When you run a small business, you have to be smart with every dollar you spend. Therefore, using some of the same tools and systems bigger companies use can help save money and increase profits. For instance, instead of writing a schedule by hand, it may be easier to create on online schedule with a calendaring app. What other benefits can small businesses realize from using sophisticated tools?
Learn More and Waste Less
Automate time and attendance tracking. Employers need to know exactly when employees clock in and out. Manual systems are rife with errors and open up the doors to time fraud.
Next, you can also use the software to keep track of how many benefit hours were accrued or how many were used by an employee. Instead of having to manually input whether someone took a vacation day or whether that person worked enough hours to qualify for vacation time or a contribution to the company’s 401k plan, your program will do it for you. This may eliminate or reduce disputes from employees who claim that they didn’t get a benefit that they earned or weren’t given credit for a paid day off.
Get Better at Time Management
Labor scheduling, absence tracking and general time management programs make it easier to put your people in the right place at the right time. A time and labor management program can analyze past sales data to tell you how many people you need on the sales floor or in a call center in increments of 15 minutes. It can also help you schedule lunches and breaks without interrupting service to customers.
If you have employees who are constantly calling out sick, you can identify and address that issue. By terminating those who aren’t productive or aren’t motivated to succeed, your business can save money and improve morale at the same time.
Stop Spending So Much Time on Administrative Tasks
Small businesses may not have enough people to have a dedicated HR team and a dedicated payroll team. By combining the two segments of the company into one, it can save up to 40 work-hours per week. Those 40 hours can then be used by employees to complete other tasks that may be vital to the long-term prospects of the company. Instead of filling out paperwork, your people could spend time finding new clients, talking to job applicants or networking with lenders or investors ahead of a planned expansion.
It is vital that small companies make use of any resources that will help them save time and money. With limited resources, every hour and every dollar needs to be focused on making the company better and stronger. Otherwise, it is possible for an organization to fail regardless of how good its product or service may be.