Key insights in brief
Time tracking has a bad reputation. And yet it's the largest lever to ensure the health and profitability of a service-based business, whether you're selling websites or gutter cleaning. And it doesn't matter if you charge by the hour or not.
Watch the full recording to hear experts Niclas Preisner (Memtime) and Marcel Petitpas (Parakeeto) unfold the topic of time tracking as a service-based business.
What you'll learn
In a business model where the largest expense is work-hours, time tracking is the shortest path to improving utilization and growing profitability.
Here's what you'll learn in 50 minutes:
- How to level with your team and get them on board with time tracking
- How the conversation around time tracking influences the quality of data
- How to use time tracking data to improve profitability
Timestamps
01:26 Who should track time and why?
03:17 What's the cost of NOT tracking time?
04:50 Why do people hate time tracking? What's the real problem?
06:34 Why do people track time poorly?
07:57 How to fix your time tracking process?
09:01 How to create buy-in from the team?
10:10 "Closing the loop"
16:23 Precision vs accuracy of time tracking data
19:00 Crash course in time tracking and profitability by Marcel
31:10 What if you don't sell services or charge by the hour? Do you still need time tracking?
34:17 Addressing the criticism of time tracking by business coaches
37:06 Time tracking software recommendations
39:50 How to avoid giving people the "big brother is watching you" feeling?
43:11 How much can you round hours?
45:00 How to spot bad time tracking data?
47:06 Leveraging an existing problem to introduce time tracking
