While the thought of time tracking is about as sexy as your calculator, the information gained by measuring this important resource is invaluable for event planners. In the event management business, your most important asset is your time. You take time to create, enhance, manage and execute. TIME IS EVERYTHING both in and outside the office. The accurate measurement of this time will allow you to fully realize the profit (or loss) for the program.
Reasons to track time
- Realize true profit and loss on programs
- Measure how long it takes for you or other team members to manage specific tasks. Does it make sense for one individual to manage tasks that may be cumbersome to another? Change roles based on proficiency. Outsource tasks based on time wasted and program needs.
- Estimate the time it will take to complete a project more accurately. Once you start tracking time, the information gathered will allow you to better estimate how long a project or portions of a project will take so that you can better estimate the cost of event planning services for your clients.
- Create a record of your work. Program cancels? Ouch. But guess what – you have a detailed time log that you can pass along to your client to bill them for actual time involved.
- Improve your workflow. Learn if you are spending too much time ‘working from the inbox’ or sitting in meetings. Do you jump back and forth between projects too much? Tracking your time will shed light on opportunity for improvement.
- Find those clients that demand less time and allow for better / more profitable programs.
- And the fun one! Time to get rid of the sludge. You know you have a few clients that just suck the life and time right out of you. Measure how much time those vampires take and assess their worth based on the amount of money they bring in. Our team has let a few clients go based on ROTI. Return On Time Invested. Too much time = too little financial rewards.
How to measure time
- There are tons of apps and event time management software programs out there that easily work behind the scenes. There are also connected phone apps that allow you to seamlessly measure time spent on a program whether you are at your desk or traveling with your phone.
- Make sure the software program is easy to use and available on the devices you use.
- Our team uses Harvest but there are numerous options out there Clockify, toggl, tsheets, timeiq. Take a look at your current CRM or sales software. There is likely a time tracking tool that is built in to what you currently have.