Find the productivity sweet spot – With time tracking
Written by Prime Strategies Business Advisor Sandra King
Employee time tracking is highly important for running a more efficient and profitable business.
Knowing and tracking the amount of time spent on particular tasks will help to analyse the quality of employee performance and productivity. Timesheets really come into their own when there is known time waste and reduced productivity, so they are the means to create efficiency measures in the business. But another benefit is around helping to quantify what the time-sucks or road-blocks are in the operating process of the business to help management take better leadership decisions or actions to eliminate these.
In addition, the most strategic use of timesheet data is for long-term planning. In this case you can use the information to better estimate costs in future projects, understand what full capacity looks like, plan when extra staff or contractors are required.
For employees, maintaining regular timesheets is a discipline that’s built with regular practice. But often they’re the hated admin that is seen to benefit managers only. But by tracking time correctly benefits are gained also for staff.
First, there is total transparency on the job. All the people involved can see how many hours work was required to complete the job, allowing the people that will create future estimates to have a better understanding of just how many hours that type of work takes to provide more accurate quoting for sales staff; allows operational staff to manage the people needed on a job and stops overloading staff; and those creating the invoices to charge the right amount for the job.
Second, there are sometimes customers that are invoiced based on the actual time it took to do the job, rather than based on a quote or estimate. Timesheets ensure this work is charged correctly.
There are plenty of times customers change the brief half way through a job, which if not tracked, is hard to see if the customer has gone over the estimated time allowed – and hard to give transparency to a customer so he/she knows what they’re paying for. If time on a job isn’t tracked and timesheets aren’t done, the client won’t be invoiced correctly. Essentially, they’ll be paying less for all the hard work.
Eliminate the grey-areas of business planning with timesheets
Timesheets take all the guesswork out of your business and you’ll know the job sweet spot. A more efficient and profitable business benefits everyone: better systems, less waste, better results, greater success.
Want to know more about business strategies for better productivity? Find your local Prime Strategies Business Advisor.