Time tracking is a widely-adopted practice in the professional services sector. Yet, there is still a lot of time that gets lost’ due to inaccurate timesheets. AffinityLive estimated the cost of untracked time to $7.4 billion a…
Metrics like ROI, productivity rate or employee cost are essential for business owners. Tracking them, however, can be tricky.
Many managers rely on weekly or even monthly reports, which, insightful as they might be, usually provide little time for corrective actions. Watching your metrics change in real time is what allows you to react immediately to alarming situations.
How can you stay on top of your sales KPIs? A smart way to do it is to utilize the data your team produces daily – timesheets – and use a tool that can run the numbers for you.
In this article, I will show you how to set up a sales KPIs report in Teamdeck that can provide you with up-to-date insights.
If you haven’t signed up to Teamdeck yet, start your 14-days free trial now. Then, head to the reports section to set up your analytics.
Of course, you can create a new report from scratch (click create custom) to do so, but I recommend using a report template called “KPIs”.
It is arranged to provide you with the following sales KPIs calculated separately for each of your projects:
– Employee Productivity Rate
– Employee cost
All of these values are calculated in this table based on your team’s timesheets. You just need to fill out your company’s external and internal rates. Here’s how to do it:
Sales KPIs you can measure with Teamdeck
Productivity is the amount of money your project generates. You can calculate it by taking timesheets and your team’s external rate into account. This is how much you can expect your client to pay you for a given period.
External rate * Timesheets: Time
If your team members have different hourly rates you can fill out the internal rate and external rate columns for each team member separately so that you arrive at precise calculations:
Employee Productivity Rate
Employee Productivity Rate is the average amount of revenue per employee. You can compare this number to the actual productivity of your team members to see which employees deviate the most from the average.
(Timesheets: Time * External Rate) / Number of People
This metric shows you how much you have to spend on salaries for each project. It takes into account your team’s timesheets and their hourly rates.
Similarly to Productivity, if your team members have different hourly rates you can fill out the internal rate and external rate columns for each team member separately.
The employee cost formula:
Timesheets: Time * Internal Rate
ROI (Return on Investment) is the bottom line of your business profitability: how much money there is left once you cover your team’s salaries?
In order to calculate your project’s profit you have to take into account the revenue generated by your employees and their salaries:
Productivity – Employee Cost
Start tracking your company’s sales KPIs
Sales KPIs report makes you aware of how your current projects affect the bottom line of your business. This, in turn, helps you make more informed decisions when it comes to planning new projects or recruiting extra people.
With Teamdeck, you can set up your company’s report in just a few minutes – get started now.