Can your project teams see how they generate revenue?
Posted by Jessica
Tuesday, June 14, 2011
Project and Program Management
If your company is primarily project-based—deriving revenue by billing clients for work on specific tasks—then no doubt you’re constantly concerned with billable hours. The more of them you can generate efficiently, the more successful you’ll be. A simple measure of that efficiency is utilization: the ratio of billable to non-billable work. But how do you gauge that with minimal effort (which itself, of course, is non-billable)? And maybe just as important: How do you make your employees and contractors aware of how well they’re doing with utilization? Online timesheets have a unique ability to help you see and share utilization rates, and ultimately produce more revenue.
How? For one thing, you can quickly identify situations in which utilization is below expectation. But even better: Your project team members can see for themselves how they’re progressing toward goals. They can directly track billable versus non-billable time and always know their utilization. This can be a great way to get workers to perform more strategically. When they monitor their own profitability, they’re likelier to take action to keep it high.
Good timesheet software gives you not only these high-level views, but also the ability to see utilization trends and to report on aspects however you need.
Learn more in our white paper: Using Timesheets to Boost Utilization and Revenue.