Best Time Management Strategies for SaaS Companies!

‍In this article, I am going to tell you the Best Time Management Strategies for SaaS Companies. so if you want to know about it, then keep reading this article. Because I am going to give you complete information about it, so let’s start.

Companies these days are providing various working options to employees, such as working from home, hybrid, or remote working; considering different working options for different SaaS companies, time management has become a key factor for an efficient workforce.

Structured time management can boost employee productivity and fluent workflow and improve the quality of work delivered.

Plenty of tools and practices are available for the dynamic time management of a company.

The article will cover several time management strategies for SaaS companies already in practice and how a company can utilize all its resources in the most optimum way possible to maximize productivity and yields.

Today’s article focuses on the same,i.e, “Best Time Management Strategies for SaaS Companies” The articles entail each bit of information necessary for you to know.

Let’s get started!✨

What are SaaS Companies?

SaaS stands for “software as a service.”

These companies deliver products and services to customers over the internet by purchasing subscription plans.

The customer doesn’t have to worry about the installation and maintenance cost problems for these products.

All the operations are carried out on cloud-based platforms, and employees are expected to perform most efficiently and productively to maximize profits.

Some of the top unicorns, like Zoho, Yardi, Bamboo HR, etc., have proved that with bootstrapping and efficient management skills, a company can perform magnificently in terms of revenue yielding.

Mailchimp performed outstandingly with 801 employees, and revenue per employee was $873907. The annual revenue of the company peaked in 2021 at $700M.

Zoom, when it came with its IPO, was one of the most efficient SaaS-based companies with $300000 per employee with $700M ARR and a rate of 85%.

A company can opt for many practices to use the available resources in the most optimum way.

One of the key reasons for a company’s outstanding performance can be its time management skills.

Best Time Management Strategies

Let’s take a look at a few time management strategies that these SaaS companies can bring into practice.

1. Use Time Tracking Tools for Employees

In this fast-moving and highly competitive world, managers and employees need to be on their toes to maximize company performance.

A business development manager has so many responsibilities that it becomes challenging to keep track of the time invested in different activities. 

For the same reason, time-tracking can be one of the best techniques to improve productivity.

SaaS companies are opting for various time-tracking tools to monitor individual performances, ease the decision-making process, and create an efficient work balance.

There are various reasons to choose these time-tracking tools to make management and employees’ work lives more manageable. Some of the benefits of these time-tracking tools are:

• Cuts out micromanagement
• Keeps track of time
• Task assigning and management
• Creates a disciplined environment
• Keeps a tab on employee efficiency
• Integrates with payroll
• Employee motivation
• Automates HR process
• Promotes a sense of accountability
• Sets a benchmark for the upcoming project

You can choose from a long list of tools to take hold of all these benefits for your SaaS company. The top time-tracking tools are listed below:

With FreshBooks Time Tracking Software, users can easily track their billable hours and monitor project progress in real-time.

Key Features:

• allows users to create timesheets.
• assign tasks to team members.
• generate detailed reports to help streamline invoicing and project management.
• integrates with other popular project management tools

It is a timesheet software that increases profit profitability, makes performance management much easier, and tracks efficient and effective utilization time.

One of the key advantages of incorporating this software is that the timesheets are filled within minutes automatically without interrupting employees’ work.

Key Features:

• Time Tracking
• Creating Visual Reports of the Company’s Performance
• Client Tracking
• Invoicing
• Efficient Workflow Management

Everhour is multi-functional time-tracking software that performs different team management tasks for SaaS companies like billing, task assigning, performance tracker, etc.

Key Features:

• Time tracking
• Billing and Budgeting
• Task Management
• Visual Planning
• Expenses Calculation
• Invoicing

It is an employee time-tracking software that facilitates an increase in profitability.

You can track and manage employees’ activities with well-built visual schedules on time, along with a smooth billing process and linking invoices.

Key Features:

• Flexible time tracking
• Employee scheduling
• Payroll & Accounting integration
• Managing finance & budgeting
• Mobility
• Invoicing 

Apploy is a time-tracking software designed for all companies that helps assign tasks and monitor project progress regularly.

It gives you transparency over employees’ activities with App & URL tracking.

Key Features:

• Task Management
• Project Budgeting
• GPS- Track- Field Service
• Payroll Management
• Attendance Tracker
• Remote Monitoring
• Reporting & Dashboard

2. Leverage Software To Improve Productivity 

SaaS companies are more prone to reduce manual work by using different apps and software to get work done in the least time possible.

You can provide your employees subscriptions and plans for various productive apps to lessen the manual work by employees, maximizing work in much less time.

This will solve the problem of committing a human error and then spending extra time reviewing and rectifying it.

Since SaaS companies’ employees are techies, it will be much easier for them to adapt and use these tools and apps.

Let’s discuss a few of the time-saving software which can help you reduce manual working time and increase productivity.

• Evernote: This software lets you say goodbye to pen & paper when taking notes. Writing down notes on paper is a little outdated and time-consuming. To end this tedious, time-consuming job, let your employees make interactive notes with checklists, images, memos, etc.
• Zendesk: A modern CRM system that is easy to set up and use. It allows for seamless tracking of all email communication and creates a robust list of accurate records.
• Grammarly: This software helps you point out all the grammatical errors, misused words, typos, etc., and suggests the best possible substitutes. You must suggest your employees use this software to reduce errors and the time taken in proofreading before publishing articles or even sending an email. 
• Todoist: It’s user-friendly software that helps declutter tasks and manage time efficiently. It’ll help your employees to segregate all the tasks in line according to priority and nudge them about all crucial assignments to be done.
• RescueTime: It’s the perfect software to check on your time consumption at work. Suggest your employees install and use this software to manage and track individual time consumption on each task. The tool also has a distraction-blocking feature to keep distractions at bay.

These tools can be time-saving and create an organized and focused workflow for your employees.

3. Apply the Pareto Principle (80/20 Rule)

The Pareto principle states that 80% of the outcome comes from 20% of efforts and vice versa.

Applying this principle will help you and your employees set the priorities straight.

The tasks that consume 80% of your time might impact 20% of results due to bad prioritization of tasks.

Here comes the role of the Pareto principle in managing time at the workplace.

For SaaS companies, customer relationships play a vital role; hence, applying the Pareto principle is important for these organizations.

To apply this principle, you must be aware of a few key performance indicators which are listed below that will help you sort and set work measures on productive tasks:

• Value Creation: This includes focusing on creating new and innovative products, strategic planning, creating engaging partnerships, etc.
• Delivering Value: This includes optimization of distribution channels, forming customer relationships, sales and marketing products, etc.
• Capturing Value: Forming new business models, finding better-optimized interest rates for debts, and optimizing costs.

Let’s balance the pros and cons of the Pareto principle before practicing it in organizations.

Application of the Pareto Principle as a Manager

• Focus on Strategizing: As a company or manager, you must sit with your team and chalk out the 20% of tasks that drive maximum outcomes based on the company’s vision and team goals.
• Delegate work efficiently: You must be aware of your employees’ performances and delegate vital tasks to 20% of the best performers and the rest of the tasks to 80% of the moderate performers.
• Do not stick to the number rule: The Pareto principle is 80/20 number, but it’s not a hard and fast rule to stick to these numbers.

Depending upon different work and different employees, your company’s breakdown can be 90/10 or 30/70.

4. Use The Pomodoro Technique

The Pomodoro technique, developed by Francesco Cirillo in the 1980s, is a time management technique that allows people to work with time and not against it.

The technique states that you assign yourself a task and set a timer for 25 minutes to finish that task, post that limit, you assign yourself a short break of 5 minutes.

These intervals are called Pomodoro.

Complete four such cycles, and then take a break for 25 minutes to freshen up your mind and finish tasks with a sense of urgency.

Steps to Apply Pomodoro Technique:

• Sort out all the tasks for the day.
• Segregate tasks based on priority.
• Pick a task and work on it by putting on a timer for 25 minutes.
• After 25 minutes, take a short break of 5 minutes.
• Post break, pick out another task and follow the same rule.
• Continue this at least 4 intervals, and then relax with a 20-25 minutes break.
• You can also combine less important tasks which can be finished within 25 minutes together.

This technique will help train your mind to be manageable and build willpower to finish a task on time.

Applying this technique in your organization will help create a disciplined environment.

Conclusion:)

The above article discusses various time management strategies you can implement in your SaaS company to maximize your workflow.

These techniques and tools will save your employees’ day, reduce their burnout, and increase efficiency.

These strategies will help you sort your priorities straight and keep distractions at bay.

Since SaaS companies’ employees are technically intelligent and handy with these tools, they can easily opt for and adapt these tools and techniques.

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