2018-03-14 08:21:30 Time Tracking English Discover three major benefits that your small business can get from using some type of web-based time tracking software. Time tracking... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/03/Entrepreneur-Reviews-Her-Time-Tracker.jpg Three Benefits of Tracking Time Spent on Individual Projects

Three Benefits of Tracking Time Spent on Individual Projects

3 min read

You want your small business to be efficient and stay on track — and using web-based time-tracking software can make the difference. By tracking the time you and your staff spend working on individual tasks and projects, you can ultimately give a significant boost to your company’s bottom line.

Keep Employees on Track

You might find in your small business that sometimes your workers aren’t sure exactly what they’re supposed to be doing or they’re operating on a specific timeline. What seems like employees slacking off is often really just a lack of direction and focus. Implementing project management that tracks the time it takes to meet certain goals and complete tasks is a good way to establish structure and keep your workers productive. Consider using time-tracking software such as Output Time, which works in an office setting and on the work floor or at a job site. That way, individual employees and teams can separately input the time they spend to reach different milestones or complete portions of a total project.

Using time tracking also opens the door for boosting morale by offering incentives for efficient completion of tasks or projects. Employees who recognize the benefits of completing tasks in a timely fashion are likely to challenge themselves and their co-workers to improve the amount of time it takes to do projects. The key is to use time tracking to engage your employees and keep them involved. This allows them to take ownership of their successes and failures, and gives them motivation to be as productive and efficient as possible. It also enables them to clearly see all the tasks on hand that need to be completed, helping them to finish their assigned jobs and immediately move on to the next task without unnecessary, costly delays.

Give Accurate Quotes and Estimates

Not all jobs or projects are exactly the same, but your business undoubtedly has multiple jobs or projects that require similar tasks and hours to complete. Knowing how long different projects and jobs take is essential to being able to give accurate quotes and estimates to clients. Using some type of time tracking software in your small business is an easy and efficient way to keep track of how quickly your team can complete a job and the number of hours you should be billing clients. This is especially important as your team becomes more proficient in handling projects and is able to complete them more quickly. You can generate strong loyalty from customers by showing them your small business can be counted on to reliably complete jobs in a timely manner.

Having a good handle on the average amount of time necessary to complete jobs enables you to confidently schedule more jobs within a given time frame — and more effective use of time can often be a big factor in boosting your bottom line.

Foresee and Avoid Delays

The reality is that no matter how efficient you and your team are, sometimes delays happen. For example, if you’re waiting on a shipment from a supplier to complete a job, you may have already budgeted in the wait time to your total work time. But sometimes a shipper may be late. You can’t control that, but you can allow extra shipping time when figuring your project completion time.

You can more effectively foresee and manage delays that may happen in-house with time tracking software. Keeping track of the time it takes employees to accomplish goals and complete tasks helps you identify weak spots in your operating process where problems frequently occur. Having a log of time delays on past projects helps you make the necessary adjustments to prevent future holdups.

Think about implementing some time tracking software into your company to keep your operation running smoothly and efficiently. Performing more efficiently inevitably brings in more customers and increases your profitability.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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