Peters Tips #2 - Practice Management - Keep track of time


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Why PSF should ensure time is tracked and the use of time by all personnel understood, so as to drive efficiency, performance and profitability

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Peters Tips #2 - Practice Management - Keep track of time

  1. 1. Manning Charles & Associates Limited Peter’s Tips on Practice Management #2 - Keep track of time • Make sure that you and your team have comprehensive and accurate records of where time is spent, as to client, engagement, tasks • Record time which is both billable to clients and that spent on non- billable activities, of which more another day • Time recording is a critical element in a professional service firm, because even if you charge a standard fee for a specific service it enables you to monitor how long it took to deliver and what it cost • Time records allow you, amongst other things to:- – Invoice appropriately – Check actual time spent against budget – Compare one assignment with another for similar tasks and deliverables – Monitor whether you make efficiency gains over time – Compare staff performance – Build more accurate quotations for future work • Time recording materially aids maintaining and improving profitability Peter’s Tips © July 2009 1 Peter M Salmon and Manning Charles & Associates Ltd
  2. 2. Manning Charles & Associates Limited Peter’s Tips on Practice Management Peter Salmon – Principal - Manning Charles & Associates Ltd • Peter is a senior executive and consultant with an extensive business management, professional services leadership and delivery background. He combines this with significant organisational change, business assessment, and resource management experience. This is complemented by having worked in a number of countries and a varied range of business sectors. • Peter's consulting experience includes IT consulting, general consulting, financial investigations and valuations, and litigation support. His other experience includes practice development, practice management including service economics and profitability, quality assurance and resource management. • This knowledge and expertise is combined with a strong record of achievement. For many years Peter has worked with CxO level executives, management and staff to provide business focused outcomes to issues. Should you wish to contact Peter on this or any other matter, where he might be able to assist then :- Phone:- +64 21 533651, or Email:- Mail:- PO Box 25197, Panama St, Wellington 6146, NZ Peter’s Tips © July 2009 2 Peter M Salmon and Manning Charles & Associates Ltd
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