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As a business owner, it's important to understand where you’re spending your time. But let's face it, tracking time isn’t the most fun thing in the world. And doing it retrospectively can be a pain. There are several reasons you might have avoided it in your business until now – the most common being:
Lack of time: Ironic as it sounds, setting up a system and training business staff to use it is time-intensive. This is time that can be better-spent completing current projects and doing core business work.
Cost: Time-tracking software can be viewed as expensive, if the benefit isn’t seen. Often (mistakenly) spreadsheets are thought to be a better, cheaper and faster option.
Staff buy-in. If you don’t have all your staff and contractors over the line, they won't be consistent in their time-tracking methods, and this will lead to erroneous data.
If you aren't tracking it...you can't improve it.
These concerns are legitimate, especially within a growing company where time and cashflow are already stretched. It's understandable that a business might believe they can't afford to invest in time tracking strategies. But I want to turn this assumption on its head, and ask, "Can you afford NOT to track your time?"
Your bottom line is directly related to the amount of work you can produce, and the amount of time it takes to complete each project. If you aren't tracking this time, you won't understand where money is being lost along the process.