quick decisions about what to tackle next.

“Knowing where perhaps too much time might be spent on projects, you also have the ability to cut excess costs.” – eBillity

It Gives You More Time To Explore

Time tracking apps help you save time. This means the more efficient you are, the more time you have to explore possibilities.

Sometimes the best ideas happen at the last minute or even after you’ve completed a project. So never discount the value of having a little extra time.

Time tracking isn’t about finding the best times and quickest results. It’s about creating a reasonable and average framework within which your team can thrive. So consider these tips, give time tracking a try, and don’t forget to leave a little room for the unexpected!

If you have questions or would like more information, I’d be happy to help. Please send an email, and my team will get in touch with you!

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