“Time is money” may be an old saying yet it still holds true today. Regardless of the type or size company you have, we all have a mere 24 hours in a day of which only 8 are working hours.
The question arises: “Are you making the most of those eight hours?”
Distractions in the form of office chit chat, messaging notifications, social media, pointless meetings, etc… all eat away at your time while profitability shrinks at the same time.
Fortunately, with good time management, you can turn the limited time you have at the office into an environment for higher profitability.
Here are a few ways time tracking can help you increase your profitability:
#1 Identify inefficiencies and fix them
Time management software helps you identify inefficiencies in your company. By tracking your time and that of your employees you’ll be able to see how much time is being spent on:
- Menial tasks
- Networking
- Distractions
- Administration
- Future projects
- Sales
A lot of the above is important and necessary, but if it is not what your company needs right now then your profitability will not boom. Time management is vital to pinpointing inefficiencies so that you can make changes to better your business.
#2 Optimize your staff
Optimizing your staff will help you get the most out of your employees for each project. This will help complete your projects promptly and efficiently while maintaining a high level of professionalism. Here are some ways you can optimize your staff:
- Find the right person for the task
- Provide SMART goals and plans
- Implement time management software (see TallyPro’s Free Trial)
- Provide motivation in the form of encouragement, rewards, and incentives
#3 Increase Accountability
Time tracking tools, such as TallyPro, can help you provide your staff with the necessary tools to keep themselves accountable with their time. This reduces any need for micromanagement while ensuring your staff stay on track with their daily tasks.
With time management software like TallyPro, you and your team can make the most of your time with minimal distractions.
#4 Strategic Planning for Projects
According to studies, prioritizing projects, goals, and tasks is vital for any company to see increased profitability and success. Companies around the world, regardless of size, find themselves overcommitted with insufficient time to complete all the tasks, projects, jobs, and crisis management frequently presenting itself.
Strategically assessing each project or task on its urgency and importance will go a long way to help you prioritize the daily tasks for both you and your team. The Pareto Principle comes in handy. Studies confirm that 80% of our daily activities contribute to 20% of the value to our work. By focusing on the 20% tasks which bring the most value to your work, you’ll have more time and profitability to work through the remaining jobs.
This same study recommends managers and employees focusing on their most important and urgent tasks first. Once this is done the remaining tasks can be prioritized in a range of most important to least important. This will help streamline your business projects and increase profitability and quality of life.
We’ve got 5 more tips to increase your productivity over here
Commercial Software Limited