6 tips to leverage time tracking in your business

As you start your business, you will realize that time is the most abundant resource available at your disposal. Giving out time to potential clients, sitting down to listen to the suggestions and opinions of your employees can be a costless thing. But his does not happen for long.

At some point in your business, you will realize that time is no longer a luxury you would want to easily give away. This is especially in the growth stage of your business, where responsibilities and revenues tremendously increase. These bring a situation where most of the things that need your direct attention to suffer. You will notice that employee relationships start deteriorating, customer support becomes a third priority and so on. But how do you leverage on time to sure proper business growth? Read on to find out more.

But what is a time tracking anyway?

Time tracking is all about recording time that is spent on a given task in a tempo timesheet. With the use of an appropriate time tracking tool, businesses can easily know how much time has been spent on a given project or activity.

There is not a single doubt that implementing efficient time tracking tools in an organization is essential for the growth of the business. But even then, failure to know how to utilize these devices can render them useless, and you might not realize their value, despite you investing lots of money in them. Let us look at how you can use these tools to ensure efficiency in your business.

For the executives

Time tracking is essential and necessary for the executives. Note that it is the executive that runs the affairs of the business, and thus should be informed on the progress of each project within the organization.

It is through the use of time tracking technology that the executive can know whether or not a certain team is delivering on its mandate regarding the project the team is working on. And it is not just that, time tracking will help the executive determine the outcomes of the work, and see if it is adding value to the goals of the organization. If not, then they can make well-informed decisions regarding the team as well as the project.

For the team leaders

As a team leader or project manager, you need a time tracking tool to know how resources are being utilized. Note that every project is scheduled its own budget, and when time that was budgeted for is exceeded, then chances of getting quality work without the necessary resources become a bit of a problem.

Time tracking serves in various departments of any firm, and not just to the executives and team leaders.

But how precisely does time to track help in business growth?

Better project and resource insights

It will be hard for the executive to allocate resources properly in the future without knowing which projects require more time. It is only through time tracking that an organization can know the projects that team leaders are spending much time on, and thus be able to allocate resources appropriately.

At the same time, this can help determine the number of human capital that should be allocated to a given project.

Accountability

Many businesses have failed due to their inability to foster a culture of focus and purpose. With time tracking, team managers and members will be aware that each time wasted will have to be accounted for. This way, they will only focus on the things that are essential to the organization.

Financial management

An organization will be in a better position to manage the finances by knowing which areas to allocate more resources and those that need a cut in the financial resources.

Customer account management

Sometimes it becomes a heavy task to manage bills for your clients. With a time tracker, you will be able to get real-time information regarding the bills of your customers.

Compliance initiatives

Any business is subject to regular check from the regulatory bodies. The authorities that will come to check for compliance will want to know how you are managing your finances, operational expenses, and many other things. To be able to comply with all these, you will need the help of a good time tracking tool.

Better decision making

The tracking tool will help you get valuable insights into project progress, hiring requests, value streams, and other important things. These are essential when it comes to proper and growth-oriented decision making.