One mistake I've made in 2020...I haven't been tracking my time. 🙈
I did when I was charging hourly when I first started three years ago, but once I switched to project-based pricing, I quit! I wasn't billing for my time, so why track it?!
I'm just now realizing the importance of time tracking even if you're not billing hourly and am going to share 6 Top Benefits of Time Tracking!
1. Bill Accurately (Of Course!) - Utilizing a Time Tracker while working on your client projects will help you accurately bill your client for your time.
2. Efficient Project Management - If you don't bill hourly, you still need to be tracking your time while working on client projects. I know, I know...you switched to project based pricing to get away from time tracking! But, doing so will help you stay on top of how much time you're actually spending on your projects.
3. Improve Productivity - When tracking your time, you'll notice what tasks take up a lot of time, and which take up minimal time. With this knowledge, you can prioritize what you work on and when.
4. Understand Capacity - By tracking your time, you know exactly how much time each project takes, so you know how much time you have each month for new projects.
5. Increase Profits - Once you start working more productively, you'll be able to free up time to work on more projects, which equals more money!
6. Calculate Your Rates - If you decide to charge per project vs hourly, it is KEY to continue to track your time! You need to have a good understanding of how much time it takes to complete each project so you can then calculate the best project rate.
If you're looking for a great time tracker, check out the HoneyBook built-in Time Tracker!
How can the HoneyBook Time Tracker help you?
- Stay Organized - When you start the time tracker, you can actually choose which project you're spending time working on to help you stay organized.
- All the Details - Add a description so you can identify exactly what you are working on.
- Get Paid - Specify if it's billable time and the rate to charge. You can then create an invoice based on the time tracked in HoneyBook.
If you're like me and ready to make 2021 your most productive AND profitable year yet, then be sure to check out the Time Tracker within your HoneyBook system!