The 4 P’s of Time-Tracking Your Team Won’t Hate w/ Deb Andrews
Aug 17, 2023
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Deb Andrews, Owner of Marketri marketing agency, discusses the 4 P’s of time-tracking. She explains the importance of time-tracking in agency operations, factors that impact profit margin, effective time tracking, making course corrections early, and the impact of a financial advisor.
Time tracking contributes to accurate billing, performance monitoring, scope creep identification, and personal development.
Setting clear time tracking policies, effective onboarding, and transparent communication fosters a culture that values accurate time tracking and empowers employees.
Deep dives
Importance of Time Tracking for Agency Teams
Time tracking is a common challenge in agency life, but Deb Andrews, owner of Marketree, shares four key reasons for team compliance and buy-in. The first reason is payment, as time tracking ensures accurate billing and client payment. The second reason is performance monitoring, using time tracking data to assess individual, client, and project performance. The third reason is identifying potential scope creep, using project budgets and notifications to stay on track. Finally, time tracking contributes to personal and professional development by helping individuals analyze their time usage and improve efficiency. Deb emphasizes the need for upfront policy establishment and transparent communication about the impact of time tracking on company profitability and individual bonuses.
Establishing a Time Tracking Culture
Deb Andrews suggests that setting clear time tracking policies from the start is crucial, even for small teams. Effective onboarding and training are essential to ensure team members understand the importance of time tracking. Regular check-ins during the onboarding process help individuals become comfortable with time tracking, and ongoing training and resources are provided to support their efforts. By instilling time tracking as part of the company culture, it becomes an operational and business tool rather than a micromanagement tactic.
Transparency and Profit Sharing
Transparency plays a key role in time tracking at Marketree. The company openly shares its financial results, profitability numbers, and profit sharing plan during quarterly town hall meetings. This level of transparency helps employees understand their impact on the company's bottom line and fosters engagement and empowerment. Deb highlights the importance of connecting time tracking to profit sharing and explains how tracking time contributes directly to the company's profitability, resulting in rewards for employees.
Avoiding Time Tracking Pitfalls
Deb advises agency leaders to document time tracking policies and ensure they are well-communicated during the onboarding process. Implementing time tracking habits early on prevents bad patterns and helps establish a culture that values accurate time tracking. Additionally, leaders must avoid making rushed or poorly fitting hires, even during tight labor markets. Prioritizing the right fit ensures a cohesive and efficient team.
How can you get your team to track their time, let alone do it accurately?
That's a question that we've heard so many times from agency leaders, and it's one that many struggle to answer effectively.
Deb Andrews, Owner of Marketri, a successful marketing agency with nearly 20 years in business, says it all comes down to 4 P's that help you explain the WHY of time-tracking to your team.
In in this conversation, we'll answer questions like:
What are the 4 P's of Time-Tracking?
How do they connect to one another?
How can you create a culture where time-tracking is a valuable operational tool?
Connect w/ Deb on LinkedIn: https://www.linkedin.com/in/marketridebbieandrews/