The pearls of wisdom are in your time tracking
Time is money no matter if you invoice your hours or not. Time is your most important resource to reach your strategic goals. Take advantage of it!
Did you just start to track time, or are you already experienced within the time tracking world? Maybe some departments are slow starters, but all in all you are in progress with your investment, and what is the next step? It is that you start using time tracking as a strategic management tool to develop your business and employees.
Find the philosopher’s stone
When measuring all hours spent, you get an insight into how much you invest in e.g. product development, internal administration,sales activities, marketing andother areas for which your revenue does not correspond fully with the time spent. This provide the management team with a factually based standpoint when making important decisions.
Strategic time tracking can especially be used to find out where your pains are. Have you for the third year in a row had no time for developing a new, important strategy? What have you spent your time on instead? If you never quite succeed with new initiatives, you may find the answers on why in your time tracking data. Maybe you need to change processes or focus to get time for activities that can move your business.
A strategic tool that benefits growth
Many companies start to track time to be able to invoice customers. But exploit the investment you have already made by tracking time and get an overview of your internal time, so you can set aside the right amount of time for e.g. operation vs. business development. In this way, time tracking will link several levels in the organisation and create an overview of the entire business - not only the billable part.
If you would like to know more about how you exploit the investment you are considering or already have made, you can download our white paper, where we give advice and examples on how we use time tracking as strategic management tool in TimeLog.