Do you remember having this kind of conversation with your parents when you were in high school? Parent: “How was school?” You: “Fine.” Parent: “What did you learn today?” You: “Nothing.” And then you repeated that revealing, info-laden conversation daily. Well, sometimes I used to feel like I was having the grown-up version of that chat when I was asked about my day at work. I avoided deeply probing inquiries like “What did you do today?” and “Why did that take so long?” Why? Because I didn't really know how to answer those questions and account for my time. I was definitely busy, I just couldn't say how long I spent doing any particular thing. That was in the early days of my business ownership. Eventually, I realized this was kind of a problem and I got serious about time tracking. And what a difference that made!
And now I'm delving into my favorite topic... can you guess what it is? I set up — wait for it! — a coding system to keep track of my time on each project, administrative tasks, marketing, meetings, etc. I gave each job and each task a code and then my staff and I used those codes to record our day on a timesheet. The bookkeeper entered everyone's time into the system by job code so that those time costs appeared on each project's P&L. It wasn't the easiest habit to adopt — taking time to account for how we spent our time — but we got used to it. And I can't tell you how helpful it was. OK, I'll try... it was unbelievably helpful! Time tracking is the single most effective thing you can do to turn your company around and put more money in the bank. Period.
Be Oh So Quotable This Week!
This week I shared some quotes from one of my fave authors... moi! Hopefully you liked them and maybe they even got you thinking about how you run your company and how well your time tracking method is working.
I always say running a business means the work never ends! Ain't that the truth? I bet your to-do list is a mile long! Make sure that the items at the top of your list are the things that relate to being more profitable. Everyone is so proud of being so "busy"...But Are You Making Any Money? Don't be too busy to focus!
Check out the summary of last week's business tips and motivational quotes from my Instagram page which you hopefully got to see in real time! If not, let's make sure we're following each other on Instagram!! So...here is this week's roundup of Instagram images of My Top Business Tips and Motivational Quotes.
Time Tracking – Tip #1:
"Track all of your time (& your staff's time) and see where it's going."
Time Tracking – Tip #2:
"When you spend time tracking your activities in detail, your life becomes more streamlined & focused."
Time Tracking – Tip #3:
"Hiring a bookkeeper is important because even if they only come in once a week for a few hours, they will keep you on track."
Time Tracking – Tip #4:
"Tracking your time is the single most effective thing you can do to turn your company around and put more money in the bank. Period."
Time Tracking – Tip #5:
"Tracking your time is worth it."
Let's talk! I'd love to hear YOUR stories on how time tracking helps you run your business better!
I'm sure you have advice to share about your method of time tracking. Which tips above did you find helpful? I would LOVE to hear from you!
Anyhoo...I publish these business tips and motivational quotes to get you fired up for your work week! And, if you want more business tips, get my book, But Are You Making Any Money? or contact me to really take your business to the next level!
P.S. Of course that's not all we've got! Searching for more tips about running a business?
Then definitely take a look at these:
I'd love to hear your ideas! So please comment below and then SHARE!