Earlier this month, CRM Buyer re-released an interesting story as part of a “Best of ECT News” series, and it touched upon an important aspect of business management that many SMBs are reluctant to implement: time reporting.
Small- and medium-sized businesses tend to have their CRM spread across multiple applications, so it’s not surprising that some invaluable applications can be neglected. But time tracking is not to be ignored, because it provides important information about where companies are making money (i.e. which customers are the most profitable), to control costs and revenue growth, and helps to really understand costs and focus on key areas. Having an automated system to streamline tasks is beneficial for cutting administrative costs.
Time tracking applications are recommended for companies with 30 or more employees, but they can also be helpful for even smaller business and freelance workers. Simply put, it helps users to not only keep track of their time, but also to make the best-informed decisions when it comes to projects and clients.
Still, CRM Buyer points out that many SMBs are hesitant to adopt these programs, and for a variety of reasons. Some companies are just averse to change; some might find their employees take offense at being asked to record their time at work; and many people just don’t like timesheets. But timesheets can help enforce union contracts and consistency, and the advice given to managers here is to fully explain the business needs for these time-reporting tools.
Naturally, a lot has changed with the economic decline, and time-tracking apps are reportedly on the rise. That time reporters are priceless in running a business isn’t surprising, but what is amazing is the number of companies—no matter what the size—that are shying from using them. Still, most everyone has been affected by the economy, so the demand for these types of productivity tools is only increasing, and will likely cement their status as a business management staple.
And of course, because no CRM application is considered complete if you can’t access it from your iPhone, most time-reporting companies are offering mobile applications.