Time is money. It is as true today as it was in 1748 when Benjamin Franklin first gave that cautionary advice to a young tradesman.
In the twenty-first century, companies must operate lean and smart if they are to remain competitive and profitable in the marketplace. The need to free up capital to finance business growth and expansion, demands that companies aggressively seek ways to maximize the value of time by increasing management and employee efficiency.
Does Doing More With Less Really Work?
In the quest for efficiency, the axiom “Do more with less” is heard frequently in corporate boardrooms, professional offices, and mom-and-pop shops across the country. It sounds good, but is it really possible?
The web publication Strategy and Business admonished companies in a recent article to “Stop Wasting Your Employees Time”. It points out that by “super-sizing jobs” and combining responsibilities, businesses often create a scenario for wasting time. Instead of efficiency, the net result is increased costs.
The article also points out that overloading employees with additional work and responsibility can increase frustration and kill morale. Unless the business provides additional tools along with increased workloads, error rates increase and productivity is lost. The plan to “do more with less” backfires, resulting in wasted time and money.
Efficiency the Right Way
Certainly, there are ways for employees to work more efficiently. By providing the tools to handle increased job responsibility employers can, in fact, create a work environment where employees are able to accomplish more with fewer resources.
Some businesses have adopted the strategy of increasing workloads by remaining in nearly perpetual contact with their employees. Their assumption is that constant engagement through cell phones, email and texting increases productivity.
While communication is a valuable management tool, it does not always lead to work efficiency. No matter how good the communications in a business, there remain only twenty-four hours in a day. In order to implement efficiency the right way, businesses must seek tools that actually engage with an employee’s job during work hours.
There are a number of technology solutions to increase efficiency and free capital to finance business needs. Remember that not all technology is equal or relevant to every business.
In an article focused on ways to reduce small business costs, AboutMoney.com lists technology as the number one method of eliminating unnecessary expense. The piece also encourages business to go paperless where possible and to use business appropriate software while cutting back on unnecessary applications.
A Universal Application
The key is finding technology systems that are applicable to your business. One function that seems to be universal to all companies is employee time management and payroll processing.
Time sheet management software, like the one provided by Clockspot.com, can provide immediate cost efficiency. By enhancing the ability to manage employee time on the job, businesses can budget more efficiently, control project costs and simplify payroll processing.
A good time sheet system provides these benefits:
- Employees clock in anywhere using a web browser, cell phone or landline
- Payroll reports are easily generated for accounting and the employee
- Paid Time Off accruals are tracked automatically
- Tracks employee workflow to assist in projecting job and staff costs
- Tracks employee actual time off and requests for time off
- Some systems, like Clockspot’s, provide GPS tracking capability of employees
- Provides SSL security
If funding to finance business growth remains a problem, examine options to increase efficiency with business-relevant technology. It could be your best solution. The right technology can free up hidden sources of capital within your business’ operations and ensure the ability to grow.