Top 5 Reasons why Time Tracking is Essential for Small Business Owners
A lot more motivation and commitment are needed for small business owners to stay focused despite the nature of their jobs. Now while you have the freedom to manage your own time, there are simply way too many distractions. So, without a proper time management tool in place, you’ll likely be in the soup!
When you’re running a business, it’s crucial to set yourself a schedule and stick to it. Of course, you can have some flexitime, but there’s no question that you’ll require time management skills. This is where time tracking comes into play.
Many people experience an initial resistance to time tracking which is quite normal considering the time it can take for you to change your old habits. But you simply cannot ignore the importance of time tracking in project management. For you to be a successful small business owner, it’s vital that you know where your valuable time goes and how it affects your work. Time tracking helps you with this.
So, let’s get straight to it! Below are the top 5 reasons why every small business owner should use a time tracking software:
- Improve your Workflow: Tracking your time will help you identify problems and as a result you can make strategic plans to improve your productivity for the next time.
- Quit Procrastinating: By keeping track of your time you will not only avoid procrastinating but it will help you make smarter decisions. You are conscious of the fact that time is ticking, and this along will make you more careful about wasting any moments on unnecessary things.
- Avoid Multitasking: According to a report by the American Psychology Association, multitasking causes a 40% decrease in productivity. Tracking time is a great way to ultimately get rid of the habit of multitasking. You might ask why? Well, try tracking time while doing multiple things at once. Yes, you’ve guessed it. It’s extremely hard!
- Be More Selective with Clients: Time tracking will help you identify clients who are worth keeping. You will nearly always find one or two clients who demand a little more time than the average clients without paying extra. A good way to deal with such clients is to monitor every moment you’re spending on their projects and charge them accordingly.
- Make Better Financial Decisions: It’s often very hard to estimate the time it’ll take you to finish a project. It needs plenty of knowledge and experience to make the correct estimates and failing to do so can cost you a lot of money. By using a time tracking tool, you can include every phase of a project in the proposal, therefore making better estimates.
To stay ahead of schedule and keep control of your projects, tools such as 1Time Tracking can be of great help. Why not give it a try for 30 days for free? There are no credit card requirements and no hidden fees with the ability to cancel at any time.