{"id":2353,"date":"2022-09-24T04:52:11","date_gmt":"2022-09-24T04:52:11","guid":{"rendered":"https:\/\/staging.hubino.com\/resources\/?p=2353"},"modified":"2022-10-07T05:07:09","modified_gmt":"2022-10-07T05:07:09","slug":"6-tips-to-increase-project-profitability","status":"publish","type":"post","link":"https:\/\/staging.hubino.com\/resources\/6-tips-to-increase-project-profitability\/","title":{"rendered":"6 Tips to Increase Project Profitability"},"content":{"rendered":"\t\t
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1. Nail your project estimates<\/o:p><\/p>\n

Creating accurate project estimates is the first step in your profitability plan.<\/p>\n

Not only will it help you track progress, but it\u2019ll also help you when you\u2019re negotiating a project\u2019s budget.<\/p>\n

Here\u2019s a five-step process to follow:<\/p>\n

\n<\/p>

    \n
  •        Collect the information needed for the project<\/li>\n
  •        Outline project phases and tasks<\/li>\n
  •        Calculate the cost and length of time for each task<\/li>\n
  •        Calculate the total cost of the project<\/li>\n
  •        Identify if you have enough resources to complete the project<\/li>\n<\/ul>\n

    <\/o:p><\/p>\n

    <\/p>\n

    Starting with a project that has a tight profit margin will doom your project before it ever starts.<\/o:p><\/p>\n

    2. Define your project success<\/o:p><\/p>\n

    Every project should have a scope document which should include the following:<\/p>\n

    \n<\/p>

      \n
    •          <\/span><\/span>Scope \u2013 what are you doing and why?<\/li>\n
    •       Time \u2013 how long will it take?<\/li>\n
    •       Cost \u2013 what is the budget?<\/li>\n
    •       <\/span> <\/span>Quality \u2013 what is expected?<\/span><\/li>\n<\/ul>\n

      <\/o:p><\/p>\n

      The \u2018quality\u2019 of a project is subjective and will vary depending on your project and\/or industry. But it more or less boils down to defining what needs to be done. For example, this can be the number of features on a website, the quality of a video, or the number of social posts per month.<\/p>\n

      <\/p>\n

      Make sure you have every client sign a Statement of Work before starting a project. This should contain the project scope, but it is a binding contract you can use as your safety net if the project starts to go a little off course.<\/o:p><\/p>\n

      3. Watch out for sneaky client requests<\/o:p><\/p>\n

      No matter how well you communicate the project plan to a client. They will always throw in a few additional requests.<\/span>
      <\/p>\n

      \u201cCan you just add this in? It won\u2019t take that long!\u201d<\/p>\n

      <\/p>\n

      You want to keep your clients happy. So it\u2019s pretty easy to get into the habit of accepting additional requests that fall out of scope. But this will quickly lead to your project profits vanishing into thin air.<\/p>\n

      4. Have regular check-ins with your team<\/o:p><\/p>\n

      Running profitable projects is not a solo gig. Checking in with your team regularly to get an update on their progress will help better safeguard your profits.<\/p>\n

      How often should you have check-ins?<\/p>\n

      This will depend on your time and the complexity of each project, but here\u2019s a rough guide:<\/p>\n

      \n<\/p>

        \n
      •          <\/span><\/span>One a week with your whole team<\/li>\n
      •       2-5 a week with each individual within the team<\/li>\n<\/ul>\n

        <\/o:p><\/p>\n

        The goal of your weekly team meeting:<\/o:p><\/p>\n

          \n
        •      <\/o:p>Get global updates and the status of the entire <\/span>project status<\/span> <\/li>\n
        •      Set weekly goals and follow up on task assignments where appropriate.<\/li>\n
        •      <\/font>It gives your team a chance to raise concerns about hitting deadlines.<\/li>\n<\/ul>\n

          <\/o:p><\/p>\n

          <\/o:p><\/p>\n

          <\/o:p><\/p>\n

          The goal of your weekly individual meetings:<\/p>\n

          \n<\/p>

            \n
          •                  <\/span><\/span>Checking in with the progress of tasks. <\/li>\n
          •                  <\/span><\/span>Giving feedback. <\/li>\n
          •                  <\/span><\/span>Flagging any issues that might make you miss a deadline. <\/li>\n
          •                 <\/span><\/span>Course correct them if needed.<\/li>\n<\/ul>\n

            <\/o:p><\/p>\n

            <\/o:p><\/p>\n

            <\/o:p><\/p>\n

            <\/o:p><\/p>\n

            <\/p>\n

            Regular check-ins with your team should help to safeguard the project\u2019s profit from taking a hit.<\/o:p><\/p>\n

            5. Have regular check-ins with your client<\/o:p><\/p>\n

            The agency landscape is a battlefield. Many agencies offer identical services. So it can be hard to stand out.<\/p>\n

            What can set you apart from the competition?<\/p>\n

            Making sure your customer service is second to none.<\/p>\n

            It doesn\u2019t matter how many new projects or clients you can win. Your business will suffer long-term if you don\u2019t know how to handle your current crop.<\/p>\n

            <\/p>\n

            Here are four ways to improve your client service:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

            \n\t\t\t\t
            \n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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            6. Better understand your team\u2019s utilization rate<\/o:p><\/p>

            Remember I mentioned team utilization rate earlier? Figuring\nthis out will help to give you a better idea of where you can maximize your\nteam\u2019s billable hours.<\/p>

            What is an employee utilization rate? A utilization rate\nmeasures the difference between what your team records as time and what\npercentage of that time is paid by the client (billable).<\/p>

            For example, if you record seven hours on a client project,\nbut only four are billable, the utilization rate would be 57% (4 \/ 7 x 100).<\/p>

            Working this out across your entire team will give you a\ngood idea of your \u201cbillability.\u201d<\/p>

            You can do this by looking at your team\u2019s timesheets and\ncalculating them manually. But if you\u2019re using Toggl Track, you can view this\nwithin your reports dashboard for quick access to it without a need for\nadditional calculations.<\/o:p><\/p>

            Even if you don\u2019t bill by the hour, you probably create many\nof your estimates based on how many hours a task\/phase will take.<\/p>

            \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/p>

            So understanding how many of those hours are spent on\nbillable tasks is critical. And for most agencies, the gold standard is that\n75% of your total available hours should be spent on billable tasks.<\/o:p><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

            1. Nail your project estimates Creating accurate project estimates is the first step in your…<\/p>\n","protected":false},"author":1,"featured_media":2354,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[37,29],"tags":[34,130,129],"yoast_head":"\n6 tips to increase project profitability<\/title>\n<meta name=\"description\" content=\"Tips which could help you to increase project profitability\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.hubino.com\/resources\/6-tips-to-increase-project-profitability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6 tips to increase project profitability\" \/>\n<meta property=\"og:description\" content=\"Tips which could help you to increase project 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