How Startups Can Increase Profitability & Productivity Through Time Tracking
Marketing Specialist | Tech Junkie | Coffee Lover
Have you ever wondered how time tracking can invest in your growth and raise the bar of your profitability? Investing every inch of a cent into production has always been crucial for the survival of thriving startups.
There are a lot of powerful motivators when you are running your own business. Developing strategies, flexible working, doing things your way basically, you get to call all the possible shots. But the reality is a lot less glamorous and the total opposite to our initial understanding and expectations. Startup owners work really hard. Sometimes as twice as regular employees. Alright?
According to a study, 33% of small business owners work for more than 50 hours per week. Not just that, Gallup found out that 39% work even over 60 hours a week and it just gets busier!
In the startup culture, time is one of the most valuable assets for its survival. You might wanna reduce your operating cost, and increase revenue in as little time as possible. I have seen many companies automating their working processes and why not? Simply, need of the hour. They consider tracking time in the background while they focus on running their business efficiently. Makes sense!
Your resources help you in reaching your goals. So ensuring powerful scrutiny of resources, expenses, and cash flow are important for the future success of your business. It’s a game-changer!
We as a team saw the problem and initially developed this software for internal use but after seeing a remarkable boost in productivity I thought why not share it with the world.
So here is OUR story about how time tracking can play a vital role for big and small businesses alike:
The biggest challenges that startup owners face are when they hire employees. Small businesses tend to have fewer resources; whether the resources are being utilized properly or not; always gives a reason to worry. Being a startup employee, I do realize the joy of generating money or securing investment, but the pressure to make every cent count is inevitable. Since it’s our responsibility to do justice and run a fully accountable business.
Some traditional time tracking solutions rely on the user to estimate the time they have spent on each task, which is less likely to be accurate as the process is not automated. Also, fail to provide real-time tracking to generate reports and timesheets. No ways to verify exactly what an employee has been working on.
We wanted to introduce a system that would not only measure productivity, and profitability as well as eliminate the very concept of micromanagement at the workplace.
In order to move the work forward, we designed and developed a time tracker
to help small businesses scale up success through increased productivity directly leading to profitability.
The team already knew its way around Artificial Intelligence and Machine Learning so we used the algorithms to come up with a time tracking software that is not only easy to use and reliable but also extremely intelligent. This software gives companies a chance to manage projects and make quick data-driven decisions.
Automated their time, and processes improved their work progress and project communication.
Let’s dig a little deeper
Tracking time lets you eliminate activities that don't add value to the company. Every dollar saved by eliminating the cost of unnecessary things or tasks that don't add value is one step up the ladder. Also, saves you from the hassle of consciously keeping track of time spent on each little task.
Sometimes it’s difficult to review your employees closely or the quality of work they are producing. In startups, employees are supposed to wear multiple hats. As you grow, it becomes difficult to check even the nitty-gritty of everything.
To get an accurate picture of business data, many companies have time trackers at their disposal. All the data accumulates into a single dashboard for you to make informed future decisions.
The other most important thing that we miss in startups is to pay employees for the extra time that they invest. You want an employee to work dedicatedly for years? Bill honestly.
Sometimes, we forget about the invisible minutes. What are these invisible minutes? Fieldwork, sending emails, client meetings outside work. Billing for these minor tasks, that an employee does out of the way, is as important as the major chunk.
Time tracking leads businesses to total transparency with simple custom reports which shows exactly how and where the time was spent.
Real-time analysis can help you identify where you can improve your team’s performance through feedback in real-time. Review individual tasks and understand their work processes. Identify loopholes based on which you can arrange training for your team and boost productivity.
The bottom line
Thus, analyzing your time and overall levels of productivity, you can estimate your future capacity for generating profits. It provides you with knowledge and gives you insights into the total time spent on each project. It provides you with complete company-wide transparency based on which you’ll know where to cut expenses or excess cost leading to increased profits.
We had a lot of fun developing this software because the idea was very close to our hearts.
Don’t just take our word for it!
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