time-sheetsMeasuring your money is vital for a healthy business. But measuring your minutes is even more important. It’s always at least possible to make more money. You can’t make more time.

Not many people enjoy filling out a time sheet. But collecting and using accurate time data is essential for making sound decisions, identifying revenue problems, tracking utilization, and discovering problems in process and profitability. Without this data you will only be able to guess where problems are stemming from. And when you guess you almost always guess wrong.

Collecting accurate and well structured time information from all employees (including you) is absolute gold when you need to investigate a problem. And there is no way to get it after the fact. Because trends in professional service companies cannot often be measured in weeks, or even months, you need at least six months of time-sheet information (even better, eighteen moths) before you can use this information effectively. And then, when you make a change, it might take several months to be evaluate the effectiveness of a solution. If you are not collecting time data you need to start right now.

Employees might not like filling out time-sheets. But have them do it consistently for about a year. When they start to see how it makes their jobs easier, more productive, with fewer late nights and weekends in the office and they will become more then willing to spend a bit of extra effort filling out that time-sheet.

Money | Measuring | Marketing | Management | Motivation