Time Tracking as a Growth Management Strategy for Small Businesses

Written by Julia Mitchell of outspiration.net

Credit: Image via Unsplash

Are you a small business owner with big dreams of growth and success? Approximately 84% of small business owners report feeling optimistic about the future of their companies. In order to achieve business goals, it’s important to implement effective growth management strategies. Amar-VR Law can help your tech startup launch with a wide range of legal services.

Growth Management Strategy Factors

A growth management strategy may differ from one business to another. Even so, there are a few fundamental factors to consider. Whether your business is a tech startup, logistics company, or service provider, these are a few aspects of growth management.

● Focus on business strengths to motivate and improve work ethic within the team.

● Use technology and tools to improve business efficiency and enhance productivity.

● Put an emphasis on marketing to increase awareness, generate revenue, and improve profitability.

● Invest in your team as a business is only as strong as its weakest link.

● Focus on customer satisfaction as they determine the success of your business and its growth potential.

● Keep finances organized to stay on top of taxes, track expenses, and maximize profit.

● Improve product development to ensure that you’re constantly putting your best foot forward.

All these comprise what ZenBusiness calls the hierarchy of business goals (click here to read more about it).

Now, there are methods and tools that combine the above factors and help to implement various growth strategies in a consolidated space. Customer relationship management (CRM) platforms, such as Salesforce, are one example. CRMs can help small businesses in big ways. From getting to know your customer and storing all information in one place, to improving sales figures and refining the marketing strategy. In many ways, CRMs are essential tools for business growth.

What Role Does Time Tracking Play?

Time is money, so it’s important to streamline and prioritize time in order to grow. There are a few key considerations to keep in mind when tracking time. Paying attention to each of these factors will contribute to business growth.

Simplify Time Management

Ironically, it takes time to manage time and save time. Luckily, there are automated tools and software solutions that help businesses simplify staff time management. Being able to do more work in less time plays a pivotal role in business growth. Time tracking is one way to identify room for improvement.

Software Integration

Time tracking is only effective if it helps to save time in the long run. To achieve this goal, time tracking software should be able to integrate into various systems and offer valuable data points. Software integration points to consider include providing estimates, the timing of reports, and managing invoices.

Real-Time Reporting

Access to real-time data is an asset. It provides the relevant information in the right context, making it easier to identify room for improvement and spot glaring errors. Real-time reporting adds value to a business, allowing it to function more efficiently and personalize employee and customer experiences.

Advantages of Mobile Apps

There has been a significant rise in remote work. The development doesn’t only refer to location independence, but also being able to work on the go. With more employees and customers doing business at coffee shops and in the car, mobile optimization is key. The ability to use mobile apps allows users to track time from anywhere.

Time tracking is a major contributing factor to business growth. Investing in software that simplifies time management through integration can be a gamechanger.


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