There is a bit of concern regarding billable hours template among those who provide consulting services. A big percentage of these freelancers feel convinced of the fact that billing clients for each work done isn’t a good approach in this industry. Many of them believe the model is obsolete.
The reasons they cite for this is its inefficient and punitive nature. That model can work. With the right strategy, anything can work and produce the desired results. For that to happen, though, a few adjustments would be necessary. More importantly, the freelancer would need to embrace a new way of working. Well, it’s not always easy to let go of your traditions as a freelancer.
It could take some time before you adapt to the new ways of doing things. Even so, don’t take forever to absorb in profitable practices into your freelance business. You could be missing out on great opportunities simply because you’re not ready to embrace change.
If you aren’t sure if this is going to work out for you, just seek advice from freelance gurus who are already making gains out of this. Filling in a billable hours template isn’t that difficult. You can do this within the shortest time possible. Again, with the many Billable hours samples available online, you can always design one that perfectly works for you.
But why do you need a billable hours template? You must have asked yourself this question the moment you realized you really need to start working with one as a freelancer. Generally, a billable hours template simplifies your freelancing tasks and improves your overall productivity as a freelancer. But there’s more to this which we’ll look at in this article.
So, when does the billable hours template work for you as a freelancer?
1. Emphasis on profitability with a billable hours template
A freelancer who puts more emphasis on profitability is likely to derive unimaginable pleasure from this template. Who runs a business – freelancing or otherwise – without focusing on profits? After all, you’re here to make as much money as you need to deliver whatever your client requires of you.
So, here, profitability is the center of interest and you can best achieve this through a billable hours template as a freelancer. Any consultant whose eyes are not on the ball might have to consider shutting up shop soon. Profits drive your business forward and there’s no way you can do without them. Profits enable growth. They provide the money you need for expansion.
Granted, running a business is more than just focusing on profits. Big companies have demonstrated a remarkable ability to thrive without any profit. Small ones struggle. Freelancers mostly run small businesses. So, to minimize your struggles as a freelancer, make sure you drive greater profitability to set your business running.
2. Focus on performance transparency with a billable hours template
How do you know that you’re performing a specific project well? You can only determine that based on the evaluation you conduct. Evaluate each project separately. As you already know, different projects will attract different approaches. As such, you can’t know how well or bad you’re doing if you choose to do a wholesome evaluation. You won’t get a clear picture on your output on each project.
Remember, the focus should be on impressing and pleasing your clients. They matter more than the profits. If they are happy, they will not hesitate to dash to you for help and award you more projects in the future. Therefore, as you work on improving your profitability, make sure you address the needs of the client.
Without them, even your dream of driving higher profits isn’t possible. The billable hours template should help you to give clients all the attention they require. At no point should it drive you away from clients. Otherwise, your career as a freelancer would soon be on its deathbed. Take care to avoid a situation where clients complain too much.
It would be fine to abandon this model – or tweak it a bit – when complaints start piling. It’s better safe than sorry.
3. Embrace teamwork with a billable hours template
Those who oppose billable hours template do so because of the belief that it interferes with teamwork. That shouldn’t be too much of a concern to you though. Work on building teamwork within your freelance business before adopting this model.
The truth is, you’re already a team and working together shouldn’t be an issue even when you introduce billable hours template in your freelance business.Make it a policy to encourage everybody in your freelancing team to welcome and thrive under teamwork.
Failure to put more emphasis on this would only convince everybody to take a more individualistic approach. It’s easier for everybody to pay more attention to billable hours while compromising teamwork.
So, know what it takes to build a thriving team of freelancers as you introduce billable hours template to your business. You can inform your team in advance so that they’re aware of what they expect and how to go about the new changes. Be sure they’ll be more than willing to take in the changes and embrace teamwork as you guide them.
4. Stop higher turnover with a billable hours template
One of the complaints with billable hours template is that it leads to higher turnover. Apart from that, your team of freelancers might complain of low job satisfaction. Your juniors might feel unsatisfied with their performance. Higher turnover interferes with productivity and customer service. It also eats into your profit.
More than that, it’s also quite costly. The only time you never have to worry about higher turnover is when you run the freelancing enterprise alone. That would only be applicable in instances where you offer the kind of service that doesn’t need different people to complete properly and professionally.
Therefore, use the billable hours template as a tool. Make it a tool for running your business more efficiently. The focus shouldn’t be on the hours too much. Instead, use it to prove to your clients that you’re dedicated to the work they assign you.
Well, they need to know how many hours you’ll dedicate to work on their project, but the most important thing is what you can do for them and how well you can do it.
So, let them know that you’re in offering these services, as you promised. Use it to promote your professionalism. Avoid damaging the relationship you have with your clients. Remember, how you relate with your client determines whether they’ll give you another project or possibly refer you to a friend. So, standardize the operations of your business to accommodate your client’s needs and interests.
Again, be transparent and open too. Review the template regularly to evaluate your performance. It’s your duty to review your work as a freelancer and see where you need to make changes to improve your services. Don’t wait for the client to highlight your shortcomings.
Well, you’re not perfect but you can always make necessary changes to thrive in your freelancing business. If you’re new in the freelance market or you’re an expert working without a billable hours template, it’s time to embrace change and improve your freelance business. Introduce the billable hours template into your business to take it to the next level.