Using Business Data to Increase Your Profits
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The document discusses how editors can use business data to increase profits. It recommends collecting data on editing speed, leads, and client types. For editing speed, the presenter suggests tracking words edited per hour to determine an accurate speed. For leads, the presenter advises tracking data from proposals like source, project details, and estimates. Client types should be categorized like "bread-and-butter" or "blue chip" clients and income percentages from each calculated. Analyzing this data allows editors to identify areas for improvement and make strategic changes.
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Using Business Data to Increase Your Profits
- 1. Presented by Erin Brenner Right Touch Editing erin@righttouchediting.com @ebrenner Using Business Data to Increase Your Profits
- 2. How to Use Business Data 1. Collect data. Gather information. 2. Analyze data. Answer questions about the info. 3. Implement changes based on data. Make changes using your answers. © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 3. How Do I Increase My Income? Editing Speed Lead Data Client Types © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 4. Editing Speed © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 5. Why Track Your Editing Speed? No matter what the rate structure, you’re still selling time! © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 6. Determine Your Editing Speed Collect: • # words • # hours Calculate: # words / 250 = # pages # pages / # hours = editing speed © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 7. Project: 400-Page Manuscript Fast Pace Editing speed: 8 pgs/hr Time spent: 50 hours Rate: $40/hr Slow Pace Editing speed: 4 pgs/hr Time spent: 100 hours Rate: $20/hr © 2019 Erin Brenner www.righttouchediting.com Deadline: In 2 weeks Work hours per week: 40 Fee: $2,000 #EAC2019
- 8. Tools for Calculating Editing Speed • Invoicing software: FreshBooks, Zoho • Time-tracking software: Toggl, Hours • Spreadsheet software: Excel, Sheets © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 9. Download the template at: http://bit.ly/BizTemplates © 2019 Erin Brenner www.righttouchediting.com Time Sheet Template #EAC2019
- 10. Lead Data © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 11. Lead Data to Track • Source of requests • Wins and losses--and why • Project details • Editing speed, time & cost estimates • Actual editing speed, time & cost © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 12. Collecting Lead Data • Emails • Invoicing software – FreshBooks – PandaDoc – More: http://bit.ly/ProposalTools • Spreadsheet © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 13. © 2019 Erin Brenner www.righttouchediting.com Lead Tracking Template Download the template at: http://bit.ly/BizTemplates #EAC2019
- 14. Client Types © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 15. Bread-and-Butters Steady work Decent pay © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 16. Blue Chips Exciting work Pays best or opens doors © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 17. Halley’s Client Occasional work Fills gaps © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 18. One-Offs One and done! © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 19. Cattle Calls Low- paying agency jobs © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 20. New Ventures Passion projects Pays off later © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 21. Your Goal © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 22. Categorize Your Clients Collect for Each Client • Invoice totals by month • # of invoices • Hourly rate or # of hours annually Calculate Worth 1. Assign clients to a category. 2. Add up client income for ea. category. 3. Add up income for all categories. 4. Find percentage of income for ea. category. © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 23. © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 24. How to Get the Data 1. Gather data from time tracking and invoicing software 2. Use Excel to analyze information and calculate percentages. 3. Create a pie chart: 1. Using Excel: http://bit.ly/AddPieChart 2. Using Meta-Chart: http://www.meta- chart.com/ © 2019 Erin Brenner www.righttouchediting.com #EAC2019
- 25. © 2019 Erin Brenner www.righttouchediting.com Client Distribution Worksheet Download the template at: http://bit.ly/BizTemplates #EAC2019
- 26. Wrap-Up To leveraging data: 1. Collect (and organize) the data. 2. Analyze the data. 3. Make changes based on your analysis. #EAC2019 © 2019 Erin Brenner www.righttouchediting.com
- 27. Thank you! Download The templates: bit.ly/BizTemplates Ask Questions Contact me with your questions: erin@ righttouchediting.com @ebrenner © 2019 Erin Brenner www.righttouchediting.com #EAC2019
Editor's Notes
- It’s a three-step process: gathering the data in a format you can use, analyzing it, and then making decisions informed by that analysis. That all sounds like a lot of jargon together, but here’s what it means in plain English: every task we do in our businesses, from administrative tasks like invoicing to paid tasks like editing, creates information about it—data. When we look at that information, we can ask questions about it that tell us something about the task: is it worth doing? do you make any money doing it? The answers we come up with can help us make better choices later. That’s it. Not so scary, right? Businesses of all sizes, from companies with thousands of employees to our own one-person shops, struggle to complete all three steps. The problem isn’t as daunting as it sounds. When we focus on asking one, specific question, we’ll find it easier to collect the data and do something with it.