If I asked you to name the most important asset in business what would you say? Many people would assume it would be money, but here at 1Time, we believe the most valuable asset in any kind of business is time, with a finite amount of time given us on a daily basis. Time is far more precious than money, so why not make your News Year Resolution this year to unlock the immense value of your time and with 1Time keeping this one will be so much more achievable than the daily gym visits.
Acknowledge the Value of Time
There is a common pitfall in business (and in life) that many people have fallen victim to and that is undervaluing your time. Imagine a business which does not keep track of their outgoing expenditure and roughly estimated where their money went. You think these people must be crazy right? This would never happen because in monetary value money is valuable and you have to manage it wisely. Well, time is far more precious and so should be treated as such. Time tracking can help you effectively manage your most valuable asset.
“Time is Money”
We have all heard this expression, right? Well, this is true for every kind of business. Particularly if you are billing your client by the hour. Tracking your time ensures correct and accurate billing benefiting both you and your client and with 1Time you can provide them with clear reports and even give them a secure access point and provide a transparent service to your customers.
Even those who set their prices upfront time tracking can be beneficial by knowing how long similar projects have taken you can estimate more precisely. The pricing process is pretty much directly correlated with time, think about how you price a project. I am fairly sure it will look something like this:
- Gain an understanding of what the client requires.
- Outline the services required to complete the project.
- Estimate the length of time it will take to undertake these elements
- Multiply the result by an hourly rate.
An insight to completed projects allows you to accurately estimate future projects for potential clients.
So whether you bill using a fixed rate, hourly rate or a combination of both understanding how you have spent your time has huge potential to benefit your business and your existing clients by providing clear insights into the time spent on their projects.
1Time also tracks current and projected costs to help you identify your most profitable projects whether they are fixed-price or billable hours and with insights to each employee’s contributions to the bottom line you can gauge just how each individual is performing and the value your employees bring to each project. Another benefit of 1Time is the reduction of non-billable hours each employee receives reminders about recording their time – nobody has to micro-manage the completion of timesheets.
So, this New Year’s why not set a resolution that will benefit your business. Here at 1Time, we want to ensure we help you achieve this; we will even give you a 30-day trial to help kick start your New Year! So why not give 1Time a try and unlock the value of your time in 2021
