How to Manage Profits and Costs with Time Tracking Software?

How to Manage Profits and Costs with Time Tracking Software?

Nowadays, almost every company is providing excellent customer service to its clients, by actively spending on business solutions that use the most advanced technology and the best time tracking software. Many businesses also improve their productivity as well as streamline processes by executing such solutions. Once such great business tool is time tracking and in this article, we will discuss how to manage profits and costs with it.

Either you run a big firm or just starting a business; wasting operational costs are not acceptable. Even a minor mistake can end up in serious disasters if not handled appropriately. Therefore, time tracking tools are an excellent technique to increase profits and cost breakdown, altogether. 

Manage Profits and Costs

Manage Profits and Costs

Many businesses greatly lessen their costs, by adopting the modern trend of automating daily processes. Every moment and every assignment is important for the ultimate project delivery no matter how small they are. By using time tracking software, you can efficiently handle unseen billable hours such as time spent on emails, phone calls, project management and discussion, conferences, and fieldwork.

Working with freelancers or remote teams

Working with freelancers

When you are fully aware of what your remote workers are doing and how much time they are using on each task can provide you a bigger insight into how well they are using the resources. Even though outsourcing workers can decrease expenses but handling them can be a difficult task. You must adjust them strategically and productively. 

It doesn’t matter how many freelancers you are working with, time tracking will identify how much time they spent on your project and produces a record so that you can count billable hours

Improved productivity means increased profits

Increase profits

Upgrade your workplace with a time tracking tool particularly if the method is antiquated. This can help your workers be more prolific throughout the day. You can quickly determine which tasks turn into earnings and track the achievement to understand if your team is winning when they spend time on that particular task. This will not only assist you set goals but open expectations to increase profits and distinguish the idle time. 

Time tracking apps show hidden work and unproductive workflows. But it also assists you to keep a fitting check and balance on preferences, and overhead expenses. Maintain employee ineffectiveness and effectiveness by distinguishing the responsibilities that waste your time, ultimately your budget. 

Decide what you need

Time Tracking Tool

In this fast-developing world, technology is also growing at a fast speed. Using too many tools can be a poor approach. Don’t go for the products, or subscriptions that you understand you will never actually use. This is one of the techniques through which you can cut extra expenses. 

Picking just one right time tracking tool can go a long way. Not only will this save money but also supports streamline workflow. 

5 Useful Tips to Manage Time Effectively

5 Useful Tips to Manage Time Effectively

Time is money and this is true especially in business. Time is running – every day, every minute, and every second. Even though it is the same for everyone (24 hours a day, 60 minutes an hour), every person spends it otherwise, depending on the responsibilities. But for a business, it is important to plan responsibilities and duties and hence to know how long each step in a project takes. In this article, we will discuss some helpful tips to manage time effectively.

Tips to Manage Time Effectively

Time estimation skills are one of the factors that decide whether you’ll succeed or fail in a particular task. Good time management strategies go beyond the typical guesswork. Sometimes, it takes the form of a careful plan and at times, you might need to take the services of the best time tracking tools. The experience of these planning tips, methods are necessary to run a business efficiently.

Plan ahead

Plan ahead

One of the best ways to estimate time is to sit back and plan your day in advance. Very basic but very effective. It’s not a smart move to start working with no direction at all. When you take things with no clarity. You hardly ever achieve something productive. Before you go to bed, take 10-15 minutes to figure out important tasks for tomorrow. Get up earlier to gain some clarity on how to go about your day. It gives direction and motivation to act on the right things.

Prioritize wisely

Eisenhower decision making technique

The next important trick is prioritization. Poor prioritization or no prioritization at all usually results in time wastage. Doing anything and everything isn’t always the most sensible choice. To prioritize properly, use the popular prioritization method given in the picture above. You need to understand which of the tasks need your attention and which can be delegated and outsourced. 

Proper delegation

Delegation - Tips to Manage Time Effectively

Delegation is one of the difficult tasks to do but if you know how to do it, it can do miracles for you. If you’re a manager at any other senior position, you should understand what can be transferred to your team members so you can concentrate on high-priority tasks.

Eliminate distractions

Eliminate distractions - Tips to Manage Time Effectively

Distractions are an inevitable part of every work and every project. Common types of distractions include smartphones, emails, talkative peers, social media, online shopping, etc. These distractions waste a lot of your time. The soon you can nib them in the bud, the better it is.

Time tracking software

Best Time tracking software

A useful time tracking software helps track time and planning work. Setting personal goals and adhering to them is much more comfortable with such a tool. It encourages you to plan work smartly with obvious boards. A time tracking tool is a must-have for companies that need to make the most of their time.

Use Your Customer List to Create Custom Audiences in Facebook

Use Your Customer List to Create Custom Audiences in Facebook

If you’re a marketing manager, your view and customer list are one of your valuable possessions. It’s a tool for staying in touch. It’s a method to convert contacts into clients. It’s a big source for creating audience personas. With Facebook Custom Audiences, you can also use that list to get an advantage from targeted advertisements. And if you follow the procedure properly, your Facebook audience will automatically increase alongside your list.

What are Facebook Custom Audiences?

Facebook Custom Audiences enable you to use existing contacts and visitors for Facebook advertising. Facebook uses the data you provide it, then works to meet it to program users. Those users can then view—and engage with—your ads. Custom Audiences are part of Facebook Ads, so they don’t cost you anything extra.

What are Facebook Custom Audiences?

There are four kinds of Custom Audiences on Facebook:

In this article, we will discuss the last one: Custom Audiences from a customer list.

How to Upload Customer List to Facebook?

If you want to upload your list for use as a Custom Audience, go to Ads Manager, then click on Audiences on the left section.

Marketing tools

Then, click Create a Custom Audience.

Business tools

At last, select Customer List as your source.

Facebook marketing

Now, you won’t be able to simply export a .CSV from your CRM and upload it. The data—what Facebook calls “identifiers”—requires to be formatted accurately.

Once your Custom Audience is in the system, you can decide it when you create a new Facebook Ads campaign.

Creating Lookalike Audiences on Facebook

Creating Lookalike Audiences on Facebook

Once your Custom Audience is created from your list, you can use it as the source of a Lookalike Audience.

For this, you have to go to the Ads Manager’s Audience section, and this time click Create a Lookalike Audience. Select your new Custom Audience as the source. Then show Facebook where you need your new targets to be located and how related they should be to the peoples on your list.