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Does Your Small Business Track Time as a Growth Management Strategy?


Does Your Small Business Track Time as a Growth Management Strategy?

phone on desk with time showing next to computerTime is a limited resource and needs to be carefully allocated in the daily operations of small businesses. Keeping track of time is one of the most effective ways to kickstart business growth by streamlining operations and improving efficiencies. Does your business consider time tracking as part of its growth management strategy? Read on for some tips from HR Avatar.

Understanding the Benefits of a Growth Management Strategy

Business owners celebrate success when sales go up and the business expands. For sustainable growth, it's important to implement a growth management strategy that truly supports your business goals and needs. Doing so will make the transition smooth and efficient

There are certain key aspects of a growth management strategy, such as the following:

  • Take a strengths-first approach instead of focusing on the business weaknesses.
  • Use available tools and software to streamline operations and processes, improving efficiency.
  • Attest suggests investing in marketing and advertising to build brand awareness and a relationship with customers.
  • Hire smart through a recruiting agency to ensure you build a team focused on growth.
  • Use pre-employment testing to evaluate your candidates.
  • Focus on customer satisfaction through automation and improved brand interactions.
  • Improve product development by looking at data and identifying potential for growth.
  • Look for ways to help your employees focus and maintain efficiency without oppressive micromanagement. For example, consider walking meetings. Exercise improves productivity and provides several mental health benefits, and if you live in an area with a good Walk Score you have ample opportunities to schedule walking meetings throughout the work day.

Customer relationship management (CRM) platforms are highly effective tools in combining all of these focus areas into a single, consolidated area. CRMs are great for positioning small businesses for growth. Depending on the CRM, it's possible to hire optimal talent and keep finances organized. Other benefits include optimizing marketing and focusing on business strengths. Embracing technology and software tools also help to track time and identify room for improvement.

Key Factors of Time Tracking

There are several benefits of using a time tracking system to simplify the management of staff's time. The Telegraph notes that businesses lose valuable time in several ways. For example, failing to update outdated processes, over-communicating, lack of collaboration, and more. Time tracking software allows weaknesses to be identified so that efficiency can be prioritized.

Make Time Management Easier

Time management doesn't need to be an effort. Investing in a software tool simplifies time tracking. In the process, the software identifies room for improvement and highlights where time can be saved. When time is invested wisely, then the business can grow.

Use Project Management Software

Project management software can be a valuable tool for time management, providing a range of benefits that can help individuals and teams stay on track and achieve their goals. This allows users to break down complex projects into smaller, more manageable tasks, providing a sense of structure and direction that can improve efficiency and productivity. Additionally, many project management tools offer features such as task tracking, automated reminders, and real-time progress updates, making it easier to stay organized and focused on key priorities.

Ensure Software Integration

An ideal system will have software integration features, offering solutions across the board. When time is monitored on different platforms, it offers insights into various tasks and projects. For example, slick software integration offers insights on reports, estimates, invoicing, payroll, and more.

Focus on Real-Time Reporting

Data becomes significantly more valuable when received immediately and with the right context. Rather than jumping from one database to another, scanning the information for specific data points, the information is readily available as needed. In this way, real-time reporting saves time.

Take Advantage of Mobile Apps

There has been a dramatic increase in the number of people doing business on their mobile phones. Considering the increase in mobile usage, it's worthwhile investing in mobile software apps, allowing people to track time from anywhere. There are several time tracking apps available, and each does something slightly different. Chrometa works in the background and allocates your time for you whereas RescueTime is more tailored to tracking billable hours. Choose the one that best fits your needs and launch your time efficiency practices!

When a business is able to save time, then they inadvertently save money. Tracking time in an unobtrusive and streamlined way is an effective way to improve productivity and make space for business growth.

Author Bio

Lexie Dy is currently working toward her MBA. She uses her spare time to volunteer for Ready Job. She is a career counselor who enjoys researching and sharing helpful job and career resources. Lexie also strives to help students and young adults be as prepared as possible for today's challenging workforce.

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