Smart business owners manage their money down to the penny. They know exactly how much is coming in and going out, and they invest in the software tools needed to look after it all. It’s more than understandable to be focused on the bottom line, but it’s also worth considering the asset all that money truly represents. It’s really the primary asset of a business: time.
Everyone’s heard the saying time is money, but it can be argued that time is an even more crucial asset than money. Effective time management using a tool such as Paytickr’s time management software can give your business the competitive edge it needs to reach its full potential.
1. Unlike money, you can’t bank time
As anyone who has run up against a firm deadline knows, you can’t bank time. Once the deadline arrives, the work has to be done, even if it’s not done correctly. There’s no way to set aside extra time from the slow days to use when the work is fast and furious.
To have a successful business, your workforce needs to be positioned to use their time effectively. They need to set priorities and find the means to deal both with the urgent tasks and the important long-term ones. When critical moments find your business in position, the biggest challenges become the biggest opportunities. Accurate time tracking is the key.
2. Once it’s gone, you can’t get it back
Money comes and goes. One day, an important piece of equipment needs replacing, and money goes out the door. The next day, you land a new large contract, and your income rises. Business owners find new ways to spend money, but they also excel at finding new ways to make money. Unless there’s a major disaster, you can earn money to balance what you spend.
Time, on the other hand, only goes in one direction. There’s no way to get extra time without pushing deadlines out or delaying deliveries. You’ve got to manage it up front, from the beginning, before it’s gone.
3. It’s actually what you’re selling
If someone asked you what you’re selling, you might name a product or a service. But really, what you’re selling is your time. If you make a product, you’re selling the time you put into creating each item, and even the time you spend getting and maintaining the expertise to transform raw materials into something worth buying.
If you provide a service, clients are likewise paying for your expertise and attention, and both become more valuable as they’re multiplied by time. Time is at the heart of what you’re selling them: ultimately if you don’t have adequate hours in the day, you’ve got nothing much to offer.
4. It doesn’t discriminate between productive and unproductive work
As a business owner, you know how to spend money wisely. You can identify frivolous purchases and move quickly to save that money, not spend it. If you buy something, and it’s not what you need, you return it. It’s easy to make sure you’re spending your money on what matters.
Time is different. When an hour is gone, it’s gone, and there’s no getting it back. Wasted employee hours add up quickly. Before you know it, the damage is done.
5. It can be a source of competitive advantage
Viewing time as an asset gives you an advantage over competitors who don’t. Your competitors may be focused on money, but if you focus on time, you can do more for your customers while spending less. You can be first to market with innovative ideas or products because you invested your time wisely. People who want to grow their businesses often search for new sources of funding. You have something even better — the ability to see the value of time.
If you’re ready to start managing time better, Paytickr is here to help. Our software lets your employees track how long they’re spending on every task they do, which lets you identify areas where they should be spending more time and find others they should eliminate. Start a free trial today to see for yourself.