I have been speaking these last two weeks to some of the new groups SE 153, SE 160 and SE 161 about the value of time management. Not surprisingly pretty much everyone hates time reports. Myself included. However we had some excellent discussions and came up with some recommendations.
First you should start to track your time invested in the business. By measuring something it is the only way we can get better. It does not matter if you are investing 10 hours a week or 60 hours a week we want to increase our productivity and efficiency.
1. I recommend keeping track of your time in five areas. Work, Admin, Sales, Planning and Idea Development.
2. Track three ratios every month
Total Revenue divided by Total Hours is a recovery rate that indicates your overall earnings,
Total Revenue divided by Total Work Hours is a chargeout rate which indicates your billing efficiency, and
Work Hours divided by Total Hours is a Utilization rate indicating your productivity to earnings.
3. Keep these results to yourself for the first six months until you start to improve. I found the first year results very humbling as I was totally inefficient.
These three ratios can really move you forward in earnings and are an excellent process to get better. You can get an excel spreadsheet time report in our documents sections. If you have any suggestions please leave a comment or email me directly. CliffMKS