Pin It
Ideas+Intention+Inspiration ~ FREE tips to simplify and soul-ify life @ home.       

How to Track What Projects Make You Money and Take Your Time {Downloadable Template Included}

project management tool

As someone who’s constantly juggling multiple projects in the air and needs to see how far each of them has come, I like having a project management tool that shows me my progress, fires me up to move faster and indicates which projects took me the longest.

Yep, I need to know all of this so that not only can I schedule my time smartly but also price accordingly for future projects of a similar nature.

So, I went hunting for project management tools and came up with quite a list.

The only thing is that I wasn’t looking for yet another tool that I would need to remember a password for, log into each time I started something and remember to update when finishing work. Nah!

I was looking for something to simplify tracking what I do AND not eat up more time by me logging in, etc. etc.

SO, I begged asked nicely and Mayank designed a super cool time and money tracking template in Excel that I do NOT need to log in and remember the password of.

Plus, it calculates my project progress automatically and seeing that little bar increase motivates me to work faster and get it over with!

If YOU are a freelancer, entrepreneur, or a mom with a long project list {read, everyone!} you will LOVE the simplicity of this tracker and its brilliance as well, if I may say so myself.

 The Pareto Principle and Project Management

In economics, there is a principle called the Pareto’s Principle that states that 80% of effects {income, in our case} should come from 20% of causes{ projects, in our case}.

So, if you track your projects and see that 20% of your income is coming from projects that take 80% of your time, you know what you need to ditch, right?

And again, if you track and see that 80% of your income is coming from 20% of your projects, you know what you need to focus on and get more of.

In Productivity 2.0: More Impact, Less Effort I talk about expanding your day and one of the ways you can do this is either by getting rid of activities that eat up way too much of your time OR by delegating them to others. This calculator helps you do that.

 Ready to Track Project Progress and Free Up Time

Download the What’s making YOU money calculator. Plug in your project details and get ready to rock and roll!

Here’s an EXAMPLE of how to use it.  This is a hypothetical chart and NOT my real income and time figures.project management calculator

According to this I spend 16% of my time every month on administrative tasks, like uploading posts, replying to comments, tracking analytics, etc. However, that is NOT bringing me ANY income directly. SO, I know what I need to outsource first.

Then, if I have the budget, my next task to outsource will be email management that takes up 6% of my time each month and brings in nothing.

If I outsource these two, I would have freed up 22% of my time each month to either spend working on my business or hanging out with my family. Sounds nice to me!

Whether you’re a business owner or not, you can use this to see which activities are actually worth your time. For instance, if I need to plug in my household chores and ignore the income column, since I’m clearly not being paid to make the beds, I will be able to see which tasks take the most of my time and decide whether or not they’re REALLY worth it.

Your turn.Download the calculator track your time and income for a month, if not more. Eye-opening exercise, my friend. Eye-opening exercise.

 Discussion Time: What do YOU think takes up a chunk of your time and NOT bring in sufficient returns? See you in the comments.

Prerna


Related Posts with Thumbnails
Liked this? Sign Up for FREE Solutions to Simplify+Soul-ify

    
 

Comments

  1. Thank you so much for this post! I’ve downloaded it and I’m using it straight away :)
    Jana recently posted..3 STEP CURE FOR “I AM HAVING A BAD DAY”

    • The Mom Writes says:

      You are most welcome, Jana! I am so glad you liked it.. Trust me, you’ll be amazed at what you find.. It gives you so much clarity on what is really bringing in the money and/or sucking up your time:-)

  2. I will definitely try it. Hope it will work for me. Any ways thanks in advance :)

  3. Awesome tool! Thanks for this post. I, too, am looking at how I spend my time and trying to do more that actually makes money.

  4. How does this work for someone that works online and a lot of my sales come from emailing and posting facebook posts? That brings direct sales a lot of the time.

    Thanks,
    Kristina
    http://www.PartyPlanCompanies.com

    • Hi Kristina,

      This tracker helps us track how much time does a business activity/task takes and what income does it generate. It shows which tasks are the most important to your business in terms of revenue generation and which ones can you consider outsourcing. You could use this tracker by plugging in the income earned as well as the time spent from emailing, posting Facebook posts and some of the other activities that you do for your business to help you see which tasks bring you the most income and which ones don’t.

      Hope this helps :-)

      Have a lovely weekend.

      Mayank

Speak Your Mind

*

CommentLuv badge