How to Turn Time into Profits

The age-old adage says time is money. Well, maybe not exactly. We all have the same amount of time each day. Our corporate and personal worth varies, but there is a correlation between a wise use of time and profitability. How we choose to spend our time can directly impact how profitable our company, and we, become. So, if time is an asset - effectively managing it will positively affect our bottom line.

Welcome a Time Change

Success is measured by the outcome of our efforts, not how many hours we spend obtaining it. To increase profitability, companies and their employees need to welcome a change in how they allocate and manage time. This includes leveraging tools and technology that transform time into a competitive differentiator.

Increasing profitability and cash flow can be directly linked to improved operations. Companies must shift their attitude away from limited thinking like -

• If I can't even fix the problems, how can anyone from the outside help?
• We're working on improving things--the plan is in my head.
• We've survived tough times before, and we'll just ride this one out, too.
• I don't have time to improve, I'm too busy.

Operational and administrative time accounts for 60-80 percent of most costs. Companies, and their employees, want one thing - to make money. Without turning a profit, companies risk going out of business. Embracing time management tools to improve processes and project management can reduce the time employees spend on actions that don't directly correlate to project goals (e.g. administrative tasks). Time tracking can also improve personal accountability. Employers who adopt a refined focus on time management are constantly asking - "Is that employee (activity, service, process, product) profitable or does it drain profitability?" This approach is critical since it's not how much revenue companies make, but what they keep that is critical to success. Reducing admin activities is critical.

Keep a Clear Focus

Once employers embrace time as a true resource that can impact profits, that attitude must be shared and accepted by employees. Keeping a clear focus on time, how it's used, tracked and managed, can dramatically impact how people approach meetings and projects - even the time spent sending email. There is a delicate balance between administrative and project tasks.

Companies and their leaders must clearly define project objectives. When they do, employees can easily determine if their actions and tasks are working to achieve those objectives. Consider borrowing some input from Bob Prosen, a success entrepreneur, business coach and author. He says, "My goal is X. Will time spent doing this task achieve X? If the answer is no, you can't get involved with things that don't match your objectives. Doing so will take your project off track, increase the time you spend working and decrease your profitability."

Embrace Time Tracking Tools

Time must be managed, accounted for and invested in ways that maximize return. There is tremendous value in tracking everything from hours spent per project to attendance. Intuitive, Web-based time tracking tools allow companies to capture time data, in real-time, that provides insight into true costs at a task, project, business unit and company level. This data can help companies allocate resources, optimize processes, beat competition, drive revenues and increase profits.

Smart companies use tools and technology to help them manage and evaluate how they use their time. This data becomes important in determining everything from project cost and employee performance to proposal project schedules and outsourcing. The right time data can be critical in squeezing additional profits from projects.

Standard Time^®

It’s a fact - accurately tracking time and expenses can help you turn time into profit. Standard Time^® provides an easy, efficient way to track employee time, effectively manage projects, even improve internal or project processes. Time is a valuable resource that must be accurately tracked and managed. To increase your bottom line, leverage our time management tools. Download a copy today, and experience the benefits of Standard Time^®.