When you first get timesheet software, you might just be using it to track how much you and your employees are working, but you can do so much more with the timesheet software when you start to compare it with some other data points that you, as a business owner should have. There are many things that large corporations do to optimise their earning potential, and it all starts by taking a look at the data that you are given. Doing deep analytics of how your business is doing takes a lot of time, but a lot of information and optimisation can be done with just a couple of minutes a day and at a glance should give you the information that you need to improve your business.
Tracking where time is spent with timesheet software
If you are a business owner, then you should know where you are spending most of your time. Whether you are working by yourself or you have a team, then you can more than likely figure out a system to figure out where you are spending your time and where you are making the most money. Go on a month-by-month basis and track where you and your employees are spending your time, look at the amount of income you earn for the month and change up where you are spending your time and see how that is changing your business. If you start losing money, for example, when you focus more on marketing and less on customer service, then you should start focusing more on customer service and retention. These small differences can add up significantly in the long run.
Track the progress of employees with timesheet software
Tracking your employee’s time is the most common reason to start using timesheet software in the first place. If you are paying your employees by the hour, then every hour they are not doing something is money wasted. If your employees get the most amount of work done in the first six hours of the day and then don’t accomplish nearly as much for the last two hours of the workday, then switching the schedule up so that you aren’t wasting as much money. Trial-and-error is the key to success in a small business, and if things start getting better and efficiency improves through these methods, then you will start to see more success as a business owner. This obviously doesn’t apply to store-front and customer service positions.
Focus on what works
Expanding out into different fields is great for innovation, but for a business to be successful, it needs to focus on what it does best. If you sell a handful of children’s toys, but one of them is selling really well and the others aren’t selling that well, then focusing on the toys that aren’t selling as often doesn’t make a whole lot of sense. The same can be applied to where you and your employees are spending their time. If you know that focusing on marketing, for example, will bring in the most revenue, then start focusing more of your time and resources on marketing, as long as it doesn’t affect the outcome of the product, then you will be getting more business and more revenue.
There are many ways that timesheet software can make your business better, and every business is a little bit different in how they handle things. Find what works best for you and do some analytics every so often to check back and see if things are working out. Find what you do best, and expand on that until you can’t improve on that any more.