The ultimate balancing act for project success: Billable and non-billable hours - The Management Blog
Summary
Both operations and finance leaders need to understand what makes their organization profitable, and a big piece of that is knowing how many billable and non-billable hours to plan for. If you don’t properly manage billable hours, you could run into profit loss, unhappy clients, or mishandled projects. That means you’ll need to juggle upcoming deadlines, projects, and clients, while also making time for non-billable work that supports everyone’s long-term goals. Apart from choosing the right tool for your organization, here are a few other things you should take into account: • How to automate time tracking to streamline the process • How best to establish clear policies and guidelines related to billable and non-billable activities, and when to prioritize one of the other • When and how to leverage time tracking data to pull insightful reports to share with the team, plus how to use internally for strategic planning and decision making Implementing the right business pricing models and profitability The key to any successful business is its profitability. By prioritizing transparent project time tracking, cross-departmental communication lines, and a genuine interest and investing in employee well-being, you’ll be well on your way to striking that perfect balance.
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