The Benefits Of Time Tracking

The Benefits Of Time Tracking

January 01, 2018 0 Comments

Hello, friends and colleagues!

 

This month I thought it might be helpful to focus on time management, the reason being that as freelancers our schedules are a little less set in stone with the comings and goings of various projects. To start out this month on time management I’ve dedicated this post to discussing ways in which time tracking can help improve the success of your freelance work.

 

Time tracking refers to the process of recording, managing and reporting hours worked by an employee on a job or project. This can be done on paper or on the web using spreadsheets or apps. Either way its purpose is to determine the quantity of hours spent on various projects. Below are three ways in which time tracking ensures a higher rate of freelance success.

 

  1. It assists with relationship building and the formation of pricing strategies.

Linking time tracking to both relationship building and pricing might seem a little out there. However, there correlate more than is to be expected. By partaking in time tracking one can analyze actual data on the time spent doing various tasks in order to create accurate time estimations for various projects. This allows you form accurate deadlines and timelines for clients. The more accurate the time prediction, the happier the client, the more likely they will return to you for future projects. Thus, a relationship is formed.

 

The same logic can be used for price calculations. As you time track more of your projects it becomes easier to predict the average time certain projects or tasks will take to complete. This accurate average can then in turn be used to send proper price quotes to be sure that a profit is being made off each service you provide.

 

  1. It focuses your attention on important tasks and helps kick bad habits.

 

If choosing to use an app over paper analyzing your tracked time is much easier as you can accumulate reports. Using these, you can discover patterns on how you spend your time. Once you’ve discovered these patterns it becomes easy to distinguish where you need to improve your work process.

 

Perhaps you notice from your tracking that you’re often easily distracted by social media. It becomes easier to curve a habit when the data’s staring you straight in the face.

 

  1. You can examine your time spending patterns to determine the most cost efficient way to run your business.

When tracking your time, looking at your accumulated reports you can determine if a certain activity is taking up too much time and causing you to lose profits.

 

Maybe you run a blog and find that creating the images for your content takes too much time and results in you losing profit from other tasks that could be completed. The blog could either be terminated or perhaps sourcing the images could be outsourced.

 



body