It’s important to keep your business expenses under control. If they’re too high, you won’t be turning a profit. If they’re too low, you’re probably not getting much done!
Expenses are essentially the cost of doing business. You spend money on office supplies so your employees can print documents. You pay for the internet service and the email client so you can communicate effectively. The list goes on.
The largest item in any business’s budget is associated with labor. You have to pay your people for their time. You may even offer them additional compensation in the form of benefits.
The management of time is the art and science of keeping tabs on your labor costs. A time management solution can help.
The Cost of Labor
You must pay your people for their time. This is true no matter what industry you’re in. You pay your office workers to complete paperwork, to do the accounting, or to prepare to meet with clients. In retail, customer service staff are paid by the hour. In factories, people operate machines in shifts and are paid by the hour for their services.
Most of your employees would probably choose to work a full-time, Monday-to-Friday, nine-to-five schedule if they could. That may not be when you need them! A busy restaurant may need three staff members to handle the dinner rush, from six until nine at night. A factory or hospital needs people to work overnight and on weekends.
The more you do, the more hours you need. This translates into needing more people. You need to divvy up their time in a logical way. Overtime, benefits, and leaves like vacation also factor into the cost of labor.
Managing Time Effectively
Some of your employees are particularly skilled at one task and not another. A great computer programmer might not be very good at keeping your books. If you’ve got a big accounting project on the go, you may not want or need the computer programmer to work as frequently.
You’ll also want your accounting staff in for longer shifts! You may need to pay them overtime for the additional hours.
All of this comes down to effective scheduling and workforce management. When you know who the best people for the job are and when you’ll need them, you can pencil them in.
How Do You Manage Time?
Obviously, time management is important and needs some careful attention. Scheduling the wrong people at the wrong time could mean your productivity nosedives or you end up paying too much.
A software solution can help you manage your time more effectively and efficiently. Instead of wrestling with handwritten schedules, use software to quickly and easily generate schedules.
Better yet? As you enter more data about your business over time, the time management solution begins to recognize patterns. As a result, you can gain insight into when your business is truly busy and when you have a bit more downtime. Your scheduling can get smarter as a result!
Another factor you must consider is the effective management of leaves. Your employees have vacation time they want to take. Maybe someone is on short-term disability or parental leave. Another person needs to take a few sick days.
A top-notch time management solution will help you manage all of this away time effectively too. It can tell you who’s away and when. Covering shifts has never been easier.
Connecting to Payroll
Time management is intimately tied to your payroll. After all, time worked is how you determine how much your employees have earned. The best time management solutions on the market will connect directly to your payroll services, making both payroll and time management easier than ever.
Good time management is crucial to your business success. A software solution can help you achieve better management of your time.