The Top 5 Reasons Freelancers Should Track Their Time
Working from home offers you tremendous flexibility when it comes to time. You can work virtually from whatever location you like and start your work as early or as late as you prefer. But this can present a problem if you find yourself in an unbalanced schedule with too many distractions. To help you realize the importance of tracking your time, we have gathered a list of 5 important reasons to track it down to the last minute.
1. To discover how profitable your business is.
Without an accurate estimate of how long your work week is you have no idea how much money you are really earning. You should treat your business as a job and track your time like you would if you were paid by the hour. This will unveil your businesses profitability.
2. In order to find out how much your clients are costing you.
It is easy to sit down and go over a freelance contract and look at the exact estimate you agreed to, but it is much more difficult to analyze how much time you spend on their project compared to other jobs. This will provide you with a clearer picture on how much you should really be charging your clients.
3. To decipher where you are wasting time.
Tracking your time down to every coffee break or snack gives you a better understanding of where your weaknesses are. Every minute you are distracted takes a full 23 minutes (according to one scientific study) to get back on track. Track your time to find out what causes your biggest distractions.
4. To improve your accuracy.
Once again, tracking your time over the course of a week should provide you with a good look at where you can improve your businesses accuracy. Could you outsource some of the projects you take on? Do you need a better schedule to improve your efficiency? Tracking your time will give you the answer to these questions.
5. To provide a better service to your clients.
When you are in full control of your time you can provide your clients with a higher quality of work then when you multi-task at the last minute. Put your clients first by tracking your time.