One of the most crucial challenges your business may face today is managing time between selling and executing projects. When the estimated time is exceeded, projects that were originally profitable cease to be so, and teams intended to take on new challenges are overloaded with additional requirements for similar projects. Additionally, in the current industry landscape, employee turnover is at record levels, largely due to concerns related to employee compensation and the excessive workload they face.
To achieve total transparency, it is essential to inform the client that the quotes represent an economic value in terms of time dedicated, expertise, knowledge, and creativity provided.
It is necessary to thoroughly analyze how costs were managed in the sold projects to assess the profitability of your services. Time measurement plays an essential role in this process, as it allows for the clear identification and pointing out of deviations. The collected information provides the basis for effective communication with clients, allowing them to better understand project development and, when necessary, negotiate adjustments in rates.
How client requests impact project budgets
There are various fundamental reasons that may require modifying a budget. These include client change requests, deviations in project development, and underestimation of available human resources. Often, an incorrect number of collaborators are assigned to a project, which can result in inadequate management of project costs. This problem can recur in the future if not detected in time.
To assess the profitability of your business, you must carefully analyze cost management in the projects you have sold. Time measurement plays an essential role in this process, as it allows for the clear identification of areas where deviations occur. This information is crucial for engaging in conversations with clients and providing them with a more accurate view of project development, which can lead to renegotiation of rates when necessary.
In this context, it is highly beneficial to have a project management tool that offers control panels (dashboards) where it is possible to load and visualize process data in real-time, allowing for the effective identification and addressing of these deviations.
Solid Data: The Path to a Profitable Conversation with Clients
In your business, it is essential to support with solid data the reasons behind time deviations, which can lead to renegotiation of rates with clients. By leveraging an efficient project management tool, valuable information can be obtained, such as:
- The average time your team needs to complete projects.
- The fee structure based on different areas of specialization.
- The time required by designers with different levels of experience to complete projects.
- The comparison of productivity between teams.
To determine the profitability of your services, you must thoroughly analyze cost management in the projects that have been offered. Time recording plays a fundamental role in this process, as it allows for precise identification of deviations. This information is essential for establishing loyal relationships with clients, providing them with real data on project progress, details about their status, the team involved, and the time invested in each of them.
Efficient management of time between the sale and execution of projects becomes a fundamental piece, as deviations in timelines can significantly affect profitability and overload teams. On the other hand, client change requests, along with deviations in project execution and underestimation of resources, are factors that may require modifying budgets. Time measurement emerges as a key tool for effectively identifying and addressing deviations.
In this context, adopting efficient project management tools with real-time control panels presents as a beneficial solution for your business to stay at the forefront of project management and profitability.