I suppose it goes without saying, but with a down-economy, now’s the time to bill clients for every hour you’re entitled to. And to watch your resource utilization more closely. Below are some areas to watch for. Consider a product like Standard Time® to make them happen.
Resource utilization is the percentage of billable hours your employees are working. Let’s say there are 172 billable hours in a give month (every month is different). And let’s say Fred only worked 45 of them, and Angie worked 100. The utilization rates would be 26% and 58%. Not great, but workable. Can you make money at those rates? Well, that depends upon employee salaries and overhead. Increase your utilization rates, and you win. The image below is a report of utilization rates.
Correct Billing Rates
For every hour you bill clients, you have a billable rate. Those rates depend upon employee skillsets, and the tasks performed. Research and Development will naturally bill out at higher rates than travel and meetings. I recommend using Standard Time® to monitor those rates for each employee. Make sure you’re billing at the correct rates, and for every hour your people are employed.
Communications and client Login
Clients like to see what you’ve been up to. Without a client login into your time keeping software, they aren’t certain what’s being done on their projects. They begin to wonder. Give them a client password, and let them peek into their own projects. It will aid in your communications efforts. Communications is everything in client relations.
The folks at Standard Time can demonstrate all these areas: Give them a ping!