Have you ever wondered if there was more you could do to help strengthen your valued customer relationships? More and more companies of all sizes are gaining a personal edge and giving thanks to Customer Relationship Management (CRM) software.

What is logistics and transportation CRM?

CRM is a great approach to help manage your transportation business’s valued relationships with customers old and new. It makes use of data analysis based on your clients’ history to improve business relationships, and customer retention. In such a competitive business market, transportation companies who make use of CRM software and other SaaS applications will find they have an edge. By making the best use of your own customer data, you will be able to discover valuable insights about your clients, such as how they respond to marketing directed at them and then using that information to assess how to move forward with successful business decisions.

Did you know that 74% of businesses surveyed said that CRM software allows greater access to customer data? If you pair that alongside another study that affirms that those companies that substantially outperform long-term are 5x more likely to use customer data that their lower-performing competitors? CRM for businesses of all sizes can establish areas to drive business growth. It really is essential for any business that wants to thrive.

By implementing CRM into your transportation business, you can boost customer retention, improve your profit margins, and increase sales. You know that customer relationships are the key to the growth of your business, so make sure that you are managing them as effectively as possible. Be proactive and utilize CRM technology to connect to clients and improve your business performance, no matter the size of your company.

How transportation CRM software can help your business:

Improve customer retention rate

The data gathered by CRM software applications can help you get to know your customers on a deeper level, and then put a value on them.

• Better relationship visibility helps your team address accounts that are at risk and offer better opportunities to customers in a timely manner
• Transparent customer histories enable you to make better and more tailored purchases and service experiences to retain your current customers
• Know your customers by using the data to understand just who is accessing your services, and how often. You can also check buying trends and individual preferences so that you can customize messages to reach them at the right time as well as working to win back those who have stopped purchasing
• Put a value on your clients with CRM data analysis of your clients and their buying habits so that you can identify which of them are most profitable and what each customer is worth to your business
• Identify new customers. It’s not just current customers you should focus on, but their information can help you sell to prospective clients as well. By matching up the profile of your identified best clients, you can reach out and sell to new customers
• Comparing data sets between those customers who have stuck with you and those who have stopped using your services, you can gain valuable information to know what is working and what isn’t

Automated data entry

Incorporating a sturdy CRM helps your team to automate their data entry. It also allows those from different departments–marketing, sales, and customer service–to access the same information and to share that data.

• Data can be leveraged in future marketing campaigns
• Improved and smarter reporting with revenue forecasts to give you all the information you need to grow your business
• Advanced CRM software eliminates duplicate records from being entered into a database
• Create and schedule personalized reports
• Track open opportunities, performance of campaigns, and much more by allowing a CRM system to cover your reporting tasks
• Accurately forecast revenue and maintain a solid understanding of the health of your business

Better team collaboration

Just as we said that your team will be able to better connect and share data, they will also find improved collaboration by moving from old-fashioned manual spreadsheets to modern, CRM software.

• Effectively managing those important customer relationships means that multiple employees with different skills are needed. Whether it’s customer support, marketing, or sales, a cloud-based system means that all team members can collaborate across specialties and work together
• Team members don’t need to be in the same physical location: cloud-based solutions can be accessed anywhere, at any time
• When your team is working as a single unit, they present a united front to provide stellar customer service, and in turn enhance the overall profitability of your company

Information management

CRM is an essential tool for transportation businesses of any size, or for any business for that matter.

• Consolidate customer data and documents, enabling team members to access, share, and manage information. This approach can strengthen existing customer relationships.
• Using this customer data can assist in developing a strong picture of top sales leads and enable you to plan effectively for the future.
• It gives your transportation business the chance to automatically track all contact and follow-ups with clients, reducing the chances that a loyal customer will fall through the cracks.
• Increases the chance of being able to automate several workflow tasks, saving you and your staff time to focus on other tasks.

By investing in a well-designed CRM software, your team will be able to access information from anywhere they are, from the comfort of their own device. They will be able to manage appointments and track their deals in real-time. With a CRM software that works for your business, you can carry all your business in the palm of your hand.

Time Tracker will automate your time for payroll, billing, and productivity

If you’d like to learn more about our Time Tracking Software for Transportation Companies, click here to explore our services. Try a free 14-day trial today and give yourself extra time to focus on other tasks as the software safely tracks and stores your team’s time and location during the day. No credit card required. Cancel any time.

The post How to Use CRM Software for Transportation and Logistics appeared first on eBillity.

Attracting qualified candidates remains a primary concern. To compete, emphasize unique company culture and growth opportunities. Highlighting the impact and responsibilities within a smaller organization entices those seeking career advancement. Flexibility in work arrangements also appeals to talent scarcity. A comprehensive talent strategy encompassing building, buying, borrowing, and bridging ensures success.

Crafting an Irresistible Employer Image 

Since the recession’s end in 2009, filling job openings has taken longer due to economic growth. Small businesses must build a strong employer brand to attract top talent. Research reveals exceptional recruitment yields 3.5 times more revenue growth and twice the profit margin.

Yet, acquiring the ideal talent poses challenges:

• Defining target individuals
• Conveying the right message
• Reaching them effectively

To stand out from corporations, highlight values, mission, and work environment. Focus on recruitment strategy, considering applicants’ perspectives, crafting tailored messages, and securing top candidates. Poor recruitment can lead to unqualified, non-diverse applicants or missing highly qualified ones.

Follow these practical talent acquisition steps to increase recruitment success:

1. Set Objectives
2. Develop Strategy
3. Execute Activities
4. Measure and Evaluate
5. Adapt Based on Results 

Talent acquisition sustains organizational needs by attracting and retaining skilled employees beyond vacant positions. Now, let’s explore the most effective talent acquisition strategies.

BUILD: Unlocking Potential through Learning and Growth

To foster a thriving talent pool, invest in learning and development. Tailored training programs, aligning with employees’ aspirations, captivate potential hires. A dedication to nurturing staff’s professional growth becomes a compelling lure for ambitious candidates.

A robust culture of people development sets companies apart in a competitive labor market. Prioritizing learning and growth as a core mission creates a virtuous cycle, attracting, advancing, and retaining top talent. Leaders and employees embracing a growth mindset, backed by training and advancement opportunities, underpin the success of effective organizations.

When organizations emphasize people’s development, they magnetize knowledge-hungry employees eager to expand their horizons. Work experience fuels 40 to 60 percent of an employee’s human-capital value, bolstering skills and expertise.

Think about it this way—it’s like a tech-savvy explorer who has ventured into multiple tech terrains, from coding and programming to troubleshooting and customer support. With every experience they acquire, their knowledge puzzle grows in value, making them a formidable presence in the industry.

We use this example as rehumanizing the workplace through tech integration fosters social interaction and efficient collaboration. Technology and innovation should enhance work rather than replace humans, with workers embracing its positive impact.

Adopting technology as an ally unlocks new possibilities for the future of work and helps embrace a learning-centric approach for higher talent retention and career progression. Indeed, evidence suggests investing in employees’ growth yields higher promotion rates and increased retention, safeguarding against talent drain.

BUY: Leveraging Flexible Work Arrangements

In today’s competitive job market, small businesses need help acquiring experienced and talented staff. To attract exceptional candidates, consider leveraging flexible work arrangements and external recruitment.

External recruitment broadens your talent pool, reaching candidates beyond your organization. Showcase your job openings to potential candidates, influence their interest, and secure acceptance offers. This dynamic approach unlocks a diverse array of skills and perspectives.

Introducing flexible work arrangements is another game-changer. In the post-pandemic world, businesses offering remote options or flexible hours appeal to candidates seeking work-life balance. According to studies, achieving a work and personal life balance is necessary for some individuals. Experienced professionals are even willing to switch jobs to attain it.

Gender equality’s profound significance demands attention and action. The pandemic disproportionately affected women’s participation in the workforce. Empower female employees with autonomy, fair pay, and empathetic leaders.

Embrace these innovative talent acquisition strategies to secure top-notch candidates for your small business’s success.

BORROW: Utilizing Employee Referral Programs, Outsourcing, and Partners

Small businesses can uncover valuable talent by fostering communities beyond their walls. Employee referral programs, a potent resource, empower current employees to refer candidates from their network, aligning with the company’s culture—incentives like bonuses or extra time off boost participation.

Talent retention thrives on five strategies:

• Norms
• Values
• Incentives
• New professionals
• Knowledge management

Norms and values emerge as the most influential, transcending competencies. Prestigious awards and social recognition reinforce commitment, even when employees move on. Effective communication, praise, and satisfaction drive retention.

The global hunt for skilled workers intensifies; 75% of companies need help to recruit. Managing geopolitical risk ranks among the top three growth strategies—some plan on engaging shoring and nearshoring partners to de-risk. Accessing highly skilled talent is going worldwide in the borderless digital-first economy.

Partnering with educational institutions builds a talent pipeline, connecting students with future employers. Cultivating relationships with potential applicants enhances retention and attracts post-graduation candidates.

BRIDGE: Promoting Employees and Increasing Inclusivity

Strategically securing skilled employees and optimizing organizational efficiency are imperatives for small businesses navigating talent acquisition hurdles. SMBs must focus on talent retention through mutual satisfaction and understanding core competencies and roles.

Internal recruitment, especially promotions, proves more effective and cost-efficient than external hiring. But in addition, fostering inclusivity proves indispensable for successful talent acquisition. Job seekers actively pursue companies dedicated to inclusive initiatives.

Embrace diversity company-wide, starting from the top. Leaders should educate themselves on various cultural backgrounds and value diverse perspectives. By implementing these strategies, your small business can attract and retain talented employees, paving the way for long-term success.

The Influence of Cultural Fit and Social Media

Small businesses can effectively compete with large corporations by adopting innovative and forward-looking tactics. One alternative strategy is to focus on hiring for potential and cultural fit.

Identifying candidates who align with the company’s values and are passionate about the industry can lead to dedicated and motivated employees willing to grow with the organization. Emphasize your company’s unique attributes through employee review sites and your “About Us” page.

Harnessing the power of social media platforms has become indispensable in this digital era. Sharing employee success stories and positive experiences can significantly enhance your brand perception. The rise of the Gen Z workforce also demands attention as they seek diverse and environmentally-conscious employers.

While social networking websites like LinkedIn and Facebook offer promising recruiting avenues, recruiters must carefully weigh the pros and cons of new developments. Carefully evaluating candidates’ potential and ensuring a mobile-friendly application process will optimize recruitment outcomes.

In today’s ever-changing business world, small companies must adopt innovative and contemporary approaches to entice and maintain the best employees.

Wrap Up

To build a winning team:

1. Combine short-term recruitment and talent acquisition strategies to attract highly qualified candidates and fill vacancies long term.
2. Engage potential hires, promote growth opportunities, and embrace diversity and inclusion.
3. Leverage employee referrals and partnerships.

Time Tracker: The Perfect Solution for Efficient Employee Management

Efficient workforce management stands as the backbone of small business success. Enter Time Tracker—an ideal solution for tracking employee hours, attendance, and leave. Time Tracker’s user-friendly features streamline processes, from payroll to project tracking and client billing.

Don’t let talent slip through the cracks. Sign up for a free 14-day trial and experience the benefits firsthand. With Time Tracker in place, focus on growth and success while securing the best talent for your team.

The post How Can Small Businesses Attract Skilled Staff Using Talent Acquisition Strategies? appeared first on eBillity.

Simplify Payroll

One of the biggest advantages of time tracking software is that it can help to simplify and improve the payroll process. Companies that still use traditional timekeeping methods, such as paper timesheets, must enter data into a computer manually. This wastes time (and money) by diverting resources that could be better spent on other tasks. Traditional timekeeping methods can also prove detrimental by leaving you vulnerable to human error, as office staff may accidentally input a number wrong or misread an employee’s handwriting.

Time tracking software can then be an invaluable resource for construction companies by streamlining the payroll process and removing the potential costs that human error can cause. Since employees punch in or record their hours on their own devices, not only are unnecessary steps in the payroll process removed, but employees can ensure for themselves that the information entered is accurate.

Reduce Time Theft  

Time tracking software for construction not only simplifies the payroll process, but it also helps ensure that timecards are accurate. The fact is that we all make mistakes, and just like payroll might misinterpret a timecard, employees may accidentally fill out their timecards incorrectly. However, whether it’s intentional or not, time theft (where employees claim pay for time they were not working) is a growing problem, as studies suggest it is something over 40% of employees do. Even if employees are only off on their timecard by a matter of minutes, this can add up to a company paying thousands of dollars over the course of a year for work time that did not happen. Fortunately, time tracking software can provide a simple solution to this problem.

When you use time tracking software, not only does the system help ensure that only time worked is entered into the system by verifying the time and location when employees clock in/out, but you also can use features aimed at helping you combat common time-theft practices. For instance, you may choose to set up break notifications prompting workers to return to work. This helps to save you money by ensuring payroll is as accurate as possible.

Keep Track of Every Worker

Time tracking software also helps to improve efficiency and reduce time theft by keeping track of where employees are at all times. The fact is that keeping track of where employees are has typically been difficult in the construction industry, as workers may have flex schedules, or they may be required to migrate from one site to the next throughout the day. Yet, this can lead to potential time theft if a worker tries to clock in when they aren’t actually at the job site, or if they claim that they were traveling longer than they actually were.

A GPS tracking system built into your timekeeping software can help alleviate this issue by providing information about every worker’s physical location and status in real-time. This can help keep employees accountable, as they will know that they need to accurately record break times and not take detours on route between locations since they are being tracked throughout the day. You can even set a geofence radius that employees must be within to clock in and out so that they don’t try to steal company time. GPS tracking can then keep your workers honest while providing you with valuable location data that could help you determine ways to improve job site efficiency.

Manage Overtime Costs

Another benefit of time tracking software is that it can help construction companies to better keep track of and manage overtime. While projects often require overtime to ensure deadlines are met, not all overtime is necessary, and overtime can quickly cause project costs to skyrocket if not managed correctly. Fortunately, time tracking software can help companies better manage overtime by allowing them to see data about how much overtime is being put in, and by allowing them to set reminders to help ensure overtime hours do not go above a certain threshold. Time tracking software can also help prevent unnecessary overtime hours from being billed by ensuring workers only complete hours that are approved and within budget. You can even set alerts to warn you when specific employees are close to going into overtime, allowing you to make real-time decisions about scheduling, which can help keep your project within budget.

Improved Estimates

Time tracking software can also be essential in helping you to provide potential customers with more accurate bids. With detailed information easily accessible to you regarding how long it takes to complete tasks and how long similar projects have taken, you can create competitive bids that customers can rely on to be as accurate as possible. This significantly reduces the likelihood that you lose a potential customer because you overestimate the cost/duration of a project, or that you will irritate a customer because you underestimated a project’s timeline. You will have all the necessary information at your fingertips to ensure your estimates are as accurate as possible.

Accurate time tracking is essential to ensure that your construction company maximizes productivity and minimizes unnecessary costs.

If you are still maintaining physical timesheets or manually tracking timecard data, try Time Tracker free for 14 days and see how easy online time tracking can increase productivity and profitability in your construction projects.

The post Why Time Tracking Software is Perfect for Construction Sites appeared first on eBillity.

What is Time Tracking and Billing Software?

Time tracking software for accountants is a tool that helps businesses monitor and record the amount of time an employee spends on a given task or project. This information is used for billing clients, project management, and productivity analysis. In accounting, keeping track of billable hours is a critical part of doing business, and such accounting timekeeping software provides accurate and efficient record-keeping. The software also eliminates manual data entry, making it easy for team members to submit real-time and accurate time logs.

Why Should Accountants Use Time Tracking and Billing Software?

Time tracking software for accountants can significantly improve invoicing and reporting accuracy and efficiency within your organization. The tool can track multiple invoices at a time and simplifies the generation of reports, thus saving you time to focus on other critical business aspects. Consider this, if your accounting team is tallying timesheets and processing payroll every week, this task is taking time away from other work responsibilities and is not cost-effective. Billing software automates all these tasks and makes your accounting team more productive.

Time-tracking solutions are also helpful in reducing idle time among employees. Employees often spend time without realizing it, but the 5 minutes spent on little distractions add up at the end of the day. Time and billing solutions for accountants give better oversight on how time is spent, which can help employees become more productive and accountable for their working hours. Other reasons that may influence you to try time and billing software include a spike in data input errors due to manual processes, high employee absenteeism rates, low project profit margins, client invoicing delays, and frequently missed deadlines.

Some of the critical business benefits you can unlock with time and billing software include:

• Complete and accurate capture of billable hours for improved profitability as you can identify the most and least profitable clients and then make necessary adjustments
• Time entry for staff is made easier
• Improved visibility on the utilization of labor resources which can help in improving your workforce
• Increased customer satisfaction through timely billing and comprehensive and transparent reports of how they were billed
• Reduces administrative costs associated with manual time collection and invoice creation since the software automates all these actions
• Eliminates the use of paper timesheets and excel spreads to track employee time

Features That the Best Time Tracking Software Have in Common

Multiple time tracking software solutions with different feature sets and user experience needs are available. However, the benefits you experience hinge on the tool you choose to work with. The best tool must deliver all the essential features your employees and business need to track billable hours and should also streamline interactions with clients by providing spot-on estimates and delivering accurate and timely invoices.

Here are some top features you should look for when hunting for the best time and billing software for accountants:

Time Trackers

This feature allows employees to measure and track how long it takes to complete specific tasks. The tracker can pause for breaks or stop and restart once you move on to the next task/project. For example, consider a time tracker that supports manual input tasks outside the program, such as in-person meetings or research projects. Some tools come with built-in break timers that allow users to specify the duration and frequency of their breaks. The program then automatically issues a reminder when they are due for a break.

Timesheets

Timesheets comprehensively overview an employee’s weekly work hours and tasks. Depending on your program and preference, this report can also be submitted at the end of the pay period. In addition, some programs feature templates and copy tools that employees can use to duplicate schedule timesheets without many variations.

Client invoicing

Client invoicing is an essential feature for accountants in time tracking and billing software. It helps generate invoices for billable work hours and you can even see the payment status. Some tools also include total balance and invoice ID numbers on the billing dashboard.

Expense reports

This feature helps you track your budget for a project and keep your profit margin broad. You can see how much of your budget remains, calculate internal costs, and keep spending in check. Some tools go as far as providing visual representations, such as charts and graphs, to help you visualize the associated costs of a project versus the profits.

Team overviews

This feature gives you oversight over employee roles, hours worked, and billable hours. It can also help you evaluate your team’s overall capacity to ensure you spend your time effectively and avoid unnecessary overtime.

User profiles

Having your employee profiles is essential for scheduling and payroll processing. The profiles outline how many hours employees are available to work and their pay rate, deductions, projects, and time-off requests. User profiles can also help you track your employees’ absences, job titles, and contact information.

Project management tools

Time tracking and billing tools can also double up as project management platforms. This allows you to monitor project progress, expenditures, and assigned team members.

Payment processing integrations

The ideal time tracking and billing software generates client invoices and lets you track payment progress in real-time. Once your client receives their invoice, they can initiate payment with just one click, redirecting them to your payment gateway. This is often a separate integration from the tracking program, but you can confirm if your chosen software supports it.

User-friendly interface

These features can only be helpful if your team members can use the system to its full potential. Therefore, ensure that the program is easy to navigate and, if possible, can be personalized to suit your needs.

Alerts and Notifications

Some programs allow you to set notifications based on your business objectives and personal preferences. For example, you can select the program to alert you when employees reach their work capacity.

Tips for Choosing the Best Time Tracking and Billing System for Accountants

• Identify an appropriate price point and select the best contenders based on your budget. You will also need to determine which pricing model works best for you. For example, do you prefer a flat fee or a monthly subscription?
• Determine your use case based on the gaps you want to fill in your organization. For example, is there something that needs to be added to your current accounting toolbox? Also, consider what you hope to achieve with the implementation of the software.
• Identify must-have features that the tracking software must include for it to be a valuable investment for your business.
• Get user feedback from clients or employees on what they expect from their time tracking software. Their input can help set the standards for the new time tracking and billing tool you should use.
• Evaluate your current software setup to identify the functions and features you need to fill in the gaps and ensure you get a system compatible with your existing go-to apps.
• Analyze your business’s current and future needs and then pick a program that best fulfills those needs.
• Take a test drive with a free trial, if available, before committing.

Why Time Tracker by eBillity Stands Out from the Rest

Time Tracker by eBillity is a flexible time and billing software that allows teams to track time and expenses for payroll, projects, and client billing. We understand that time is a valuable resource, and although managing it is difficult, it must be done, nonetheless. Using our time tracking and billing software for accountants can ripple effect on your organization, helping you work efficiently and maximizing your ROI. Signup for 14 days free trial today and join hundreds of other accountants and bookkeepers enjoying increased productivity and profitability. You can also join eBillity’s Advisor Program and enjoy 20% commission and other benefits as you help your clients and business partners grow.

The post Things to Keep in Mind When Choosing Time and Billing Software for Accountants appeared first on eBillity.

Scope creep occurs when a project’s objectives, requirements, or vision shifts from what was agreed upon at the start. Even when a client adds on smaller tasks one by one, it can still throw off your project’s schedule and lead to cost overruns, missed deadlines, and a frustrated team.

So, how can your creative agency push back on scope creep and help clients respect your time? We’ve shared our top tips below.

Set Clear Project Expectations and Ensure Clients are On-Board

In order to keep your project within scope, you must first determine exactly what the project will entail. The best way to do this is by creating a Scope of Work (SOW). This document should outline the project’s expectations, including the:

• Type of work being completed, and the people involved
• Project’s objectives
• Tasks that must be completed in order to fulfill these objectives
• Task list that divides the project into manageable steps
• Project schedule that defines when, where, how, and by whom the work will be completed
• Specific list of project deliverables
• Project management report outlining any measures that must be taken to keep all parties satisfied
• Success criteria and sign-off, signifying when the project is finished

Consider your SOW to be your project’s roadmap. Taking a wrong turn along the way could lead your project astray or derail it completely.

That’s why it’s also vital that your creative agency clients are on-board with the project’s scope. These objectives and expectations should be written down and discussed with your client at the start of the project. You’ll get off on the right foot this way, lowering the likelihood of future problems.

If you don’t establish clear scope guidelines, clients may take advantage and pressure you to complete more work than you initially agreed upon.

Put Your Terms in Writing

Speaking of objectives and expectations, it’s also important that you outline your general working terms to your client from the get-go.

When you’re creating boundaries with clients, write them down in a formal contract and have them sign it before you begin working together. This is one of the most effective methods for encouraging a client to respect your time.

Outline elements such as your working hours and methods of communication. Additionally, set expectations for response times, how long your calls are supposed to last, and turnaround times.

The written contract should also specify exactly what you must deliver. So, if a client attempts to persuade you to produce something that isn’t covered by the contract, you may politely decline or ask them to pay an additional fee.

The payment conditions should also be included in the contract. This includes information such as the amount owing, the payment method, the due date, and any additional terms that apply, such as late penalty fees. After all, chasing up late invoices is a further waste of your precious time.

Address Boundary Breaches Immediately

It’s one thing to set boundaries, but unless those boundaries are enforced, a client won’t take them seriously. Therefore, when a client breaches one of the elements discussed above, politely follow it up to prevent it from happening again.

Some client boundary violations may be easier to resolve than others. For example, if the contract specifies the scope of your deliverables and the customer requests additional work, you may quickly schedule a call to discuss the added expenses.

Similarly, a late penalty clause in your contract can help you deal with situations like late payments.

If a demanding client calls you after hours on a regular basis, you must sit down with the client and respectfully remind them of your working hours.

Most clients will happily comply with such a request. However, if the client’s demands have shifted to the point where they require extra hours, you’ll need to negotiate a new agreement.

Know When to Say No

You and your team want to give each of the stakeholders, as well as the end-user, the greatest potential result. You can only accomplish this if you have defined duties, boundaries, and timeframes that everyone understands.

You’ll have to learn to say no from time to time if you want to keep control of the scope of your project. It’s never easy to say no to your employer, manager, or a key project stakeholder. However, it’s the strongest approach to safeguard a project’s quality, and that is precisely how you should think about it.

If an employer or client asks you to take on more work, explain that it goes beyond the scope of the original SOW and will inevitably affect the project’s budget, timeframe, and resource allocation.

If a team member is contributing to the project’s creep, refer to your personal workflow. Explain that there’s simply no additional time left in order to hit the project’s objectives.

Use a Time Tracker to Manage a Project’s Timeline Effectively

If you want a client to respect your creative agency’s time, then you must also respect and be in control of your own time. Time management is crucial to your project’s scope, as failing to hit deadlines is one of the quickest ways to make a project’s timeline and budget blow out.

Thankfully, time tracking software can help you manage your project scope, so you can understand how the project is progressing at any given time and keep clients in the loop.

Time Tracker by eBillity, for example, gives you complete transparency over your project budgets, tasks, and team. With detailed real-time reports, you can easily avoid scope creep and over-run. This is because you can track what team members are working on in real-time. Then, you can instantly see if any project is going over its hours or budget.

Time Tracker also allows you to monitor estimated hours against actual time spent. This not only helps you and your team to remain accountable for your efforts but also provides clients with concrete proof of the time you have put into their project.

Take Control of Your Time

As a project manager, time is your most precious resource. Let time tracking software handle some of your day-to-day tasks, so you can spend more time on your client’s important projects.

Ready to take control of your time? Start eBillity’s free, 14-day Time Tracker trial today.

The post How To Get Your Creative Agency Clients To Respect Your Time appeared first on eBillity.

Adapting isn’t easy—but it is possible, especially for professional services companies that take the time to plan for what the future may hold. 

Today we’ll look at three professional services trends—along with challenges and solutions—to be aware of heading into 2022.  

What professional services have been most affected?

Professional services comprises many industries, including services for:

• Audit and accounting 
• Business consulting 
• Financial advisory
• Managed services (network management, cloud infrastructure, printing, SaaS) 
• Law
• Recruitment
• Technology 

Key characteristics that set professional services apart from other industries are:

1. The custom services they offer to clients
2. The need to foster long-lasting client relationships
3. Billing for engagements based on time and materials

Number three is of particular importance when it comes to professional services trends in 2022 and beyond. If billing isn’t efficient, accurate, and error-free, it will be nearly impossible for professional service firms to survive. 

Professional services trend #1: Increased speed of business & technology

Over the past few years, advancements in technology moved quicker than anyone expected, and experts expect that to continue. As client needs and wants continue to evolve faster than ever before, successful firms will adapt their processes to maximize the speed of both their tech and their overall business operations. 

To compete in a tech-driven market, professional services firms need to: 

• Get data out of silos
• Upgrade from legacy tools
• Equip teams with advanced software 
• Offer automated delivery and accurate insights to clients
• Digitize workforce management

By taking these steps, firms can provide increased transparency, accurate proposals, faster estimates, precise billing, and higher levels of cost-efficiency. Done correctly, your firm will also naturally make changes to provide more value to clients rather than simply relying on what’s worked in the past.

Professional services trend #2: Digital delivery

One of the biggest professional services trends to emerge in recent years is a lower barrier to entry created by digital delivery of services at lower costs. The industry has moved away from physical infrastructure, brick-and-mortar offices, and traditional business frameworks, and that’s opened up many professional services to competition. 

To succeed in the new digital-delivery marketplace, professional services firms need to:

• Rely on data to inform all decision-making and planning
• Use artificial intelligence (AI), machine learning (ML), and robotic process automation to increase productivity and decrease delivery costs
• Consider building a supplemental network of internal and external talent you can call on as needed
• Capitalize on the fact that cloud-based tech has made advanced solutions accessible and affordable to companies of all sizes, while giving them the ability to scale quickly
• Optimize skills and talent to ensure you have a human-centered strategy that’s as strong as your digital one

With more than a third of professional services firms expecting 75% of their revenue to come in digitally over the next three years, this is a trend you can’t afford to ignore.  

Professional services trend #3: Outcome-based business

Outcome-based business models work differently—and sometimes more effectively—than traditional rate-based business models. 

Rather than basing your fees on the time it takes your team to achieve a certain outcome, this model focuses on the outcome itself, as well as the effort it takes to reach it. Within this model, risk is shared between the vendor and customer because all that matters is whether the outcome is achieved.

In order to make an outcome-based business model work for you, experts say your firm must establish and follow best practices that will:

• Streamline your operations
• Improve your delivery models, and 
• Make proposal creation and billing faster and more accurate.

With customer expectations putting pressure on firms to be faster and more focused on the end result, offering outcome-based pricing—at least for certain projects—is one professional services trend every firm should consider. 

How time tracking supports these professional services trends

When it comes to digital delivery and improved billing and business speed, time tracking software is already a no-brainer. A solution like Time Tracker not only tracks every billable minute with the press of a button, but it also simplifies timekeeping and boosts profitability—both of which benefit clients in terms of transparency, efficiency, and ease of payment. 

What may surprise you is that time tracking can also benefit your firm if you switch to an outcome-based business model. Once you’re no longer billing clients for time, all of the efficiencies you find and capitalize on during a project stay with your business. 

Did you find a way to cut two hours from every planning meeting? That time is yours to spend on other projects with no need to pass along those savings to a client unless you want to. The same is true with efficiencies you find through software upgrades, staffing changes, or time saved during any part of the process—as long as you track that time for yourself so you can see where your margins are improving. 

See how Time Tracker can help your professional services firm

Try Time Tracker free for 14 days.

The post 3 Professional Services Trends to Know in 2022 + How to Make Them Work for You appeared first on eBillity.

The good news is that there are many solid small business funding options; the biggest hurdle is determining which ones are right for you.

From venture capital investment to microloans, we’ll discuss 4 of the best financing options for small business owners.

Loans vs. Investments

Before we get granular on financial funding for small business, you need to decide whether you’re interested in a loan, investment or both. The biggest differences between loans and investments are the level of ownership, control and cost you’ll retain.

With a loan, lenders typically don’t want to be involved in every decision. Oftentimes, they have fixed repayment plans and lower risk, especially with collateral-backed loans. That means lenders tend to focus on recouping the debt. As long as you make payments on time, they’ll likely be hands-off. Long-term, interest on debt is usually lower than the equity that goes to investors. 

Investors, on the other hand, have a stake in your company and may want more control. They’re taking on more risk, which often results in higher required ROI. The benefit of investors is that you repay them in equity rather than loan repayments, and some small businesses appreciate the security, guidance and support investors offer. Ultimately, it’s up to your business to determine what model will work best for you. 

Small business funding option #1: SBA’s loan guarantee program

When considering major funding options for small businesses, the U.S. Small Business Administration (SBA) is a good first stop. The agency doesn’t lend money to business owners themselves but instead sets guidelines for loans made by its partners. That allows the SBA to reduce lenders’ risk and help them access capital while also making it easier for small businesses to get loans.

Image credit: SBA.gov

Because the SBA is an established, government-backed organization, it offers multiple small business funding options.

COVID-19 Relief Options

In today’s economic climate, one of the best small business funding options is to be sure that you’re taking advantage of all the COVID-19 relief options at your disposal.

Check out and apply for applicable programs, including the:

• Paycheck Protection Program (PPP)
• COVID-19 EIDL, which provides relief for temporary loss of revenue
• Restaurant Revitalization Fund
• Shuttered Venue Operators Grant
• Debt relief for existing SBA loan borrowers
• Cross-program eligibility for small businesses that qualify for multiple types of assistance

Lender Match

One of the most straightforward company funding options from the SBA is lender match, which connects your business with lenders offering SBA-backed funding.

The process is simple:

1. Describe your needs by answering a 5-minute questionnaire.
2. Get matched with lenders who are interested in your loan in as little as a few days.
3. Talk to lenders to compare rates, terms, fees, etc.
4. Submit an application.

Before you apply for lender match — or any funding, really — it’s a good idea to have the following ready:

• A business plan (which the SBA will help you create free)
• Financial projections
• Collateral (home, car, property, inventory)
• How much capital you need and how it will help your business
• Credit history to determine risk and interest rates

But remember: the SBA can help guarantee loans for businesses that might not qualify for traditional loans, so ask or apply even if you think you don’t check all the boxes. 

7(a) Loans

The most common SBA financing option for small business owners is the 7(a) Loan Program. It offers loans up to $5 million to small businesses that need:

• To acquire real estate as part of a business purchase
• Short- and long-term working capital 
• To refinance current business debt 
• To purchase furniture, fixtures and supplies 

Eligibility for 7(a) loans is based on what your business does to receive income, credit history, and where you operate. 

504 Loans

The 504 Loan Program offers: 

• Long-term, fixed-rate financing 
• Up to $5 million 
• For major fixed assets that promote business growth and job creation

504 small business funding is administered by Certified Development Companies (CDCs), which are SBA partners that promote economic development within their communities. 

You may be eligible for a 504 loan if your business:

• Is a for-profit company 
• Operates in the U.S.
• Has a net worth under $15 million, and
• Generated an average net income of less than $5 million after taxes for the last 2 years.

Use your 504 loan to buy or build new facilities, equipment or land. Or, simply to improve land, streets, parking, facilities and more. 

Small business funding option #2: Microloans

Microloans are one of the best small business funding options because they’re not issued by banks or credit unions, which means there’s more freedom when it comes to terms. Instead of traditional institutions, these loans are issued by a single person or group who contributes toward the total amount.

The SBA offers microloans of up to $50,000 to help small businesses start up and expand. These microloans are administered by the same community lenders vetted for experience in lending, management and technical assistance. Most require some collateral as well as the personal guarantee of the business owner.

Using this type of financial funding for small business, you can repair, enhance or improve your business by allocating funds to: 

• Working capital 
• Inventory 
• Supplies 
• Furniture 
• Fixtures 
• Machinery 
• Equipment 

If you’re concerned about bad credit or lack of collateral, consider online commercial lenders such as Prosper, SoFi or Best Egg, who may be able to take on higher levels of risk. 

Small business funding option #3: Crowdfunding 

One newer small business funding option is crowdfunding, aka using small amounts of capital from a large number of people to finance a new venture. Crowdfunding is often powered by social media or websites dedicated to bringing investors and entrepreneurs together — think Kickstarter, Indiegogo and GoFundMe. 

Many crowdfunding projects are rewards-based, which means investors get to participate in product launches or receive gifts at certain stages. The biggest benefit of crowdfunding for small businesses is that it vastly expands your pool of investors.

Small business funding option #4: Venture capital

Another popular company funding option today is to secure venture capital (VC) funding. Venture capitalists are investors who provide money to businesses with high growth potential in exchange for equity. 

VCs are usually formed as limited partnerships. People invest in a fund that supports multiple concepts, knowing there’s a high risk of failure since these companies are often just past the startup point and still growing. VCs can be an excellent low-touch option because investors can come in, buy a stake, nurture your growth and then cash out with a substantial ROI as soon as possible. That means you get short-term financial support with fewer long-term equity-related concerns. 

Small business funding and time tracking

As you sift through all the financing options for small business owners, take time to consider where your business is currently making its money. (Investors and lenders certainly will.) Which types of projects are most lucrative? When are your employees most efficient? Where are your growth opportunities? 

For small businesses, time tracking can unlock many of those answers. Companies who use a solution like Time Tracker have access to detailed insights that identify operational inefficiencies, show which clients make (and cost) you money, and give you the hard data you need to make informed decisions fast. 

Let us show you how.

The post 4 Small Business Funding Options to Grow Your Business appeared first on eBillity.

Research estimates that the global management consulting industry lost up to $30 billion in revenue in 2020. So where does that leave people who are tasked with managing a consulting firm — today and in the next few years? Here, we’ll explore the issue and outline three post-pandemic solutions for management consulting. 

1. Shift your strategy: industry, region & focus 

Right now, many organizations are investing their resources into critical operations rather than consultants. That doesn’t mean the work doesn’t exist; it just means you may have to look to different consulting industries to make up the bulk of your business at the moment.

Industry

While the travel, entertainment and restaurant industries will likely hold off on management consulting for a while, the healthcare industry has to move forward now to tackle needs created by the pandemic. The same is true for the e-commerce, logistics and supply-chain industries that are experiencing surges unlike anything they’ve seen before. If you can shift your focus to those on-demand industries, you’ll be more likely to carve out a space for success. 

Region

The management consulting industry is also seeing changes based on geography. In Europe, India and Brazil — countries that have been the most affected by coronavirus alongside the U.S. — management consulting is largely on pause. However, Africa, Australia and parts of the Middle East are seeing less of an impact, which means the consulting industry is more likely to retain (or even gain) a foothold there. Try expanding into one less-impacted area and grow from there. 

Focus

Another strategy the consulting industry is adopting is shifting focus. While some management consulting needs remain the same — leaders still have to decide on executive pay and equity compensation, for example — others are no longer as pressing. Companies may decide streamlining human resources or revamping financial services can wait as they scramble to address the new normal COVID-19 created. 

Consider focusing on areas that have grown over the past year, such as:

• E-commerce 
• Supply chain management
• Online customer experience 
• New technology implementation
• Employee retention and motivation

When it comes to employee management, the future of consulting firms is promising. Many leaders need more help than ever navigating conversations around bonuses (which may or may not be happening), changes in pay and the shift to remote work, especially over the next year. 

And, because consultants have always worked remotely to some extent, you have a leg-up on the expertise your clients need. You already know how to incentivize a remote workforce and adopt digitalization; now share that knowledge with them. 

2. Take advantage of the new virtual world

Traditionally, management consulting firms have relied on travel and in-person meetings to get the job done. The global management consulting industry works quickly, with people traveling across the world weekly in order to address a crisis or advise on an issue. 

But as COVID-19 continues to surge in certain places, we know that social distancing and government-mandated regulations aren’t going away any time soon. And with most consultants typically spending 80% of their working lives away from home, it puts them at higher risk of contracting or spreading the virus.

The good news is that, at this point, everyone understands those limitations. We all know that changes have had to be made, and we’re comfortable with what this new, virtual world looks like. Where teleconferences or virtual summits might have been seen as less-than-desirable options in the past, they’re now accepted in the management consulting industry. By cutting down on travel, lodging, expenses and overhead, your team may be able to recoup lost profits while still getting the job done. 

3. Track how your team is spending time

When it comes to strategy in the consulting industry, knowing where you’re spending your time is crucial. Successful management consulting firms know that not every client is the right client. Some cost more in time than you make in profit, and the competitive post-pandemic market for consulting services means that you can only afford to keep clients that you can prove are making your firm money. 

If you haven’t already, implement a time tracking solution like Time Tracker. That’s the first step to seeing the correlation between time spent and time invoiced. Your revenue depends entirely on how accurately you track and invoice time, yet 15% of consultancy hours are not billed to clients by firms. 

Think about that. How far would an extra 15% revenue boost go right now? Furthermore, once you nail down exactly what you’re spending and where, you may find room to cut costs. That can help you establish more competitive rates, which will be crucial to weathering the coming years. 

See how time tracking can work for management consulting

Time Tracker makes tracking and invoicing easy. And our online time management software goes the extra mile, giving you reports, accuracy and reliability. 

See how Time Tracker can help you with our free 14-day trial — no credit card required.

The post The Future of Consulting Firms: 3 Tips for Management Consulting Post-Pandemic appeared first on eBillity.

Recent research shows that:

• Up to 60% of construction businesses have had projects postponed or canceled due to the coronavirus. 
• In addition, the pandemic has resulted in greater material costs and lower availability of workers.
• That means accurate construction job costing may be the difference between survival and shutdown. 

In fact, 75% of contractors say construction job costing is among their top concerns for their business. So there’s never been a better time to learn about and implement the right construction job costing software. 

4 things you need in construction job costing software

When you’re trying to determine how to estimate construction jobs, costing is vital because it allows you to break down large projects into smaller, specific tasks. In the past, construction job cost accounting software might have consisted of multiple Excel spreadsheets; today, there are much better ways. 

Look for construction job costing software that:

1. Streamlines estimates 

Construction job cost tracking is only successful if the system does the heavy lifting for you. Look at how the software handles estimates and ensure the finished product can be easily exported in a format that clients can work with. This will help you create estimates and bids faster.  

2. Tracks costs in real-time

Once a project is underway, the best construction job costing software will allow you to compare estimated costs with actual costs — in real-time. Use that data to identify areas where costs are escalating and root out the reason before the issue becomes unfixable. The ability to see these spikes at the very beginning — when you still have time to change purveyors, materials or your timeline — is crucial to success in the industry today.

3. Helps keep stakeholders informed

Change is inevitable in construction, so figuring out how to estimate construction jobs is essential. When you’re reviewing construction job costing software, look at how they handle change orders. Make sure the software provides space for your team to give detailed information about changes to labor and materials costs, so you have the information you need for your clients and your boss. 

4. Works for people in the field

To estimate construction jobs properly, you need accurate information, and the only people who can give it to you are your foremen, supervisors and workers. Yet, contractors often say that getting information from the field is the most challenging part of construction job costing. 

The fastest way to fix that? Find construction time and attendance software that your workers will use.

How Time Tracker streamlines construction time tracking

1. Allows crews to clock in on arrival to a jobsite

Time Tracker replaces your old punch clock with whatever technology is right for your company, whether that’s a mobile app or time cards. It’s ideal for construction sites because your crews can clock in, take breaks and clock out using their unique 4-digit pin. Plus, facial recognition will eliminate buddy punching. 

2. Lets you see where your team is at all times

Time Tracker features built-in geo-tracking, so you can see where your crew members are in realtime and where they were throughout the day. You can also add a geofence radius, so entries can only be submitted when workers are within the boundary.

3. Gives you the tools you need — and none you don’t

Use Time Tracker for everything from distributing weekly schedules to tracking expenses by client or project. Or, if all you need is a time clock, simply use it onsite for employee time tracking.

Ready to try Time Tracker for construction job costing? 

We’re happy to offer all construction companies a 14-day free trial. Sign up today.

The post How Construction Job Costing Software Can Help Maximize Your Profits appeared first on eBillity.

Let’s break it down, starting with the reason people adopt strategic planning in the first place. 

What is the strategic planning process?

Strategic planning is a tool that helps you establish the mission and direction of your business. By evaluating where you are and where you’re going, you can plan for growth and success. 

Strategic planning is a philosophical approach to business that, when executed well, can give you and your employees concrete ways to respond to challenges and opportunities. By identifying your mission, vision, values and goals, you can make a more effective action plan to achieve them. 

What are the five steps in the strategic planning process? 

While it can vary depending on the company, strategic planning process typically consists of five steps: 

1. Set goals

Clarify the vision of your business by setting goals.

• What are your short- and long-term goals?
• What processes will help you achieve them?
• How can you break down your bigger goals so every employee can participate?

By giving every employee detailed, realistic, measurable tasks, you ensure everyone gets an opportunity to contribute to the company’s success.  

2. Analyze your business

Gather as much information about your business as possible.

• Where is your business heading?
• What does your business need to do to be sustainable?
• What about to grow?

Identify your strengths, weaknesses, threats and opportunities — and be honest. The strategic planning process only works if you’re willing to evaluate your business openly and honestly, and to look at both internal and external factors that may affect you. 

3. Create your strategy 

Review all the data collected during analysis.

• What resources do you already have that can help you reach your goals?
• Where do you need outside help?
• What issues are most pressing and which can wait?

Once you prioritize your goals, your strategy should start taking shape.

4. Implement your strategy

Put your plan into action.

• Secure any necessary resources or funding. 
• Outline every employee’s responsibilities and how they’ll be measured.
• Start executing the plan with an eye on monitoring results. 

5. Monitor your strategy

Measure and review results as you go, and correct mistakes. 

• Are your results matching up with your projections?
• Is your strategy moving your company closer to its goals?
• If it’s not, what changes can you make so that it will?

If you do need to make changes to your strategic plan, set new deadlines. If your plan isn’t moving the needle once those deadlines are up, go back to step three and start again. It’s not uncommon for businesses to have to repeat the strategic planning process, but you’re less likely to need to if everyone is focused and accountable. 

What role does time tracking plan in the strategic planning process? 

Workplace accountability is crucial for any business, but it’s even more important when it comes to executing a strategic plan. Success is only possible when each employee understands their tasks, is present and on time for their shifts, and performs their duties as planned. Time tracking makes all of that possible by removing administrative burdens, getting everyone on the same page and increasing productivity. 

Research shows that building layers of accountability into your business leads to a more dedicated staff, heightened capability, better morale and higher levels of satisfaction within the workplace. 

View all the benefits of Time Tracker and start your free, 14-day trial.

The post Why Is Strategic Planning Important and What Are the Steps? appeared first on eBillity.