Growing your business doesn’t always have to mean an increase in expenses.
More often than not you’ve already got everything you need to take your company to the next level. It’s simply a matter of being smart about your resources. The tricky part is finding your hidden resources and figuring out where to allocate them for maximum impact.
This challenge is what inspired us to create Insights, a new platform inside Toggl’s Premium and Enterprise plans, that shows you exactly where you’re leaking money, and where there’s room for improvement – all based on the data that’s already there.
Keep an eye on the big picture
Need a fast overview of how things are going? Check the Project Profitability chart. By default, it gives you the overview of last week’s totals – how much was earned, how much was spent, and the outcome.
To see whether your team worked harder this past week or the previous one, pull up the Comparative chart. It’ll give you a quick, no-fuss overview of how many hours were tracked on different days in both weeks. This is your day-to-day ticket to keeping your finger on the pulse, enabling you to make informed decisions.
Reward your top performers
Teams make companies; making sure you’re keeping your top employees is especially important. Here’s the catch, though: It’s not always easy to figure out who is truly bringing in value and who’s just doing a remarkably good job of looking busy. Your gut isn’t always a trustworthy judge.
The Employee Profitability chart simplifies this: It shows you any team member’s impact on the bottom line. By comparing the wages to how much money their projects are bringing in, you’ll get a good idea about who deserves a pat on the back and who may need a little motivating to kick things up a notch.
See where your team’s time is actually going
Working with a team is great, but it isn’t without its challenges. The bigger the team, the harder it is to maintain focus and make sure everyone is pulling in the same direction. The Data Trends chart makes this possible. Select a few projects, and you’ll see how many hours were tracked to each on a given day.
You’ll get a visual chart showing you exactly how many hours have been allocated between different projects, giving you a greater sense of where your business stands.
Make sure your price is right
If you are offering a fixed-fee service, it’s important to know that you are in fact making a profit and not losing money. The Project Profitability chart allows you to measure your labour costs against project income, taking care of the math for you.
All you need to do is pull up the chart and define what kind of information you need – one project only, a couple of projects, or a tally of them all? You’ll see where your biggest earnings and losses are. Now you have a better idea about where to make some adjustments to ensure you’re in the green going forward.
PS – You’ll get better Insights with accurate data. If you have a bigger team, it can be hard to keep track of everyone’s time, and you shouldn’t have to.
You can automate the tedious tasks within Toggl: for instance, you can filter out any suspiciously long or short entries with just a few clicks, without having to slog through the whole list of entries. You can even set up minimum hours that need to be logged by each team member everyday or every week. We’ll remind them if they’ve forgotten to track their time so you won’t have to.
Check out these and many more awesome features here.If you’ve already got an account, to get access to insights and Toggl Premium’s other great features, head over to the ‘All Plans’ view on your subscription page.
PPS – As we’re continuing Insights development, we want to hear from you – what would you like to learn? What’s missing from the existing charts? Let us know in the comments below!