Is it even possible to implement the business plan as intended? Have you realistically planned for time, personnel and resources? Are the products/services costing done right?
Typically, the first few years after business inception are the most critical. Hence, it’s imperative for startups to proactively gather crucial, reliable information. From the very beginning, time tracking software has been a source of significant information, pertinent to work sequences.
Moreover, it has shown ways in which work can be optimized.
Businesses see time tracking programs as essential tools for calculating price, invoicing customers, and controlling business operations more effectively. This is why experts recommend startups to use time tracking software from the initial business stages, so that crucial concepts are productively established and maintained.
Basis for Calculation
Time is an invaluable asset for businesses, particularly startups. The number of hours spent by employees in work-related activities directly contributes towards customer invoice. And this further helps in calculating price.
During the early business stages, it is imperative to assess if work hours have been practically evaluated, or whether you should be charging a higher price for products/services. Time tracking can also help determine reasonable price.
Improved Processes and Allocation of Resources
Is there a chance you can improve internal communications and meetings? When implemented from an initial stage, time tracking applications spot activities that take up extra, unnecessary time. Once you identify and eliminate these activities, process optimization becomes easier. Moreover, it prevents you from getting involved into unproductive work techniques.
For startups, the first three years are the most stressful. However, with time tracking software, businesses can learn where free capacity exists. This further assures employees have sufficient work, and are not overworked.
Moreover, during these years, startups can leverage on employee skills and talents most.
Time Tracking – Making It a Part of Corporate Culture
While businesses realize the real benefits of time tracking solutions for growth and success, this concept is not very popular among employees.
Some find it to be a total nuisance, while others consider it to be an invasion of privacy. The idea of being constantly monitored doesn’t go down well among employees. As a result, they easily develop feelings of resentment and dissatisfaction.
This is where the true role of employers comes into play. From the very beginning, employers must introduce the concept of time tracking to employees, explaining how they can benefit from it.
Moreover, efforts must be made towards integrating time tracking in the corporate culture. This gives employees a chance to adjust and feel comfortable about time tracking and management.
Given the crucial role time tracking can play for startups, get our free 30-day trial to see how our passive time tracking solution fits with your startup’s needs. We also have a dedicated time tracking app for Android and iPhone so that your employees can capture productive time on-the-go.