By Julia Mitchell
Are your business operations streamlined and efficient? Is your time being invested strategically to help your business grow?
The future of small businesses requires innovation and fast adaptation. Identifying room for improvement is essential to growing successfully. One of the easiest ways to enhance performance is through time tracking.
Time tracking offers several benefits for business growth. These benefits include saving money, managing costs, eliminating non-essential activity, and keeping employees on track. With these benefits in mind, it’s important to include time tracking in a growth management strategy. Consider this essential advice, courtesy of NZ Business Performance Consultants.
The Basics of a Growth Management Strategy
Developing a growth management strategy is essential for small businesses that plan to grow. Expanding can introduce teething pains, and a growth management strategy can be a soothing solution.
When preparing a strategy, there are a few considerations to keep in mind.
● Be open to improvement by assessing data on current products and services.
● Take advantage of technology to improve efficiency and streamline processes.
● Put effort into marketing to attract new customers and improve brand awareness.
● Focus on business strengths to inspire an attitude of growth.
● Prioritize organization of finances to manage cash flow and drive growth.
● Hire strategically and ensure employees can adapt to business growth.
● Keep coming back to customer satisfaction as a measurement of loyalty and revenue potential.
Managing all of these aspects can be overwhelming. Investing in a customer relationship management (CRM) platform, such as Salesforce, can help set a business up for success. A reliable CRM platform will consider various aspects of growth, including time tracking. Rather than use time tracking as a method of micromanaging, the method can empower employees. In turn, this drives growth.
Time Tracking and Business Growth
Eliminate unnecessary activity, prioritize productivity, and streamline processes by tracking time with enterprise resource planning, or ERP, software. This type of platform doesn’t only involve employee hours spent on projects, clients, and tasks, it also includes payroll, budget, and real-time financial reports. The following questions should be asked when choosing an ERP software with just the right features for your mid-market business.
Is the Tool Simple and Easy to Use?
Clumsy tools will take more time and increase frustration. When investing in ERP software, it should fit seamlessly with the rest of the business operations. Ideally, time tracking tools should be easy to use and simple to apply.
Does the Tool Integrate With Existing Software?
Did you know that 85% of small business owners report that technology aids success? With this in mind, many small businesses invest in various software platforms. The time tracking tool should integrate effectively to avoid disrupting existing processes.
Does the Tool Offer Real-Time Reporting?
Real-time reporting offers several benefits, including time tracking. For example, real-time reporting improves focus on current projects and reduces distractions. Various data points can offer unique insights on areas to improve with time management.
Is the Tool Mobile-Friendly?
The rise of the mobile workforce means that many hours are spent working on mobile devices. Time tracking tools that can be used as mobile applications allow employees to track time from anywhere.
Time is a valuable resource that should be spent wisely. Tracking time allows businesses to take responsibility for how the resource is allocated. It’s important to incorporate time tracking tools into growth management strategies to streamline the process and improve efficiencies.
Do you need help setting up your Shopify/other ecommerce site, launching your accounting software, or analyzing your business’s performance? Contact NZ Business Performance Consultants.