When initiating your own startup company, there will undoubtedly be too many things on your plate that you will have to tackle. From controlling the stages of project development and collaborating with clients to gathering a team of talented employees and delegating tasks, there are a number of things to keep in mind in order to be able to run the business successfully. As tasks, activities, and responsibilities keep piling up, the time is running short and reaching the ultimate goal may seem as a mission impossible. Time is an invaluable tool, especially in today’s digital world where a small mistake can be detrimental to project success and even lead to failure. To avoid such scenario, many small businesses and startups have opted for time tracking tools as a way to increase their team’ efficiency and productivity.
Here are a few benefits of time tracking outlining the clear reasons why teams need time-tracking tools.
Better team collaboration
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Doing multiple projects at the same time is both empowering and overwhelming at the same time. While it motivates you to maximize your potential and work towards desirable results, it can also lead to frustration and inability to deliver the same level of performance in every project. Time tracking allows your employees to precisely know what they are working on and the time they need to allocate to successfully complete the task. It helps them organize their time and focus their efforts on doing the equality work instead of jumping from one project to another. Also, time tracking tools provide your team with flexibility to create their own schedule without feeling under pressurized by the management team. Overall, it brings the feeling of satisfaction and makes your team happier.
Efficient client communication
Client collaboration is instrumental in reaching success in small companies such as startups. Maintaining good communication with clients will have a serious impact on your future job perspectives. However, today’s client is significantly different from the clients in the past. The easy access of every imaginable digital device has enabled clients to easily communicate with teams, get an insight into what they are working on and get regularly updated about any project adjustments. With time tracking allows clients can see the time spent on a project, give feedback and make any necessary changes. This is of particular value for companies that hire designers, developers, and other freelance talents as it keeps them to keep hours at the specified amount while focusing on real work.
More accurate billing
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Long are the days when we used manual accounting methods to make estimates and do various business calculations. As much as we would like to be precise and do the job efficiently, payroll mistakes will happen. Not only does time tracking decrease all inaccuracies and make the accounting and easy and efficient process, but it also allows you to send out quick and accurate bills to your clients. If you, as an ambitious business owner, would like to invest in one of the tools, consider reviewing the best project management tools comparison and find the one that would suit your team. Also, the widespread use of mobile phones enables us to easily keep track of our daily and monthly hours.
Properly allocated resources
One of the advantages of time tracking is that it allows you and your team to measure how much time is dedicated to a particular customer. By measuring the amount of revenue the customer produces for the company, you can see whether maintaining that collaboration is worthwhile or not. Correct time tracking can result in a proper allocation of resources which, consequently, helps the company identify which customers are generating the most revenue. Also, efficient project tracking allows you to prioritize processes and provide more resources for the project that require additional attention.