{"id":1859,"date":"2019-04-02T00:00:00","date_gmt":"2019-04-02T00:00:00","guid":{"rendered":"http:\/\/functionpoint.com\/?p=1859"},"modified":"2022-05-26T20:44:42","modified_gmt":"2022-05-26T20:44:42","slug":"project-managers-keep-projects-profitable","status":"publish","type":"post","link":"https:\/\/functionpoint.com\/blog\/project-managers-keep-projects-profitable","title":{"rendered":"How the Best Project Managers Keep Projects Profitable"},"content":{"rendered":"\n<p>When monitoring the health of your agency, are seeing the full picture? Are you keeping track of the cost of doing business to ensure you\u2019re not over-servicing your clients?<\/p>\n\n\n\n<p>No matter the size of your agency,&nbsp;it&nbsp;should never just be about billing.&nbsp;It\u2019s important to include margins and profit alongside revenue when looking at those KPIs. Knowing your numbers will help with difficult decisions when it\u2019s time to discuss the next job or to review your retainer agreements.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><a href=\"http:\/\/functionpoint.com\/resource\/agency-management-product-fact-sheet\"><img loading=\"lazy\" decoding=\"async\" width=\"509\" height=\"209\" src=\"http:\/\/functionpoint.com\/wp-content\/uploads\/2022\/02\/make.png\" alt=\"\" class=\"wp-image-2318\" srcset=\"https:\/\/functionpoint.com\/wp-content\/uploads\/2022\/02\/make.png 509w, https:\/\/functionpoint.com\/wp-content\/uploads\/2022\/02\/make-300x123.png 300w\" sizes=\"auto, (max-width: 509px) 100vw, 509px\" \/><\/a><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Treat Time as Money<\/h3>\n\n\n\n<p>Having a whole team that\u2019s on top of their timesheets is a giant success, but it\u2019s only the first step. If you\u2019re just making sure the actual hours match the estimated hours, you\u2019re missing a crucial piece of job health.&nbsp;<\/p>\n\n\n\n<p>Whether it\u2019s billable or non-billable, you want to ensure you\u2019re tracking the cost of everyone\u2019s time associated with a job. One of the biggest money pits on a job can be too many meetings. If you have an internal meeting about an account, there is a cost associated with every person attending. This eats into your profit, and if you\u2019re not including this as part of your job, you won\u2019t know the true cost.<\/p>\n\n\n\n<p>You also need to know how much it costs to do the work and what you\u2019re billing for it. For example, it\u2019s not just about knowing how much time someone spent on design. Take a deeper dive and add staff costs to the time they\u2019ve tracked. This allows you to keep a better eye on the margins in your creative project management software.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Know What You\u2019re Not Charging For<\/h3>\n\n\n\n<p>Where else could you be leaving money on the table? We\u2019re always shocked when we see agencies that don\u2019t mark up certain expenses. Knowing exactly what you\u2019re not charging for is as important as knowing what you are charging for.&nbsp;Simple things like a designer sending files to the printer or doing a press check should have billable time associated to it as part of the budget. If you\u2019re not marking up the printing and haven\u2019t accounted for the resources required to get the files out, your profit will take the hit.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><a href=\"http:\/\/functionpoint.com\/book-a-demo\"><img loading=\"lazy\" decoding=\"async\" width=\"506\" height=\"209\" src=\"http:\/\/functionpoint.com\/wp-content\/uploads\/2022\/02\/leave.png\" alt=\"\" class=\"wp-image-2317\" srcset=\"https:\/\/functionpoint.com\/wp-content\/uploads\/2022\/02\/leave.png 506w, https:\/\/functionpoint.com\/wp-content\/uploads\/2022\/02\/leave-300x124.png 300w\" sizes=\"auto, (max-width: 506px) 100vw, 506px\" \/><\/a><\/figure><\/div>\n\n\n\n<p>That\u2019s not to say you need to markup every last modicum of work. It\u2019s about balancing the client\u2019s&nbsp;budget constraints and making sure you\u2019re not eating too much of the cost at the expense of project profitability. Time still equals money, so if you\u2019re not marking up certain expenses you\u2019ll want to ensure that you have budgeted billable \u201caccount management\u201d or \u201cproject management\u201d time for these kinds of administration tasks that require extra resources.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Leverage the Data<\/h3>\n\n\n\n<p>Once you\u2019ve associated costs to time (billable and non-billable), and expenses (external and internal), you can look at the bigger picture. In Function Point, time and expenses data feeds into a job summary. This dashboard in our creative project management software shows you the profit as well as the health of a job.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"534\" src=\"http:\/\/functionpoint.com\/wp-content\/uploads\/2022\/02\/job-dash-1-1024x534.png\" alt=\"\" class=\"wp-image-2316\" srcset=\"https:\/\/functionpoint.com\/wp-content\/uploads\/2022\/02\/job-dash-1-1024x534.png 1024w, https:\/\/functionpoint.com\/wp-content\/uploads\/2022\/02\/job-dash-1-300x157.png 300w, https:\/\/functionpoint.com\/wp-content\/uploads\/2022\/02\/job-dash-1-768x401.png 768w, https:\/\/functionpoint.com\/wp-content\/uploads\/2022\/02\/job-dash-1-1536x802.png 1536w, https:\/\/functionpoint.com\/wp-content\/uploads\/2022\/02\/job-dash-1.png 1778w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>With our Business Intelligence Reporting, you\u2019ll get a full picture of what you are billing, and what your costs and margins are. Leveraging this data helps you make more informed business decisions, based on profit rather than just revenue. You\u2019ll know exactly which projects or services have the highest\/lowest margins, solidifying your understanding of where the opportunities to grow certain areas of our business are.<\/p>\n\n\n\n<p>At the end of the day, revenue is only one part of the equation. Understanding your margins and costs are essential pieces of the business puzzle that will help you track project performance, so you\u2019re repeating only the profitable ones.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When monitoring the health of your agency, are seeing the full picture? Are you keeping track of the cost of doing business to ensure you\u2019re not over-servicing your clients? No matter the size of your agency,&nbsp;it&nbsp;should never just be about billing.&nbsp;It\u2019s important to include margins and profit alongside revenue when looking at those KPIs. Knowing [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":2315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-project-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How the Best Project Managers Keep Projects Profitable<\/title>\n<meta name=\"description\" content=\"Are you seeing the full picture of your project&#039;s health? 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