Friday, 24 August 2012

TIME TRACKING for the right decisions

Is it your new expensive technology that’s increasing production by 20%? Maybe the sealed deal with your biggest customer after long and arduous negotiations? Or the most popular – the unique idea that got you and your business where you are now.
But what’s the one asset you cherish above all else?

 

Your time!


And the time of your co-workers or employees. What if you are undercharging your biggest customer? Or wasting time that could be better spent on different activities? Or think outside the box: your technology outlay and setup time has been so long that you won’t see a ROI for 10 years? Time is like air – it seems to be free but is actually the most valuable thing you have. And if ‘time is money’ then underestimating the value of time is the most common mistake every entrepreneur or freelancer makes.

The prime time to use

  1. Make a list of your activities (design, programming, administrative) and assign a price for every one
  2. Estimate the time for the project. Don´t worry, it doesn´t have to be 100% precise, just a rough idea…
  3. Track your time for every activity, simply hit the start button and the app will take care of the rest. Don´t forget to track every detail, every e-mail, every consultation – everything must be tracked, regardless of length. Hitting the stopwatch on the project task takes seconds.
  4. The finale: compare project hours with the estimate – then adjust the prices & estimates next time around…
  5. Evolution. After a few projects, you´ll know not only where you are – but how long it took you to get there?
  6. Now it’s easy to see the time costs per every project or client. Then you can rest assured that your best client isn’t exploiting you, and that your technology paid off.
Correct decision making based on knowledge. 

Find out more

Discover primaERP TIME TRACKING.
No credit cards or commitments, all features

No comments:

Post a Comment