If there is one resource that is available to everyone in equal measure, it is time. However, without tracking time, it can be hard to be productive and achieve the desired results. Some apps can help you track time and guide you on how to increase productivity. Read on to learn why time tracking is beneficial.
1 Set The Right Price
If you do not track time, chances are you may over or under-charge your client. You may give a lower price expecting to win more clients, but it may not be enough to keep the business going. The wrong estimation may cause you to spend much time on an unprofitable venture.
You want to get paid for what you have done. Your client, too, wants to pay for a project that is valuable to them. Time tracking will allow you to measure the amount of time spent on a task and show the client how much you have put into their work.
You can get a time tracker for freelancers for free that will help make the payment process easy. In addition, include the time track in the invoice showing the hourly rate of which the client will pay for. You will also know how much time it will take to accomplish a similar project in the future.
2 Make Your Work Profitable: Why Time Tracking Is Important?
If you are selling services, it means you are offering clients your time at a given price. It would be best to consider how much time goes into a project and how much money each service provider receives to finish their part. It will help you set a price for your client to cater to every aspect of its profits.
The best way to figure out how much you will charge is by knowing how many hours were spent. Time tracking helps fill in the equation since you will tell if you are running a profitable or an unprofitable business.
3 Measure Your Goals
As you track your time, you will be surprised to see how much time you waste on unprofitable activities. You could be spending hours browsing on social media when you had gone to search for a specific item but ended up chatting. Time tracking helps you be a good time manager.
You will realize what is consuming your time more and find a solution to it. You can take measures to help increase efficiency and performance at work. Prioritizing your tasks will help you accomplish them in time instead of procrastinating.
4 Why Time Tracking Is Important: Better Team Management
It can be hard to measure how much each team member spends on a given task. However, time tracking comes in handy as you can tell who is exerting him or herself more and the one doing less. It will help maximize everyone’s productivity as well as compensate each as per his or her input.
If a member is overworking, you will be able to delegate some of their work to avoid fatigue. It will motivate the team since they will be able to put in the time according to their capabilities, allowing them to balance their time.