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As a business owner it can sometimes seem like there aren’t enough hours in the day. Between never-ending to-do lists, cash flow, and COVID, sleepless nights might be all too familiar.
Once you become your own boss, you’re responsible for your own time, productivity and income, though. When your time is worth money it’s tempting to spend every minute working. But are you getting the best return on the time you invest?
Working round-the-clock might seem productive, but puts you in danger of burning out. It might be time to start tracking the hours you dedicate to your work schedule.
It’s also pretty darn handy for making sure you charge customers a price which actually reflects the work you’re doing!
The signs of entrepreneurial burnout can sneak up on you. Do you recognise any of these?
Difficult as it is, allowing these to develop without taking action will only compromise you and your business.
An effective way to spot the early signs of burnout is to track the time you spend on your business. It will help you be more aware of what you’re really spending your time on, and make any changes.
Time-management should be a help not a hindrance, so it’s worth taking advantage of the products and services available to help you monitor your time.
Tracking your hours doesn’t necessarily mean you need a complex system. If you don’t have the time or budget to invest, a good old fashioned spreadsheet will do the trick, especially if it’s just you in the business.
Create a spreadsheet to document those key details. Include specific tasks, and how much time is being spent on each.
It’ll help you spot the true value of all those ‘quick phone calls’. It also makes it easier to tot up the billable time you should be charging to clients, if you charge by the hour.
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There are hundreds of time management apps and software, giving you an accurate and accessible way to keep track.
As with most business decisions, the best solution depends on what is most suitable for you and the business. We’ve put together a list of popular time-tracking tools to get you started.
This is great for those who can’t invest any budget into their time tracking software, as Toggl Track offers a free but comprehensive service. There are additional tiers available at a cost but the free offering is decent for effective time-monitoring.
A consistently popular choice when it comes to business time-keeping, Harvest serves both individuals and collaborative teams alike. Users can set various rates for different people assigned to any particular project. It also tracks individual expenses, so you can bill the client accordingly.
One of the standout features of this time-tracking app is the ability to set maximum time limits on a task-by-task basis. Doing so will ensure you stay on track with your schedule, but still on top of important deadlines.
Although spending time on tracking your time might seem counterproductive on the surface, dig a little deeper and you’ll find there are real benefits. See time-tracking as an investment for improving your overall performance and organisation, rather than another chore.
Just like regular financial reports, reviewing time-spent helps you steer the business. Keeping records of how you spend your time allows you to look back and analyse how effective you are. If you often find yourself rushing, or running into deadline issues, you can consult your time-keeping records to pinpoint why this might be happening, and then work on resolving it.
There might be one client who absorbs all your time, without you even noticing. You might realise you’re spending time chasing down late payments manually, rather than automating the process.
Keeping a record of your time helps you prioritise projects more efficiently. It ensures that valuable clients aren’t left feeling short-changed at the hands of less pressing matters. How you spend your time affects the success of your business, after all.
Knowing how long each task really takes, allows us to be more realistic with what we can offer, and in what timeframe. A quality that both colleagues and customers will greatly appreciate.
You’ll be able to work to a timeline that doesn’t make you feel quite so much stress, without making impossible promises, missing deadlines, or burning out.
Despite sometimes being overlooked as an advantage, time-tracking is invaluable for billing your customers correctly. Documenting the hours you spend on them means you can be incredibly detailed about what they’re paying you for.
Pricing is more accurate and everybody knows where they stand, significantly reducing the risk of any disputes around cost. This sort of transparency can also help limit late payments, and bolster your business’ cash flow.
Tracking time also means you’re less likely to forget or overlook hours when it comes to billing. And then you’ll have more insight when you quote for similar projects in the future.
Mental health policies to support employee wellness are becoming more commonplace these days. Employers are now obliged to ensure they cultivate a working environment that is safe, inclusive, and comfortable for an increasingly diverse workforce.
However, as a business owner, you probably haven’t got any HR or Health & Safety bods looking out for you. You need to watch your own back, and this includes checking in with your mental and physical health on a regular basis. Keep control of your stress levels and leave time for important things like sufficient sleep, quality time with loved ones, and regular breaks.
When it comes to your physical health, it’s essential that you create an ergonomic workspace that supports long-term comfort. This applies whether you spend long periods of time sitting at a desk, or hunched over in a workshop. Remember to get up to stretch and move your body every half an hour or so!
More than 70% of small business owners have experienced stress over the past year. Common causes include balancing business and private commitments (26%), time pressures (24%), and business admin (21%). (Small Business/UK Domain)
Tracking your hours and taking a meticulous approach to time management is one of the first steps in creating a healthy work-life balance. It’s a vital component of both professional success and personal wellbeing. You’ll find it easier to identify any areas you might be neglecting, and where you need to invest more time and energy.
Speak to one of the team about how our online business accounting services can help save you time and reduce stress. Call 020 3355 4047 or click here to request your free call back.
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