As a business owner, do you sometimes feel that you’re doing all you can, but still can’t catch a break and barely squeaking by? In a silly way, I can relate. I had the top-scoring team in our fantasy football league but ended the season with a losing record. It’s discouraging but fantasy football can be deceiving. Every week my team scored a lot of points, but my head-to-head competitor that week randomly scored just a few more points than me. I made the right decisions, but the fantasy football gods didn’t smile down on me. And you are probably doing a lot of right things in your business but do you have a hidden weakness in your game plan?
You treat your employees well. You deliver the best service possible to your customers and work hard to maintain a good relationship with them. You aren’t frivolous. You mind your pennies. But at the end of the month, you run out of pennies and search the couch cushions for more. No matter how hard you work and strive to do all of the right things, your monthly expenses outscore your revenues. What are you missing?
Let’s look at your #1 business expense-labor costs. You could easily be spending 50-70% or more on payroll. You may believe that ‘it is what it is.’ You need your employees to get the work done to please your customers to make money to pay your employees. You may feel helplessly stuck in this cycle and that it’s impossible to cut payroll costs. But do you use handwritten timesheets to track hours for hourly, remote employees? If so, this could be the difference between you winning and losing every week, every month. We lay out some math for you to review in Handwritten Timecards Are A Money Trap that may enlighten you. The key takeaway is that handwritten time cards are costing your business, but a simple investment will turn the game around and will help cut payroll costs.
Chronotek maintains timekeeping as a core component in our online clock in, clock out time card system so companies can successfully beat the payroll offenders. Accurate employee time tracking will recapture those pennies and the dollars will take care of themselves.
By the way, I limped into the playoffs, crushing everyone, and won our league. You can crush it, too. Get your secret weapon to cut payroll costs today.
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