EP 13 | Part 2 of 2 part series How to Increase Project Profitability with Time Tracking Part II - How to Audit your Project’s Time & Increase Your Profitability

It is not a crime to make money! You can delight your clients, do great work, grow a team, AND make  a good living.

 

Have you ever dramatically underestimated how long a project would take? 

 

Maybe you were so far over on hours you couldn’t bring yourself to invoice the client every hour of work you completed, 

 

Perhaps you were so far in the hole that you just stopped tracking your time b/c you couldn't bear to know exactly how far off you were. 

 

If so, this is the perfect episode for you! This is a 2 part series called “How to Increase Project Profitability with Time Tracking”  

In this episode we answer questions like…

1. How do you correctly audit your time when you look back on projects?
2. How do you make sure you are seeing  40 - 60% profitability in your projects?
3. What do you do if your projects are NOT profitable yet?

Here’s a glance at this episode…

[05:15] I dive into a simple overview of how to track your time and what information you need to know for every project to truly audit your time and calculate your profitability. [15:20 ] If talking about money makes you a little queasy, I share my story of working with Money Coach, Jenny Karlsson to change my mindset and help build a business that would last. 

[17:50] What do you do if your projects aren’t profitable? I share a few strategies to help with this. 

[27:30] I share my challenge for you this week on auditing your projects to make sure you are able to increase profitability and build your own business that lasts.

EDIT: In today’s episode I used the term Total Project Cost but what I should have said was Total TIME Cost. The reason is, Total Project Costs would include additional costs such as client gifts, meals, paying for mistakes, etc. 

When you are auditing a project’s profitability, you’re going to also want to look at sales for products as well as project related costs.

But Since in this episode we are only focused on TIME, I should have said Total Time Cost or TTC vs TPC. The calculations are all still the same but I wanted to correct my terminology here. When you download the PDF you will see the correct term, “Total Time Cost or TTC” in the formula.

Resources mentioned in this episode: 

• Book:  Money Magic by Deborah L. Price
• Jenny Karlsson - FInancials for Creatives 
• Episode 9 - How hiring can help your bottom line  
• FREEBIE: Project Audit PDF