When your business begins to grow at a rapid rate, you will notice that there are changes that need to take place in both your mindset and in your daily execution of tasks. For one, you will begin to value time to at least an equal measure as you value capital. Additionally, you will begin wanting to streamline the use of employee time so as to maximize how effective they are at building your business.
Time Vs. Capital
There is both a time value of money and a monetary value to time, and these can intermingle as your business grows. On the one hand, using your capital to pay others for their services can be a tremendous boost to your business. On the other hand, the capital you invest is often less important than making sure your time is spent working to genuinely grow your business instead of "putting out fires" that may be preventable in the first place.
Streamlining Employee Efficiency
Your employees want to be as efficient as possible, but often, growth means that each person has to take on a wide range of additional tasks. In some cases, these are tasks for which the person is barely trained, while in other cases they may simply be asked to do too much. In these cases, reducing an employee's work load through automation or even outsourcing to another company can be an effective means of maintaining morale. Further, keeping everyone doing their actual stated job can be the most effective means of having each person make their most efficient contribution to your company.
Reducing Management Workload
Management in most growing businesses has a difficult path. For most, the hiring process is rapid, with new people taking up the newly created work load on a regular basis. Troubleshooting intraoffice issues and dealing with several different communication styles becomes par for the course as a company grows, and it can be easy to make basic technical errors. In these kinds of situations, morale can drop and employee productivity can be significantly hindered if management is not doing its core function -- keeping front line employees working to the best extent possible.
Eliminating Time-Related Errors
If you have hourly employees, traditionally you have simply had to accept that timing errors would happen a certain percentage of the time. Fortunately, outsourcing and using time and payroll software can eliminate nearly all of the errors that tend to occur when employees clock in or out. When employees can be certain that their paychecks are going to be accurate and that each pay period will reflect the work that each person actually does, it eases a sizable burden on morale and takes a large task off of management's hands. The more growth a company experiences, the more you can use time-control software to keep such inane issues from occurring and the more this will help your company.
Fixing Non-Core Issues
As your company grows, you will increasingly find that addressing non-core issues becomes less and less interesting to you. You simply have too much to do in your core operation to be able to devote valuable time to non-core demands. This is why outsourcing your clocking, and automating it as much as possible, is crucial to keeping up with the growth of your business. You do not have time to spend on non-core issues, and making an investment into having more time to do what your company does best is capital well spent.