As a business owner, your days are full and there never seems to be enough time. Spending some of that precious time tracking what you did in a day may seem like a luxury you can’t afford. And really, why bother? You know pretty much what you do each day…right?
Well, probably not. Tracking your work will give you better information over time, which will help you make better decisions.
Here are just some of the reasons to track your time:
- Understand where you are spending time in your business. You might just be shocked how expensive all those meetings are, and will work with your team to be more efficient
- Track time as a component of cost of goods sold for specific products or services, which can help you to discover your highest margin offers. Hint: those are the ones you want to promote!
- Tracking your networking and marketing will help you to understand how your business development efforts translate into sales. If you have a dip in sales month over month or year over year, look back and see if time spent on sales and marketing slipped. (Often this happens when you go through a busy period.)
Time Tracking Software that Works
Although there are several software solutions to help you track time, I find Toggl and Harvest work well with small business. Both have desktop and mobile apps, have simple interfaces for tracking time manually or with a running timer, and both have a free trial period.
Toggl is great value for money and has a good complement of features for small businesses.
Harvest is a robust system that is better if you have a team and/or wish to integrate estimating and invoicing with your time tracking system.
Commit to tracking your time for just 8 weeks and you will see the power that this information adds to your business and your decisions.