Time is Money, so Treat is as Such
WOW - Y'all had a lot to say in the comments of our recent Instagram post about time tracking! We've talked about the importance of time tracking in a recent blog (you can find the link here)...
But what do you do with that information once you have it?
Here are a few tips and things to think about once you've been tracking your time and can see how it's being spent.
Analyze Patterns: Look for patterns in how your time is spent. Are there certain tasks that take longer than expected or are done frequently? Is there a specific client that takes more time on average than others, or an employee who's putting in more time for a task than others?
Evaluate Task Importance: Determine which tasks are essential to your business goals and or service you are providing and which are not. Are you spending time on profit-producing tasks? Is there a service or offer that's taking a lot of time but isn't making a huge difference for you or your clients? This will depend on your specific business and goals!
Identify Time Wasters: Spot activities that don't add value or could be streamlined. Consider delegating or eliminating these tasks, or sending Looms instead of having multiple meetings per week.
Implement Changes: Adjust your processes based on the audit findings. This might include updating your workflows or SOPs, updating your package pricing to reflect the time it takes to deliver, etc.
Review Regularly: Just like with your bookkeeping (shameless plug 😉), it's a good idea to review how you and your team are spending your time, to ensure ongoing efficiency and make adjustments as needed.
Long story short, use the insights from your audit to prioritize tasks that align with your business objectives and goals. These tips will help you can gain a clearer understanding of how time is used in your business and make informed decisions to improve productivity!
Speaking of time...
Don’t Let the Clock Run Out on These Financial Tasks. As we approach the end of the year here are a few things that we have done for our S CORP clients that you might need to do:
☑ Make any final retirement contributions to max out your contribution limits
☑ Make sure you run any end of year payrolls if you have not hit your reasonable comp salary (hit reply if you don't know what this is)
☑ Make any necessary adjustments to your W2 for over 2% shareholder health insurance rule
☑ Prepare your cashflow for any time off you are giving your team
And remember, the holidays fly by faster than a fox in a henhouse. Don’t procrastinate—your peace of mind will thank you! If any of these tips helped you, give us a follow for more. And consider working with us if you want some extra support!
