Spending time wisely
We’ve run this business for a long time and have picked up that small business owners skill of ‘just knowing’ how much to charge for whatever it is we are doing.
We recently had lunch with a key supplier who runs a small administration based business not dissimilar to ours in many ways and we were talking about time management. Richard from The Paraplanners has used time logging software for around 10 years and they have refined their process considerably over that period. They now use getharvest.com which is a website and app that allows both the logging and the all-important analysis of the data.
Fortunately for us as well as an endorsement from a trusted business associate, Harvest have a Windows Phone app.
As the in house gadget lover, I am one the few who use the much underrated operating system and this allowed us to sign up to the trial version of the software.
It’s early days and to be honest we’re still setting it up and understanding how it works but we wanted to share with you why we are doing it.
What we don’t want to know<
We really don’t have any interest on whether someone checks Facebook or has three cups of tea in the morning. We trust our incredibly hard working staff absolutely and we know they use their time to the best of their ability. All the data logging in the world won’t change that at all.
What we do want to know
We are keen to establish how long certain tasks take us and, crucially, how much of our individual and collective time is spent on ‘billable’ work as opposed to ‘non billable’.
We reconcile our bank accounts every morning and consider this a very important task as cash flow is king for all businesses, small ones especially. It also allows us to spot any fraudulent activity very promptly which is also very important for anyone using online banking.
Our accounts are important but they are not billable time – clients do not pay us to reconcile our bank.
Billable time is therefore time spent working for clients directly. Preparing for and travelling to and from meetings, answering emails and processing transactions are all examples of billable time.
Once we get the hang of logging time accurately we will be able to analyse all sorts of very interesting things which reminds us of a possibly apocryphal story of another firm who offered clients a chauffeur driven limousine to meetings so that they could take place in London and avoid the need for the business owner to travel, thus saving more time than the cost of the posh taxi!
It will take time (ironically)
We are only just starting this process and we know that there will be challenges ahead not least of which is remembering to log everything we do. Harvest’s software is excellent and we are already better at using it.
We will keep you updated with progress!