How do you keep track of your freelancing business on a biweekly basis? Do you use the time well on productive tasks? If not, then you may need to take a fresh look at your activities. More crucially, you would definitely need a biweekly timesheet template. The template allows you to stay on top of all that’s happening in your business. It guarantees proper management of time, which is crucial in running a successful business.
They enable you to be more efficient at tracking the hours you spend on your consultancy.
How does this happen?
1. Encourage more focus on client’s projects with a biweekly timesheet
It’s worth pointing out that good freelancers dedicate more time to their clients. It’s a fact that running a business involves more than focusing on clients all the time. A good consultant knows how to divide the time between clients and other aspects of the consultancy. Learn how to do that for your business to take off and achieve the results you desire. You would have to make several changes to your business for this to happen.
One of the changes would revolve around using a good biweekly timesheet template.
2. Increased profitability with a biweekly timesheet
It’s also important to focus on increasing your freelancing business’ ability to be more profitable. In fact, one of your goals should be to make the business more profitable annually, quarterly, and monthly. You don’t even have to try some complicated strategies to increase profitability. A good starting point is to use your time well. That would be possible if you use the biweekly timesheet template in addition to:
- Focusing on your most loyal and profitable segment.
- Focusing on the most rewarding product.
- Improving lead conversion.
You would be surprised at the simplicity of the measures worth taking to increase profitability.
3. A biweekly timesheet is perfect for managing consultancy staff
How many personnel does your consultancy have in its books? Are you aware of everything – or at least most of the stuff – they do while at the office? Managing any team regardless of the size can be quite a challenge. Fortunately, that’s why you have the biweekly timesheet template. Use it to keep track of everything they do. Configure it to track time once every two weeks or twice a week depending on your preferences and the amount of work involved.
Obviously, this would depend on whether you operate the freelancing business alone.
4. Setting strategic rates for your products and services with a biweekly timesheet
It’s important to know how to set freelancing rates. Otherwise, you would be exposing yourself to the likelihood of being ripped off. To avoid such a sad scenario, it would be good to put the appropriate measures in place. These measures should give you the information you need to set the correct prices. The biweekly timesheet template provides valuable information, which you can then use for just that.
5. A biweekly timesheet is perfect for running your consultancy practically
It takes a few practical skills to run a freelancing business successfully. First, you must deliver high-quality work every time. Two, you need referrals from clients you already served and who demonstrated total satisfaction with your work. Communication skills are important in achieving this feat. The one thread or theme running through all of them is proper time management.
Do not take chances with the success of your consultancy. Give your freelancing business more chances of achieving the desired long-term success. Introduce the sort of measures that guarantee the best results. While doing that, remember to start using a timesheet template too, as it makes you more effective at managing your time. Use the template to grow your freelancing business to previously unimaginable heights.
Are you running a business with a biweekly timesheet?
The biweekly timesheet template is one of your biggest and most effective weapons. This sort of tool is effective at increasing the business’ chances of making profits. It helps you to keep track of time among your employees properly twice a week or once every two weeks depending on how you configure it. All businesses provide goods and services to make profits and grow. For this to happen, these businesses need all the help they can get.
1. Eliminate fraud with a biweekly timesheet
The first benefit you can expect from the biweekly timesheet template is to put an end to all the fraud that has been happening in the office. In some organizations, certain employees can go missing from the office for hours – if not days – yet expect pay. How does this happen? They find ways of marking themselves present. The timesheet can expose those who have been absent for days or weeks if management reviews it on time.
2. Eliminate wage and hour lawsuits with a biweekly timesheet
With a good timesheet template in place, you can reduce – or even eliminate – the lawsuits that threaten the business’ survival. Here, the biggest threat to most businesses are lawsuits touching on wage and hour, which often run into millions of US dollars. The fines and penalties associated with these lawsuits are huge. Timekeeping inaccuracies cause businesses to lose these lawsuits. The absence of accurate data on payroll also has a role to play in this.
3. Manages payroll well with a biweekly timesheet
The payroll is an equally big monster that can eat a large chunk of your profits. For this reason, it’s important to manage your payroll well. A well-managed biweekly timesheet template will help you to domesticate the payroll. This way, it eliminates any fraudulent activities that might have been going on. It also helps you identify those who are not putting in the sort of performances you expect of them. Disciplinary actions can be taken against the guilty too.
4. Boost accurate billing with a biweekly timesheet
Automated biweekly timesheets help with accurate billing. In fact, it simplifies billing. It removes all the clogs that might have been interfering with the billing system and preventing any kind of progress. Lost hours will also be non-existent as you embrace the timesheet system to deal with the problem of inaccurate billing. However, make the entire system automatic if you expect to reap these rewards. Outdated systems never work.
5. Deal with boredom with a biweekly timesheet
Timesheets are boring. You would struggle to find employees who are excited about filling timesheets. The employees probably hold the same view with time tracking devices and software too. That should not dissuade you from introducing these solutions though. After all, your staff will have no complaints when they see the company making more profit. More profits increase their chances of earning a pay rise.
Employers use increased performance as one of the metrics for giving pay rise.
6. Accurate invoicing with a biweekly timesheet
The profitability of your business depends on many factors. One, it depends on accurate invoicing. Businesses lose a lot of money when they make errors when invoicing clients for work done. Several solutions exist for dealing with this problem. One of these is to rely on the biweekly timesheet template. The timesheet captures everything that your team has done regarding the project in question. This helps whoever is preparing the invoice to avoid entering wrong items.
Lastly, it’s good to note that the timesheet helps to reduce admin costs. Cost of running the administration side of your business can quickly increase. The increase may drive you into a period of incurring huge losses. You can prevent all that though. In such a case, all you need is a biweekly timesheet template. It streamlines the operations of the organization thus reducing – if not eliminating – admin costs.