You Can Beat the Competition With Time Tracking. Here’s How

Your team could be way more efficient.?

That’s okay — staying focused gets harder as your staff grows.?

But what if you could eliminate this lack of focus and turn it into a competitive advantage??

With time tracking, you can do just that — transform your team into a lean machine that runs circles around your competitors every single time. ??

Keep reading to find out how time tracking can help you gain a competitive advantage.?

*This article is the abridged, adapted version of the blog post originally published at the Clockify blog: https://clockify.me/blog/tracking-time/competitive-advantages-time-tracking/?

#1: Time tracking helps you learn more about your team

Globally, companies lose almost $9 trillion each year due to disengaged, unproductive employees. ??

To avoid contributing to this statistic, you need relevant data on your team — which you can easily gather by tracking their time at work.

With precise time tracking, you’ll learn:

• How much time your employees spend on different tasks,
• What everyone is working on at the moment, and
• Which team members are the most and least efficient.

You can use this data to make informed changes to the structure and workflow of your team, allowing you to:?

• Even out the workload between team members,?
• Incentivize low-performing staff to do better, and
• Reward your overachievers.

In the long run, these changes will improve your team’s productivity and provide a palpable competitive advantage.?

#2: Time tracking helps retain more clients

Sometimes, businesses come across billing disputes with clients.?

Therefore, you want to avoid arguments over your invoices because they can lead to:

1. Damaged client relationships,
2. Negative word of mouth, or
3. Late payments.?

Fortunately, time tracking can help you minimize invoice disputes and retain more clients than your competitors.?

With time tracking tools, it’s easy to find and present time logs for any given period, making them useful in case of a disagreement with clients.?

Use time trackers to show clients exactly what you did for them, when, and for how long — quickly resolving any disputes.?

Clients will also appreciate you more, being able to see the value you provide with each billable hour.?

#3: Time tracking makes realistic cost estimates

As few as 40% of companies complete projects on budget.?

With time tracking, you can stay ahead of most competitors by managing expenses better.?

This means that when you’re aware of how much time your team spends on each task and everyone’s hourly rates, making precise cost estimates is easy.?

Don’t underestimate the huge advantage accurate cost predictions give you over similar companies.?

And then, over time, you’ll gain the reputation of a dependable partner that sets realistic expectations and, more importantly — delivers on time and under budget. ??

Track time the right way

Even if they track employee time, most businesses do it manually and don’t keep meticulous logs — creating plenty of room for error. ??

To use time tracking without creating more work for anyone, try an automated time tracker like Clockify. ?

Clockify is our time tracking tool that has everything you need to stay miles ahead of the competition, including:

• Simple work timer and timesheets,?
• Automatically generated time reports, and
• Billable hours calculator.

Either way, Clockify provides tons of valuable data you can use to keep track of your team, improve client relationships, and stay on top of costs. ??

Stop trying to catch up to the competition and become the new industry standard.

Try Clockify today