How Time Tracking Can Drive Business Growth

Out of 1440 minutes a day, how much time do you or your team spend on various tasks?

If your answer is “I don’t know” then you should read on further. Time tracking can drive business growth if you track and analyse time wisely.

1. Time is Money. Track it.
You might be an Entrepreneur, Small Business Owner, Small Medium Enterprise, Corporate or a Startup. The common focus areas for all has been to identify key growth areas, optimize cost and resources, improve team efficiency and productivity.

Businesses have multiple processes and tasks to be performed by employees under various departments. Each of these functions have further multiple tasks which are performed individually or together as a cross functional team. Some popular departments are listed below. There could be more or less depending on the nature of business and work process.

– Sales – Emails, Calls, Personal Visits, Meetings, Reporting.
– Marketing – Email, Social Media, Website, Blog, Graphic design.
– Operations – Day to day SOPs and operational tasks
– Customer Service – Interacting with customers on email, phone, social media.
– Project Management – Concept, Planning, managing project activities.
– Others

Time is Precious. Don’t waste.
Be it individuals or teams. Do you track how much time is spent by employees  task-wise?
If your answer is No, then you are missing out on huge valuable data that could drive business growth.

Time tracking is not about micro management or adding work pressure, it’s about understanding your business, employees and work practices over a period of time and take better decisions for your company, clients and employees.

There are many time management approaches and systems that global experts follow, which one is best for you depends from your nature of business, work style and workplace, but all experts strongly recommend time tracking.

2. Global Trends – Productivity and Time Management
Here is a list of 20 Interesting Infographics On Time Management that share amazing stats about how time is wasted at workplace, which activities are time consuming, and tips on how to improve productivity and time management.

All infographics are based on research and analysis that prove it’s imperative to track time for. In fact time tracking is a very old phenomenon which has been used for decades in different ways.

As technology advances and work culture keeps evolving, the correlation between work hours & productivity is significant. Hence there is a growing need to track and analyse time. To help you get the bigger picture here are some use cases of companies that have used Timepot.

Graphic Design Agency – Finances & Profit.
John runs a creative agency and works with graphic designers to create graphics. He has multiple clients and many different projects with each client. Every client and project cost varies based on the scope or project.

To keep up to the delivery deadline John works with multiple graphic designers with different skillsets, so far John paid the graphic designers based on number of hours and some projects on fixed fee, given the bulk amount of work it was getting really difficult for John to ascertain which graphics got more profit, and which not.

John used Timepot to create each project by client and create graphic wise tasks such as, Brochures, Fliers, Website templates, Ad Banners, Social Media covers, and many others. Each project had multiple tasks and graphic designers logged time taken to complete those tasks.

At the end of 1st month john had a clear overview of total work hours, time taken task wise, which graphic project was profitable and most importantly where time was being lost. This helped John to focus his business development activities on profitable projects, and cut down on time consuming projects and save money.   

Keynote speaker – Productivity & Time Management
Megan is a very popular keynote speaker, she is travelling all the time to events where she has been invited to speak on women empowerment and gender diversity. Megan was great with organising and executing her daily tasks and activities.

One day her friend asked so how much do you spend on time travelling or events? She had no precise answer, that’s when Megan started using Timepot. She simply named projects by event names and created sub tasks such as Travelling, Speaking, Networking etc.

Timepot’s reports helped Megan understand how much time she spent travelling, speaking, networking. She then used this data and analysed them along with the overall audience response of each event. This analysis helped her to see which events are time consuming and unproductive in comparison with her professional fees.

Megan could now take better decisions about events based on historical data, also long term time tracking helped her optimize on speaking time across topics and events.

BPO Call Center – Time Tracking & Billing
A BPO call centre used Timepot’s reporting data as supporting documents for invoice in order to bill clients. The call center has 6 clients who gave a monthly list of customers to be called.

All 30 employees of the call center spoke to different client’s customers for feedback. They used the automated timer at the start or call and stopped as soon as the call ended. All client names were added as Projects. Each customer was added as a task and how call time was spent speaking to the customer.

To raise invoice the call center had to provide a detailed list of calls made by call center employees, in addition to this the clients used the filtered reporting data to understand customer feedback patterns.

3. Conclusion – Why Timepot?
The use cases validate that Timepot is not just another time logging, tracking tool, there is more to it. Timepot can be your smart, intelligent business partner bringing you the real time data about your business which can be analysed in many ways.

Timepot’s powerful financial reporting analyses all the historical data and does the math to give you a clear actionable insights on all your projects, costs, billing, tasks, activities and profits. What’s more the team insights report helps you and your employees to take better decisions on enhancing productivity and manage time in a smart way. You can sign up for 30 day trial offer by clicking here or try our full functionality interactive demo without credit card or logging in.

Be it big projects or single tasks – sometimes it’s really hard to say how much they’ll take to complete. Take control over time and team to drive business growth.

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