Business and project managers have been making use of time tracking as a trick of the trade for a long time now.
This helps them in keeping projects scheduled, ensuring optimum business health.
There are a host of other benefits that can be reaped from implementing time tracking solutions to streamline sales process. Here are a few:
Describe Your Ideal Client
When your business was launched, you possibly said yes to every company that showed interest in hiring you or your services. But things change as you progress. You tend to take on a more long-term approach that possibly involves saying no to potential patrons.
Time tracking software helps in determining which clients can prove to be the most profitable. Similarly, it helps identifying customers that take more time than they should. As you get hold of this crucial information, you can come up with a profile of around 2-3 customers based on the outstanding projects you have undertaken in the past.
Then, the sales department can utilize the profile of these clients to better understand and prioritize potential customers.
Update Your Pricing
When businesses expand over time, you find yourself better able to offer more value to customers. As a result, you may consider updating your prices as well. Thanks to time tracking, you can smoothly make changes to your pricing structure. It is a common practice for businesses to price their products/services based on their gut feelings. When you’re unaware of the amount of time being spent on each project, you can never be sure if you are charging a justified amount or losing.
Time tracking software can precisely tell you which projects are making you lose money. As a result, you can easily alter the prices in the contract.
Back Up Your Sales Pitches
Data is undoubtedly one of the few things people prefer today. With online time tracking software, you can back your sales pitch with concrete information. This strengthens the proposals for potential clients. For instance, if a potential customer tries to push back on your quoted price, you can back your pitch with data from a comparable project. Doing so will restore your client’s confidence that you aren’t merely gouging with the price.
When you’re determining the timeline of a project, time tracking can be of immense help.
With history, you can get guidance about how long a project may take to get completed. Moreover, you can clearly see how many hours it took for a project to complete, permitting you to provide a comprehensive project timeline to potential customers.
At Chrometa, we provide our clients with reliable and 100% accurate time tracking solutions that allow them to passively record time, converting them into billable entries. To get your time tracker, call us now at+1 916 546 9974 right away.
If you are sick and tired of staying all day at office, relentlessly working, you’re one of us.
Imagine to be given the privilege of working from anywhere in the world. Where would you prefer going? *think think*
When leading the life of a digital nomad, the world is your oyster. On the other hand, if you fail to exercise control over how you spend your time, you could easily lose the perks of such an opportunity.
Let’s start out by understanding what a digital nomad is.
Digital nomads are progressive and technology freaks. They are young professionals that possess the ability to redefine traditional meaning of earning.
By taking advantage of technology, they learn to work and live remotely, independently – mostly like nomads. Moreover, digital nomads have a great dependence on fast internet connection, smartphone devices, and cloud technology on a daily basis.
In case you’re thinking that picking up your laptop and heading straight out will make you a digital nomad, hold on. Majority of the digital nomads find it exciting to take a leap towards digital nomadism. This helps them to create a desired lifestyle, breaking conventional working barriers. Thanks to this lifestyle, a digital nomad gets to choose his/her place of work each day, and not get impounded in the same cubicle. This ability can tremendously help in getting more work done is less time.
Why Digital Nomads Need Time Tracking Solutions
Just like everything else, digital nomadism also has its highs and lows.
To begin with, emerging out of the conventional 9-to-5 job timings can be somewhat challenging on psychological grounds. Given the fact that humans inherently show resistance to change, working like a nomad with no permanent place can be a annoying, at least in the beginning.
Moreover, digital nomads usually fail to distinguish between work and free time. With countless surreal destinations waiting for them to be explored, work procrastination can become a common thing.
Lastly, changing places, travelling and exploring each day brings along a host of challenges, including time zone issues, visas, and not to forget, a fast internet connection.
While goal setting and minimal distraction practices will help, digital nomads most certainly need an online time tracking software or application that can help them track every minute.
Having a personal timekeeper such as Chrometa, digital nomads can improve their billable time up to 20%. So, if you’re a digital nomad and wish to improve your productivity and effectively manage time like a pro, avail our free 30-day trial today. For more information, call +1 888 340 6425.
Nicole is a lawyer. At 0600 sharp, she rolls out of bed and checks her smartphone. She discovers dozens of emails directed at her and team members, which apparently came in between 0100 and 0600. Nicole opts to reply to a handful of the most important, and then heads to the gym.
At the gym, she receives several call requests from clients prompting her to abandon her workout early.
At 0800, she arrives at her office, and asks assistants to print a few documents. She prints some herself to save time, and then conducts her first call at 0900.
During the call, she emails another client for information about their future call, and she also reviews multiple emails that come in. She starts another call at 1000, and IMs with colleagues during the call. Another colleague joins her on this call to observe.
She responds to more emails and also marks documents during her 1000 call, and after the call, she reviews key points with her colleague.
At 1130, Nicole marks more documents, and answers frequent short calls from clients. She finally manages to grab lunch at 1400, and continues reviewing documents and responding to emails during lunch. She hops on two calls at 1600 and 1730, and a client shows up at her office at 1800 to discuss a document review. Her day continues with similar tasks and communications, and concludes with a handful of necessary submissions at 0100.
The Importance of Timekeeping
The scenario above describes an average day, and a lawyer’s average day clearly does not afford attention to timekeeping. However, timekeeping remains a critical aspect of practice for many reasons:
Billing and Project Management – Not only do you need to account for services, but you also need to accurately quantify and qualify them. This aids in the overall process, and managing the financial aspects of service delivery.
Talent, Revenue, and Growth Management – Timekeeping provides a window into productivity and the effectiveness of current strategies and procedures. This valuable insight drives organization growth and professional development.
Transparency – The heavy influence of transparency on client satisfaction means it can fuel a project, or destroy it.
When timekeeping practices fall short of standards, they infect an organization and force it to constantly balance against associated losses and inaccuracies.
The Impact of Bad Timekeeping
Some estimate that less than 40% of lawyers utilize contemporaneous timekeeping solutions, and even worse, most clearly reconstruct time when preparing timesheets. Memory obviously does not serve as a potent means of capturing billable time, and the burden of delaying timekeeping creates a substantial workload.
Billable time lost to poor and sluggish recording can result in staggering losses. An Altman Weil study reveals legal professionals lose approximately 1/10 of their time when using end-of-day records. It also shows a 4-hour loss for end-of-week records, and 15-hour loss for end-of-month. Over a year, this causes a loss of 170 to 200 hours per lawyer.
Beyond substantial revenue leakage, the absence of this labor data obscures two important industry metrics:
The time required to complete a project compared to client expectations
The cost of a project compared to client budget or expectations
Financial and operational losses may pale in comparison to the effect of poor timekeeping on the client relationship. The lack of transparency and accurate records destroys the organization’s ability to leverage that information in maintaining client satisfaction. This includes not just standard records, but the level of detail employed in timekeeping. The deficiency leaves both clients and professionals frustrated because clients do not know the path to completion, and professionals do not engage clients. This leads to various problems over the course of a project, and less trust in a long-term relationship.
The Disadvantages of Common Timekeeping Solutions
The main problem in timekeeping remains archaic and exclusively active records. Beyond their inaccuracies, they damage productivity almost as much as poor billing hurts revenue. Lawyers find themselves spending far too much time performing minor administrative tasks instead of actually doing their job.
Another problem stems from the use of underdeveloped solutions. These solutions, unlike most of the best timekeeping software for lawyers, lack attention to the details of modern law practice and business. They fail to address all aspects of technology use or all qualities of practice:
Some may neglect mobile accommodation or the specific way users employ multiple applications in their role.
Some merely provide a digital version of traditional records systems, and still force the user to perform problematic tasks.
Some even quarantine timekeeping in a particular OS or device.
User compliance presents another challenge because many lawyers detest using these tools. When so many tools get in the way, it’s easy to see why.
Finding a Solution
Our smart solution acts as a personal assistant. It adapts to your needs, and continues to evolve with the goals of both richer sophistication and providing the best timekeeping software for lawyers. Enjoy not just automation of timekeeping, but also device and system mobility, protection of sensitive information, customization, granular records, and flexibility.
Chrometa passively captures time across platforms whether a PC, iPhone, Mac, or Android device. Its capture documents every minute of work time, and every quality of use. This includes granular focus like time spent reviewing an email, its sender or recipient, and its subject. It will capture the call you step away to make, or the time you spend away from your desk.
It maintains this high level of capture detail regardless of how frequently you switch applications or systems. You never need to interrupt your work rhythm and close an application, or stop to note an activity.
Employ Chrometa’s keyword-based rules for precision. Through simple tags, you set it to assign entries to specific clients, projects, or tasks.
It offers seamless integration to give you the confidence of recording everything as you switch devices, applications, and platforms. Integration also extends into one-click import/export compatibility with popular law firm management applications and other common solutions; for example, PCLaw, Clio, QuickBooks, and much more. You work totally unrestricted by solution ecosystems or proprietary technology.
Chrometa includes many other wonderful features for versatility and simplifying the timekeeping process (e.g., invoicing, and entries through email). Experience the Chrometa advantage today through our 30-day free trial.