Top Reasons why Companies Fail

Even well established companies face problems. But it’s the handling of those situations that distinguishes a successful company from an unsuccessful one. Simple issues, if not handled well, can lead to serious troubles for your company.

Here are some practices that lead companies to a failure:

Failing to Retain Top Employees

This is one of the most common reasons why companies fail. Employees are your most valuable resource and you should treat them well. Not retaining them will certainly cost your business. Employees who have been performing well and have taken the business to new levels should always be retained. They have the potential to help lead the change for your business.

Missing the Company Vision

It’s not as straightforward as it sounds. Most companies do not have a vision. They do not know why they’re working and where do they want their business to be few years down the road. This means that the employees are uncertain about the future of the company – about their own future there. Some valuable individuals might even quit their job due to lack of direction. This could be a huge setback for your company. Thus, make sure that your company has a vision, and most importantly, ensure that all your decisions reflect your vision.

Lack of Open-Mindedness

Not being open to new ideas and creativity is a no-no in today’s business world. Why do you think Apple and Google are so successful? Their employees are allowed to bring in creativity and innovation in their work. Companies that are creative and innovative are the ones that have been making their mark in the industry.

Not Valuing Time

Are you making this huge mistake of not valuing your most important asset – time? If you are, then this is one thing you need to change NOW! Every second is valuable for business. Make sure that all your projects are completed on time and keep a track on where your employees’ are spending their time. The best way for doing so is by implementing a time tracking program. Install time tracking software in your business and see how your company flourishes!

Get the best timekeeping software from us and make your company stand out from the rest! Chrometa is a passive timekeeper that works on a desktop as well as on your smartphone.

Tracking Time: Does It Really Matter?

At some point in time, you may have come across business colleagues who’ve pegged time tracking as somewhat of a less effective tool. However, time tracking provides you with powerful tools that allow you stay organized and manage work with ease and convenience, while keeping track of work time.

If you’re on the fence about this tool, perhaps we could help you get a clearer picture. Here’s why time tracking really matters: :

Accurate Time Billing

Your business is losing hundreds and thousands of dollars in inaccurate work time billing. Are you being paid for all the hours you’re working? Clearly, you wouldn’t! This software allows you to create accurate time entries for exact payment at the end of the month!

Sharing Workload

Ever heard of delegating? Have you calculated the time you spend in actually doing the work and the amount of time you spend on administrative tasks to get the work done? Share your workload. Add more people to your team and let them track their time.

Avoids Procrastination

We all procrastinate – there’s no denying this fact! But what we can do is to track time and set aside a few minutes for this activity. People who do not track time spend more hours procrastinating as compared to people who track time.

Assists in Maintaining Work Record

We all know how tiring and time consuming filling timesheets can be. But that doesn’t mean that you ignore them completely and do not work on them at all. Increase the frequency of filling these time sheets. Do it thrice a week instead of once. Also, note all your important tasks on a notepad at the end of each day so that you can quickly fill in timesheets. Tracking time will help you set aside half an hour for this activity.

Provides Sense of Accomplishment

Completing a task is accompanies by a senses of accomplishment. Track time and time yourself for different tasks and activities throughout the day. Challenge yourself and you’ll find work even more interesting! Tracking time will not only help you in completing all your tasks on time, but that sense of achievement is beyond words!

Are you tired of filling timesheets manually? Let Chrometa help you! Our incredible timekeeping software will not only track time for you, but will also record all billable entries. You can install our time tracking app on your phone and track all the work that you do! Now, get paid for every minute that you work!