Whether you are a one-man team, have 5 employees or manage multi-national company, you still need to track time spent in your business. When you are using a time tracking tool, you get to see just how much time is needlessly spent in certain areas, and which areas need more time and energy. Let’s look at the benefits of these tools.
In most cases, we tend to either overestimate or underestimate the time it will take us to complete a task. When you are tracking your time correctly, you will see how long it actually takes you to complete a proposal, check email etc. Most humans are not able to estimate time properly. It is easy to trick ourselves into thinking that we have too much or too little time. That is often why enjoyable events seem to end quickly, while boring events seem to go on and on forever. A time tracking tool keeps you from having to worry about over or under-estimating time, and the ability of you or your employees to get things done in a certain period of time.
Track in real time
Just tracking hours alone is not going to improve your profitability. You need to track in real time so you are aware of what’s going on. Time Doctor is a tool that lets you do this, and by doing so, you can save a lot more money than if you are just tracking time manually. For example, companies that track time manually can save up to R45k annually. But, companies that use an actual tracking tool can save over R200k each year.
If you are losing time, you are losing money in business. Studies show that combined, our economy loses as much as $7.4 billion each day, just because of wasted time in the workplace. Time tracking tools will help you to improve estimates and be able to plan better, analyse your profitability, and optimize your processes and staffing.
This article was inspired by the original at Lifehack.org