How To Make Informed Business Decisions In Uncertain Times

“The only thing we have to fear is fear itself”…

… said President Franklin D Roosevelt in his 1933 inauguration speech. Roosevelt was speaking at a time of great political, social, and economic uncertainty.

Not to make light of the challenges he faced at the time, had he made this speech in 2020 he could have considered a time tracking system to help his reboot of the American – and global – economy. Seriously.

Top Tip: Be Prepared in uncertain times

“In uncertain times it is best practice to be prepared,” says Timewatch CEO Graeme Wright. “When times are tight or times are uncertain a business needs to know exactly where its income is coming from and if it has enough staff or too many staff. The best way to answer these questions accurately – not just by guessing – is to have an accurate time tracking system. It is essential now, more than ever, to make well-informed decisions.”

Wright says that when a business is doing well the focus is on profit and acquiring new customers and new projects is easier. Delivering services, however, is a challenge. “When the economy is good, businesses look to our scheduling system,” says Wright. “Businesses need to know they are fully utilizing the staff they have and, as they are growing, need to be able to look forward to seeing when they will need new staff. Scheduling helps with this.”

But in times of uncertainty? The focus naturally shifts to keeping the customers a business has and knowing which customers, projects, and employees contribute most to profitability and solvency.

“On the flip side, when the screws start to tighten businesses buy our time tracking system,” Wright explains. “Businesses want to know how time is being managed and what return it is getting from employee time. If a company needs to make hard decisions and even consider laying people off it they need accurate data to make the right decisions and be able to justify them.”

How to save your business time and money in economic uncertainty

A smart business should aim to be stable and secure during any political or economic uncertainty. A step toward that is to invest in a workforce management system that manages time and money in the past and present (a timesheet system) and a workforce management system that manages time and money in the future (a scheduling system).

To ensure business continuity, it is best practice to implement these systems before you are pushed toward any economic and political uncertainty. Timewatch has systems that can help your business recognize when you need more staff and when you will need less staff so you can plan to manage uncertain times accordingly.

By investing in a timesheet or scheduling system, you will be better informed as to which jobs, customers, and employees are contributing most to your business success – and which are not – and ensure successful business continuity.

“If you don’t have reliable information you won’t make informed decisions,” says Wright.
“Our products make it simple to get the data you need and save you time and money in the short term – and long term.”